Massive decline in bookings Fall 2022

[Marie7084]

Anybody else in the USA see a drop in business this Fall?   

Been doing this for several years and normally make 12-18k in September/October on my two cabins.  This year it was like rentals just came to an almost dead stop.   

Slashed my nightly rate,  updated listing, still only about 10% of what I usually make this time of year. 

[Helen3]

If you use the search function here @Marie7084  you will see many hosts posting about a massive drop in booking. Saturated markets, cost of living rises and falling demand equals fewer bookings.

Have you reviewed your marketing? How many platforms do you list on? What marketing approaches do you invest in to direct bookings to your own channels? Have you reviewed your listing to make sure you have the best possible photos and copy designed to appeal to your target market ?

[Pat271]

Along with what @Helen3 said, to test the saturation aspect, go into incognito mode and do a general search for properties like yours (area, bedrooms and max guests is what I use). Look at the map and find your listing and those surrounding it. The prices should be listed right on the map, and you’ll get a good idea about the nature and extent of your competition. Drill down a little deeper and look at their cancellation policies, whether they have Instant Book turned on, and anything else that might uncover what you need to do to match or exceed their offerings.

[Marie7084]

@Helen3  @Pat271 Did icognito mode the other day.   Part of what is happening is investors who were building STR's in my area have now got their brand new cabins listed with Evolve, Vacasa or another national pm.  These pm's slash rates and cleaning fees in the beginning to attract guests so they can get  reviews.    Some of my guests have mentioned in   my cleaning fee is too much, my cabins need a refresh and are run down.  I agree I need to replace some furniture, but is it really hard to afford a refresh right now as costs of everything are so high.  I am also listed on VRBO and am on FB and IG and have a website.  

[Pat271]

@Marie7084  I see. These are fundamental problems you may not be able to fix easily without refreshing your property. One hope is that when the national chains around you up their prices again after the initial listing period of the current batch of properties, yours will be more competitive.

One thing I have heard recently from guests is that they look for real, individual hosts and owners when they book, and they far prefer them to the management companies and national chains. Maybe you can highlight your personal, hospitable style in your listing to make you stand out from these other conglomerates you mention.

The property refresh is probably most important, though. The old model of just providing a place to hang one’s hat is disappearing. I hope the day doesn’t arrive when we will have to provide a tee-pee, tree-house, or luxe mansion to be competitive.

[Huma0]

Not sure why no one here is mentioning the Summer Release. Sure, there could be other factors in play depending on the location and circumstances, but surely it can't be a coincidence that so many hosts are reporting a sharp decline in bookings and views directly after the Summer Release?

I have never experienced anything like it since I started hosting, not even during the height of the pandemic when I couldn't host but there was more interest even though travel was so restricted. Right now, contrary to that, statistics show that more people have been travelling than predicted, hotels have been bumping up rates, and many hosts are reporting that they are getting bookings on sites other than Airbnb.

Let's call it for what it is.

[Marie7084]

@Huma0   Agreed that Summer Release sucked.  But my bookings are also down on VRBO even with slashing rates.  I think part of it is high gas prices and recession.   People still went on the summer family vacay but are now saving up for the holidays.  

[Huma0]

@Marie7084 

I think it will vary according to location. I am not sure if it is the same in the US as it is here in Europe. Here, people have been travelling A LOT. Inflation, the huge fuel price increases and recession have not stopped them thus far. Maybe it will soon, but the statistics show that there was way more travel this summer than predicted, hence the increased hotel rates.

Yet, so many European airbnb hosts that have posted here on the CC reported the lowest bookings ever this summer. 

I would be more open to considering other factors if those bookings had not been going strong up until early May and then literally fell off a cliff after the Summer Release was rolled out. Bit of a coincidence, no?

[Pat271]

@Huma0  Hence my comment about tee-pees, treehouses and luxe mansions. The interface of the new release is steering the guest towards those kinds of accommodations.

[Huma0]

@Pat271 

Sorry, missed the teepee bit in your previous post.

The interface does seem to be very much steering guests towards those kinds of offerings, whether that is what they want or not. So, I can definitely imagine the guests who do not want that giving up in frustration.

Wouldn't it be much more smart if the algorithm based the search landing page on the kind of stuff that that particular user likes to search for? Isn't that how it normally works? Not sure what Airbnb is doing here, but maybe they have some amazing game-changing master plan.

Only time will tell...

[Helen3]

You're right @Huma0 that has definitely had an impact for many. I'm not sure why but after a slow couple of months due to the summer release when my views and bookings tanked,  I am now booked up until October.

[Sudsrung0]

Here in Thailand this year it's the opposite, this is low season, Peak season for us is December/January and we are almost full.

What I did notice this year we have a had a lot of American guest maybe the they are traveling out of the country.

I did post a question on FB and it seems a lot of people are in the same boat, maybe people are getting tired of Airbnb..........?

[Huma0]

@Sudsrung0 

I read that US travellers are booking more holidays abroad this year than locally, so that could explain your increase in American guests. I have seen a MASSIVE increase in the percentage of my guests that come from the US in the past few moths. I mean a really substantial increase.

That would also go some way to explaining why US hosts are maybe seeing less guests travelling more locally...

[Sudsrung0]

@Huma0 

Once you are here in Phuket I think it's good value for money, Cost of flights from the US might be expensive, 

[Huma0]

@Sudsrung0 

I don't know about the flights from the US but I imagine they could be quite expensive. Back in the day when I was employed (rather than self-employed) and got annual leave, I usually did a long haul trip during the autumn/winter months to Asia or South America.

Friends and colleagues couldn't understand how I could afford it, but it cost the same or probably less than their summer holidays in Europe because, apart from the flights, everything was much cheaper.