Pareto's Law: its application to rentals
Do you know the Pareto law? Applicable to many sectors, it is particularly well adapted to renting and will be of great help to you. We explain you why.
1. Pareto's Law what is it ?
This law, initiated by Vilfredo Pareto, is a type of power law. Its theoretical basis? The 80-20 principle, called Pareto’s Principle.
Thus, on this principle, acting on 20% of the causes allows to solve 80% of the problem. This makes it possible to identify which lever to press to significantly improve the situation.
2. How is it used for rental?
It’s simple !
1/ Identify the 20% of sites that bring you 80% of your bookings. It takes time, it may take you a few months to identify them but it is very important.
2/Focus on these sites and write a complete and attractive ad. Here again, take the time to describe your home and present its atypical aspects, what makes it unique, what there is to do around…
3/ Update your ad often. Change the pictures according to the seasons, the equipment you add, the new sanitary measures…
To help you write your ad, you can get inspiration from the ads of superhosts Airbnb.
What do you think of this application? Do you find it relevant? We think that to group its efforts on some ads and to refine them is a very good thing!