The Pareto principle: how to apply it to rentals
Looking for a method that helps you focus your efforts in the right place? With the Pareto principle, you'll know everything!
Have you heard of the Pareto principle? It applies to a great many sectors, but it is particularly well suited to rentals and will be a real help to you. Here's why.
What is the Pareto principle?
This law, first set out by Vilfredo Pareto, is a type of power law. Its theoretical basis? The 80-20 rule, known as the Pareto principle.
On this basis, acting on 20% of the causes solves 80% of the problem. It allows you to identify which lever to pull in order to improve the situation significantly.
How do you use it in the rental business?
It's simple!
1/ Identify the 20% of sites that bring you 80% of your bookings. It takes time, and it may well be a few months before you can identify them properly, but it really matters.
2/ Concentrate on those sites and write a full, appealing listing. Here again, take the time to describe your property properly and to highlight its unusual features, what makes it unique, what there is to do nearby, and so on.
3/ Update your listing often. Change the photos according to the seasons, the facilities you add, any new health and safety measures, and so on.
To help you write your listing, you can take inspiration from the listings of Airbnb superhosts. What do you make of this approach? Do you find it useful? We think that pooling your efforts on a few listings and fine-tuning them is a very good thing indeed!
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