It all starts with submitting your home to our site, and including as many details as you feel comfortable sharing with us. We use this information to estimate your rental’s earning potential, and can begin to advise you on the next steps to turn your home into a successful rental property.
When we first started in this industry 10 years ago, we had a tremendous amount of success because we focused on designing high quality, fully realized homes for our guests. Our homes were consistently booked, at top of market rates, because of the love and care we put into each home during the designing process.
Ten years later, the industry has matured to be much more competitive than it used to be. Over the past 3 years in particular, from 2019 – 2021, there was a tremendous amount of growth from retail investors purchasing second or third homes with the intent of renting out their home on sites like Airbnb. With this increased competition came lower occupancy rates for many homeowners, and they were forced to reduce their nightly rate to compete with so much supply on the market. Thankfully, our strategy of offering thoughtfully designed homes that stand out from the endless supply of cookie cutter rentals means our homes have stayed in high demand.
The way we analyze a home for success is to look at a few key factors: desirability, location, price point, and design. A home can be very desirable and achieve a higher percentage of views compared to the market, but if priced poorly, will not achieve the success you are looking for. Alternatively, a home can be in a less desirable location but impeccably designed to still achieve a high amount of success compared to the market.
Sites like Airbnb are tracking every fine detail about a listing on their site. Reviews, view count, conversion rate (what percentage of guests request to book your home after viewing), wish list additions (how many guests add your home to their wish list), dwell time on your listing, shares of your listing, and so on. To compete in this market, you will want to partner with a property management company that takes all of these metrics seriously, as this affects your placement on their site. There is a saying that if you’re on page 2 of Google it’s like you don’t even exist, and our thought is that if you’re on page 5 or further on a site like Airbnb, it dramatically lowers your chances to get viewed and booked.
We will run you through all of these variables to prepare you for success, and our goal during the analyzing phases is to determine if we believe your home has the potential to be successful, for both you and for us.
When you submit your home to Open Air Homes, we will take all of these details into consideration so that you can have a better understanding of how your home compares to the market, as well as some design and amenities you can add to increase the desirability of your home.
After you meet with our onboarding team to go over our analysis, we will discuss design improvements of your home with you.