One of the best parts about Airbnb hosting is that you get to host people from all over the world at your home, while still earning income when you’re not there. However, as any experienced Airbnb host will tell you, the off-season can be one of the most challenging times to manage seasonal cashflow and it’s important to avoid getting stuck with too much supply or too little demand in your short term rental property. In this guide, we’ll discuss some tips and tricks on how to manage seasonal cashflow during the off-season. Let’s get started!
Find Out When Your Short Term Rentals will be Empty
Most people think of short term rentals (STRs) as vacation rentals, but they can really be any kind of rental that’s booked for a short period of time, like a month or less. That means that if you live in a tourist town, your STR could be empty during the off-season. Here are some tips for finding out when your STR will be unoccupied and how to manage income during the off-season.
The most accurate way is to calculate your occupancy rate and create a schedule showing when each property is available. You can use Google Sheets, Microsoft Excel, or another tool depending on what system you’re comfortable with.
It doesn’t matter what methodology you use, just make sure it’s detailed enough so that someone else could take over managing it without difficulty. In addition to scheduling future dates and availability periods based on seasonal patterns, also list current reservations and whether there are any open rooms so prospective guests have an idea of availability at all times.
Control costs during off season
As an Airbnb or VRBO owner, you are always looking for ways to control costs. One way to do this is to offer a monthly furnished rental, which can be cheaper than a seasonal rental. You can also offer a monthly rental, which can be cheaper than a seasonal rental. If you have a property in a tourist market, you may want to consider a seasonal rental. This will allow you to keep your costs down during the off season when demand is low.
Map out extra services to offer during off season
Offering special discounts, seasonally themed packages, or other add-ons can help keep your Airbnb rental business afloat during the slow season. Get creative and think about what kinds of experiences or services your guests would enjoy. You could offer a discount for longer stays, a package that includes tickets to local attractions, or a seasonal experience like pumpkin picking or Christmas tree hunting. Whatever you decide, be sure to market your offerings well in advance so that guests have time to plan their trip.
Automate Expenses During Low Demand
You can automate expenses during low demand by setting up a budget and linking it to your bank account. This way, you can make sure all your bills are paid on time, even when you’re not generating income from your Airbnb. Additionally, you can use a service like Airbnb Management to help take care of things like bill payments and cleaning during the off-season.
Hire On Part Time Staff During High Demand Periods
To best capture peak demand, you should hire on part time staff during these high demand periods. This will help you manage the increased volume of guests while still providing quality service. Furthermore, by having extra staff on hand, you can also offer additional services such as concierge or laundry service. Finally, by hiring part time staff, you can avoid the increased costs associated with full time employees.
Consider Hiring a Professional Property Manager
A professional property manager can help you maximize revenue by evaluating demand daily and making pricing adjustments accordingly. They can also help you with things like maintenance and str management so you don’t have to worry about those things as much. In the off-season, a professional property manager can be a great asset to have to help you keep your Airbnb running smoothly.
As an Airbnb host, it’s important to be aware of the ebbs and flows in demand for your rental unit. While it’s impossible to predict exactly when someone will want to stay in your home, there are some general trends that you can be aware of. By understanding these trends and preparing for the off-season, you can make sure that your business is as successful as possible year-round