Renting out your holiday property on Surfers Paradise Gold Coast is not an easy task. There are more than 1000 private rentals available in additional to the brand hotel chain such as Mantra and Breakfree.
So the renting process can only be a rewarding if you get everything right. After all only the top 1% of rental hosts significantly outperform the bottom 99% by earning 20% of the overall rental revenue.
Followings are the first part of our Rental Advice in Surfers Paradise Gold Coast, for 'How to Become a Top Hosts - Facts and Tricks'.
1Pricing Problems: Facts:: 38% of hosts in Gold Coast struggle with setting up rental pricing.
- Test With Pricing: According to Learn Airbnb, a good rule of thumb is to set higher prices until you have between 75-90% occupancy for the next 2-4 weeks, but only 50% occupancy for 8-10 weeks out. And increase last-minute bookings for current week as well as decrease the prices for only Sunday nights.
- Do Charge For Extras: Charge for extra beds and extra guests (70% of hosts charge for extra guests). Also, it is very reasonable to charge a refundable security bond (80% of hosts charges bond).
- Setup Seasonal Rates: Look out for local events, seasonality and competitors in Surfers Paradise, Gold Coast. Most hosts change prices depending on the month and 60% with respect to local events.
2Listing Techniques
- Plan and Open Calendar Earlier: Open your calendar as far in advance as possible. Advanced bookings generate higher revenue due to the myth that early bookings are cheaper. Early bookings also allow you more availability to book higher-revenue packages in Gold Coast.
- Use Rules and Filters: Use rules and filters not only to filter your guests, but also to increase your revenue. For example set filters to require a three-night minimum stay for bookings three or more weeks away, and a four-night minimum stay for bookings a month or more away. But don’t forget to reset your filters closer to the dates.
- Set Up Strict Cancellation Policies: Don’t be afraid to have strict cancellation penalties. Nearly 15%of bookings made five or more months in advance get cancelled. You can double your earnings in certain months if you apply strict policies for your properties in Gold Coast.
- List On Multiple platforms: Yes, list on multiple platforms (Airbnb, VRBO, Booking.com)! We found that nearly 50% of hosts use several platforms, while some of the hosts in Surfers Paradise use Airbnb primarily.
3Cleaning: Facts:: 50% of hosts in Surfers Paradise find cleaning a significant headache, and 20% believe it is the biggest problem.
- Cleaning Tools: Forget about Excel spreadsheets! Don’t schedule cleanings manually. Use task/project management tools to automate cleaners, tasks, materials, bedding, laundry, etc. This will for sure save time and reduce human error.
- Use Commercial Laundry: Use commercial laundry in Gold Coast instead of on-site laundry. This saves time and will provide a high-quality service for your guests. Commercial laundry cleans much better and will iron and fold your sheets for you.
- Apply A Cleaning Fee: Cleaning fees are standard now a days and about 90% of hosts charge them. Set cleaning fees higher while dropping your nightly rate to make your listing more attractive and profitable.
4Do Your Homework: Facts:: Make sure you spend at least 3 hours a week. actively managing and improving your listings (e.g. 5 edits or more every week).
- Select a Good Title: Play with your title. Make it eye catching to your potential guests around Australia and the world. Change your title every month or two may be a good idea too. Use keywords in your title that will come up in a Google search. Search engines can drive customers to your listings easily.
- Take Good Quality Photos: Always take good photo sets for your listings. Your listing’s views will increase by 50% if your photos have great ocean views etc in Surfers Paradise Gold Coast. You will easily earn back the $150 you spent with your first booking.
- Turn On Instant Booking: Enable the instant-booking button if you can on your listing. This would help you to reach the 90% response rate needed to become a Superhost in AirBnB. And in return, it will also give you more bookings.
- Improve Your Listing Ranking: Play with prices and update them at least once a week to improve your listing performance.
5Guests Reviews: Facts:: Only 38% of the listings have the rating of 4.5 or higher in Surfers Paradise. According to AirBnB blogs, listings can reach almost full occupancy when it getting 80 or more good reviews..
- Provide Good Amenities: Provide with good level of amenities to your guests in Surfers Paradise is vital. Parking is essential in big buildings. Ensure that you cover this problem for your guests, even if you need to rent a parking spot on a monthly basis. Wi-Fi is another must-have. Currently more than 92% of successful hosts in Gold Coast offer free Wi-Fi.
- Get More Guest Reviews: Studies show that 80% of online consumers read the reviews before making a purchase. In order to get more bookings in Surfers Paradise listings, review your guests first. It increases your chances of getting reviewed by 50%. Also verify your ID. Studies show that hosts with verified IDs have three times more reviews.
