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November 11, 2024 | 2.5 Minute Read
A few months back I started exploring strategies to boost bookings across our 13 short-term rentals. In our market, monthly occupancy rates around 50% are considered average, but I aimed to improve this, especially during weekdays.
In peak season, we focus on maximizing nightly rates, aiming for that 50% occupancy or higher while still achieving solid profits. During the off-season, our goal is 75% occupancy with reduced rates to maintain the same comparable profit margin.
Our properties are consistently booked from Friday through Sunday, but midweek bookings are a challenge.
Two questions kept coming up in my research:
What strategies could increase bookings from Sunday to Thursday?
How could we attract mid-term guests seeking stays longer than 28 days?
Increasing Weekday Bookings
We frequently host remote workers, and companies who book often on behalf of their employees. These guests prioritize affordability, preferring to book a single property for an extended stay rather than multiple hotel rooms especially.
Using Pricelabs.co for dynamic pricing, I initially set rates based on the local recommended average daily rates. However, these higher rates didn’t attract the weekly guests we wanted. Instead, I adjusted our weekday rates (Sunday to Thursday) to $99 – $119 per night. This seems low but our market is not a vacation destination. Guests come here for a reason. Find your baseline ADR and use that as your minimum.
In addition to Pricelabs customized rates, I set up custom Airbnb rule sets, which allow for tailored pricing and availability across our listings with one click. So, I might create a rule set for an additional 10% off for a Monday to Wednesday with a 2 night minimum or for the holidays (Xmas and New Years eve falls on a Wednesday this year), a minimum of 2 nights to avoid potential parties.
It already paid off by generating this 15 night stay with guests visiting for work (see below). By applying discounts and rule sets, I’d rather earn $100.32 per night and keep the weekdays booked than hold out for regular rates with fewer nights reserved—especially if only weekends end up booked at the standard nightly rates.
Attracting Mid-Term Guests
As mentioned in a previous article, “How We Made $70,000 in Four Months with Mid-Term Bookings,” we work with insurance carriers and relocation services to host displaced homeowners, which often brings in the highest monthly rates—averaging $6,000 per month. But during slower seasons, if vacancies are high, waiting for an insurance company to call isn’t an option. In these cases, we lower our rates to attract other mid-term guests.
This strategy has yielded quick results. Currently, we’re hosting seven mid-term guests at the following properties:
The Meadows – Hosting a traveling nurse from Nov 15 – Jan 15 at $1,600/month (Furnished Finder)
The Birchwood- Corporate booking hosting three employees from Nov 13 – Jan Dec 13 at $2,500/month (Booklee)
The Orchid – Corporate booking hosting three employees from Nov 8 – Dec 7 at $1,900/month (Furnished Finder)
The Argonne – Corporate booking hosting four employees from Nov 9 – Jan 8 at $2,000/month (Furnished Finder)
The Canary – Corporate booking hosting six employees from Nov 3 – Dec 1 at $2,883.47/month (VRBO)
The Bungalow – Insurance booking hosting a displaced family of six from Oct 22 – Jan 21 at $5,703.36/month (Booklee)
The Hilltop – Insurance booking hosting a displaced family of three from Jun 14 – Dec 15 at $5,409.28/month (Booklee)
Shameless Plug – If you sign up with Booklee to create your direct booking listings, you receive 3 months free using our referral link.
The five November bookings above demonstrate the impact of our strategic rate adjustments we initiated November 1, moving these properties from 50% to 100% occupancy over the coming months.
While some rates may seem low, remember our properties cater to visitors with specific needs, rather than vacationers, which fits well with mid-term rentals. Previously, these units rented long-term between $900 and $1,100, with mortgages under $600 each. With mid-term guests, we benefit from longer stays, reducing turnover, housekeeping costs, and resupply needs thus higher profit margins.
By implementing dynamic pricing adjustments and targeting both short-term and mid-term guests, we successfully improved occupancy rates across our rental portfolio. Strategic weekday rate reductions and customized rule sets have boosted bookings during slower periods, while partnerships with insurance and relocation services help secure higher-value mid-term rentals. This balanced approach enables us to maximize occupancy and profitability, maintaining strong returns across both high and low seasons.
