As another year winds down, it’s the perfect time to reflect on your Airbnb hosting experience and begin planning for the year ahead. Whether you’re a seasoned short-term vacation rental host or are just starting out, taking some time to review and prepare can help set yourself — and your property — up for success in the new year.
Here you’ll find a simple guide to help you get the most out of your end-of-year review.
1. Reflect on Lessons Learned
Be honest with yourself: this year, what worked well? What didn’t? Reflecting on your experiences is one of the best ways to make improvements for next year.
Take note of any challenges you may have faced. Did you have a lot of last-minute cancellations? Were you able to manage guest expectations? Did you experience any seasonal fluctuations?
Understanding what went wrong (and right!) gives you a clearer idea of where you should adjust next year. A simple journal or rudimentary spreadsheet can help you keep track of what worked — and what could be better.
2. Review Guest Feedback
Your guests’ feedback is invaluable! Look through your reviews and pay attention to any recurring themes. Are people commenting on the comfort of your space? Do they mention anything they were disappointed by?
This is a great opportunity to make small improvements, like upgrading your linens or adding more kitchen equipment and amenities. By responding to real, honest feedback, you’ll improve the experience for future guests and show those who have already stayed with you that you care.
3. Take a Close Look at the Numbers
It’s important to keep track of your finances throughout the year, and it’s perhaps even more important to analyze them at the end of December. Review your income, expenses, and how much you’ll owe for taxes.
Consider what you spent on improvements, cleaning services, or plain old maintenance and upkeep. Setting financial goals for next year can help you shift things, whether it’s tweaking your pricing, finding ways to cut costs, or saving for more expensive property upgrades (more on that later!).
As with anything other type of business or side hustle, getting clear on how much money is coming in, coming out, and where it’s being spent will help you determine how to do things better next year.
4. Plan Any Property Upgrades
If there are any upgrades you’ve been putting off, now is the time to start planning. Small improvements like freshening up the decor, replacing worn-out furniture, and investing in better amenities can make a big difference.
Waiting for end-of-year sales and discounts is a great way to lower your costs — planning now means you can start the new year with a refreshed space that will impress your future guests without totally draining your wallet.
5. Set Goals for Next Year
Next, set specific goals that you want to accomplish in the coming year. Regardless of whether you want to increase your occupancy rate, improve guest feedback, or purchase another property, getting clear will keep you on track.
Think about any new services or Experiences you could offer too, like adding an outdoor space, streamlining your check-in process, or coming up with a walking tour of your town. Documenting these goals is a great way to ensure your STR business continues to grow and thrive.
6. Prep for Peak Seasons
Knowing the peak seasons for your property is key for maximizing your bookings. Take a look at your calendar from the past year to see if you can identify any trends. Did you notice certain months had more booking demands than others?
Prepare your calendar in advance by setting availability for busy times like holidays, summer (or winter if your STR is in a ski town), and local events. Consider adjusting your prices for these busy periods too.
7. Review Your Listing
Take a moment to review the listing for your property. Check that your photos are up-to-date and highlight the best features of your STR. If the description feels outdated, now’s the perfect time to refresh it.
Now is also a good time to decide whether to list elsewhere, too. Vrbo and Booking.com are popular choices, or you could create your very own website. The end of the year and beginning of the new year are great for hunkering down and getting more involved projects — like making a website — taken care of.
8. Update Your House Rules
While you’re at it, it’s important to revisit your house rules and policies. Are they clear and current? Check for any local law changes that might impact your property, such as occupancy limits or other regulations.
Also, make sure your cancellation policy aligns with your goals for the upcoming year. This is a great way to avoid surprises with last-minute cancellations (a major pain point for most hosts) or guests who aren’t the best fit for your property.
Reflecting on the year is a great way to revisit everything that worked, anything that didn’t, and carefully consider all of your goals for the future. When you put a bit of thought behind your actions you’ll be in a much better place to succeed.
Follow this guide and start the new year off strong!
This content originally appeared in our twice-monthly Guest Book newsletter.
