The journey of starting an Airbnb or serviced accommodation business often begins with the aim of generating cash flow to eventually purchase properties. Choosing the right guest according to different platforms is crucial for success in serviced accommodation business. The choice between renting through short-term rental platforms like Airbnb or opting for a traditional approach involves evaluating the speed of setup and the overall process.
Finding the right properties for a rent-to-rent business involves significant time investment. From searching on various platforms to securing agreements with landlords, navigating legal requirements, and finally listing on platforms like Airbnb, the process can be challenging and time-consuming.
Prior to acquiring their first properties, successful hosts often engage in mentorship programs. Learning the ropes from experienced individuals can provide valuable insights into property acquisition, compliance, and effective strategies for attracting bookings.
Understanding Guest Booking Behaviors
Booking.com Guest Behavior
On Booking.com, guests often exhibit last-minute booking behaviors. Families and business travelers, seeking immediate accommodations, make reservations with a lead time of 1 to 2 nights. Instant booking, when enabled, contributes to quick and direct reservations, with a typical stay duration of 2 to 3 nights.
Airbnb Guest Behavior
For Airbnb, a distinctive guest behavior emerges, especially in the case of relocations. Guests relocating from places like Dubai to the UK plan their stays well in advance, with a lead time of 10 to 14 days. These guests typically book for a month or more, and the option to inquire before booking is a key feature.
Website Bookings and Guest Behavior
Guests landing on a host’s website often have unique booking behaviors. They may have discovered the property through Airbnb branding and proceed to inquire about extended stays for work purposes. In this scenario, the lead time is around a week, and the length of stay can span several months, with a recurring pattern of Monday to Friday stays.
Tailoring Your Approach
Understanding these diverse guest booking behaviors is crucial for hosts to tailor their approach on different platforms. While Booking.com attracts last-minute bookings, Airbnb appeals to those planning relocations. A host’s website, on the other hand, may attract professionals seeking extended stays for work projects.
Conclusion
In the dynamic world of short-term rentals, comprehending guest booking behaviors and choosing the right guest for your service accommodation is a key factor in achieving success. By recognizing the patterns on different platforms, hosts can optimize their listings, communication strategies, and overall guest experience.
If you have missed the Episode 2, read here.
