How do I set Prices for my Vancouver Airbnb?
As of October, 2018, there are 2,178 Air bnb listings in Downtown Vancouver.
How should I price my Airbnb? What are the market rates, and how do I remain competitive to hold a high occupancy rate and generate the most revenue to ensure profit for my property??
It is all about Supply and Demand and the market pricing. Here are some Airbnb Vancouver Economic Statistics that may help you price your unit...
Of the 2,100+ Airbnb listings in Vancouver, over 80% are entire home rentals. And of these listings, most of them are one bedrooms. with the second most popular listings being two bedrooms and studios to follow.
What does this mean? Again, Supply and Demand rules that two bedrooms should be able to call for higher pricing, given the lack of supply.
At this time, less than 30% of the market is available. This is a balanced market. For example Toronto is in a similar availability space. However Toronto has about 14,000 active listings!
Its all about economics. Follow these data figures to understand the COMPETITION, and you will have direction on how to set your Airbnb pricing in Vancouver.
Happy hosting all!
Top 5 Things to Look Out for (Easily Missed)
So here are the top five things that Airbnb guests HATE to see when checking into their suite. Easy to miss but SUPER important for getting great reviews and getting that elite Super Host status :)
1. Hair - This is an easy one to miss - human hair and pet hair. Little hairs can be found anywhere and everywhere. The first place to look is the bed, pillows, sheets and blankets. Nobody wants to hop into a bed with a hair hanging out on their pillow case. This will be an automatic 3 or 4 star!
2. Folded Towels - Presentation! Make sure the face towels and bath towels are nicely folded. Either set on the bed or set on the counter of the bathroom. This gives the impression of attention to detail.
3. Smell and Aroma - One of the worst things to check into is the stale smell. All this takes is a plug in air freshener or a few squeezes of Febreeze before leaving the suite.
4. Linen Stains - Check ALL towels and linens for any stains. This is a buzz kill!
5. Toilet Grime - On the toilet set, under the toilet seat, in the bowl, everywhere. We don't like yellow crust and guests always check toilets with a magnifying glass as soon as they walk into the bathroom!
Keep these things in mind and you'll have a great start at providing a Supreme Clean airbnb. Vancouver Super Host pays close attention to detail when turning over our clients apartments, condos, townhouses and homes.
What do I need to do to license my Airbnb?
Effective September 1, 2018, all short-term rental operators in Vancouver must have a business licence. If you don't display your license number on your online listing, you may be subject to fines up to $1,000!
You don't want to be on the receiving end. Not only do you get finds, but the Airbnb platform will not allow you to advertise your suite. Now, to get a license there is CRITERIA:
-Principal Residence - your Airbnb must be out of your Principal Residence. This is where you live as an owner OR tenant. You may prove this via bills, identification, taxes, insurance, etc.
Short-term rentals are only allowed in secondary homes or basement suites if the operator lives there full time. Things have changed!
-Strata - you must abide by your strata bylaws!
If you have any further questions about the licensing process or eligibility, contact one of our Super Hosts at Vancouver Super Host. We can not only help you turnover and clean your suite, but guide you through the set up process.
The Vancouver Super Host team is a pack of seasoned Airbnb Super Host ninjas. With several consecutive quarters of hosting excellence, VSH helps hosts across the country get the most out of their Airbnbs, financially and in emotional fulfillment.