Background: Otway Retreats acquired management rights for a property in Apollo Bay, previously overseen by another professional agency. Despite its appealing features—a beautiful home with ocean views and proximity to the main street—the property was underperforming significantly. Over the previous 12 months, it had a dismal occupancy rate of 18% and had generated only $24,000 in gross income only booking over high peak periods and long weekends.
Challenges: The property’s performance issues were not due to any inherent flaws in the home itself but were linked to poor visibility on Airbnb. The previous management had not optimized the property for Airbnb's algorithms, which favor listings with consistent bookings and positive reviews. Without these, the property remained largely invisible to potential renters, severely limiting its booking potential.
Strategic Approach: Upon taking over, Otway Retreats implemented a series of strategic actions aimed at optimizing the property’s profile within the Airbnb algorithm. The focus was on enhancing the property's online presence to increase visibility and attractiveness to potential guests.
Implementation and Results: Otway Retreats’ strategy included:
Adjusting the pricing strategy to reflect the true value of the property.
Promoting the property’s unique features more effectively.
Actively working with Airbnb's algorithms to boost the listing’s ranking.
These changes had a dramatic impact. Over the following 12 months, the property's gross income increased to $64,000, and the occupancy rate improved to 44%. These figures are projected to continue rising in the upcoming year with a target of $75,000 gross income next year.
Conclusion: This case study demonstrates how targeted adjustments and a clear understanding of platform-specific algorithms can drastically enhance the performance of a holiday rental. Otway Retreats’ success with the Apollo Bay property underscores the importance of strategic digital optimization in the competitive vacation rental market with dedicated staff offering a personal and local approach to ensuring the homes we manage succeed.
Special Offer - Valid until 30 June 2024
As summer winds down, it's the perfect time to rethink your holiday rental management and save! If you're considering switching your property management, Otway Retreats has an enticing offer for you.
For any new listings transferred from another agency or moved from self-management to our professional services, we’re offering 30 days of free management.
And there's something special for our existing clients too! Refer a friend to Otway Retreats, and both you and your friend will enjoy 30 days of management services absolutely free.
Enhance your holiday home’s potential with expert care and maximize your returns. Join Otway Retreats today and experience the difference professional local management makes to your investment.
