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I allow long-term booking on my property, and already provided discounts on Airbnb system for weekly and monthly bookings. But I noticed every time there is an interest for long term booking, the potential guests almost always ask for more discounts. I tried to explain that the rate they see on Airbnb already factor in a long-term rental discount, so it’d be hard to provide additional price reductions. Some disappeared, some understood and book anyway.
What would you do in this situation?
(1) would you just put no discount (0%) on Airbnb system and provide a special offer when a guest contacts you?
(2) or, do you provide additional discounts on top of the ones you already provided on the system?
(3) or, would you just go with the discount you provide in the system?
I am tempted to go with option 1, but is a bit wary of any negative impacts.
The rent would be too high for a regular LTR. You can’t just do a 1 month stay at those places though. You pay a premium for that. I would also just leave your discounts as is in the system. You’re still getting inquiries and bookings so it is obviously working.
Option 1 will make you look very expensive compared to other LTR options in their search results. You’ll lose potential guests that just wanted an honest price.
Option 2/3 is down to your personal philosophy. I like saying “we feel we’re priced competitively and can’t offer a discount at this time” because I don’t want to reward hagglers. Some hosts would say “give them a little something so they feel they got a deal”, even if it’s just a token amount like the cleaning fee.
Some people take long vacations or sabbaticals. Had a burned out IT software developer needed to get away. Family from Taipei visiting family in the states. Both over 30 days. Loved not having to manage the turnovers. Also low maintenance.
Thanks for all the responses and input.
I might have left out a few important details about my property. It is a condo in the CBD area, so our clientele are mainly business people, and less vacationers/families. At the beginning I put a 1-week limit, but after looking at historical booking patterns I ended up allowing for longer term stays, up to 30 days at a time, since about a year ago. Examples of previous long-term guests are: IT tech who are in town for a launch project, a head office auditor doing audit at a local branch, a start-up employee setting up a local operations, etc. Originally, I thought these people would have decent budget from the company and won’t be nickel-diming a ‘small business owner’ like me. Then I thought maybe they could pocket whatever is left from the budget for themselves, after the bargaining, thus the constant requests for discounts.
When I didn’t get one booking, the place is likely to get booked by others anyway, usually on short term basis. But I do have a preference for a long term booking as it is less hassle, minimum efforts… thus the question above.
As you have noticed, hosts who provide long term bookings are unusual. If you can manage it, it is an asset.
The kind of people needing them include coop students, postgrads, resident MDs, and people relocating.
LTR’s are a lot of work up front because they often include orienting them to facilities, stores, government services, and their wotk. Not too mention your home.
And 8 months is a single review.
They equate your monthly rate with what’s online for long term. They should be looking at hotel per night rates.
More than ever, the pain of a thousand cuts is the guest of 100 nights who is cheap. I had one that was so cheap that she kept us waiting 15 minutes at the Salvation Army so she got maximum value out of a discount coupon. It was impossible to prepare food in front of her.
Conversely, there are professionals who might stay only 3 nights a week.