What is my "Booking Rate"?
Your booking rate is the number of bookings you accept on Storefront divided by the number of projects (inquiries) you received.
*If you have multiple Listings or receive duplicated Projects your Booking Rate will not be negatively impacted."
Your booking rate is based on the last three months (90 days) and is refreshed daily.
Why is my Booking Rate important?
Your Booking Rate is super important because it is one of the main factors we use to track performance. A listing with a high Booking Rate will appear more consistently and earlier in searches on the platform. In short, a listing with a higher booking rate will be seen more, will receive more inquiries and will generate more revenue.
How can I improve my Booking Rate?
There are two ways to improve your booking rate:
Reduce the number of projects (inquiries) you receive
Have more bookings
So which one should I be focusing on? The answer is BOTH
Reduce the number of projects you receive that are not a good match (this will also save you time)
Accept more bookings (and generate more revenue)
Check out the below tips on how to do these.
I. How to reduce the number of "unwanted" projects
1. Keep your calendar availability up to date
Keeping your calendar up-to-date is key. It will stop you from receiving inquiries for dates that cannot be booked and you have to reject (which would impact your Booking Rate).
Even if nothing has changed, click "Availabilities Haven't Changed".
BONUS: When you update your calendar you receive a slight boost in search performance (yes, even "Availabilities Haven't Changed"), meaning your listing will be more visible and will receive more inquiries.
2. Add a "Virtual Visit" to your Listing
A Virtual Tour or a "3D Visit" is a great addition to any listing, it allows potential renters to get a true sense of your venue and avoid unnecessary physical visits. Storefront allows you to add a Matterport 3D link directly to your Listing. While you may have a fancy tour available don't panic if you don't, nice-looking videos can do the job too. The more information you can give to renters ahead of time the better.
Check out this article to learn more about Virtual Tour / 3D Visit
3. Optimize your Listing Title and Description
Along with the first picture, the Title is one of the first things a renter sees when searching for spaces on Storefront. With this in mind it's important to understand that the Title is one of the most important tools you have to tell people about your space.
Your Title should be concise and provide as much basic information as possible. Try to include the venue type, ideal use and nearby landmarks. This will help people decide whether your space is the one for them.
For the description you can be a bit more creative. Don't hesitate to explain the specificities of your venue, what people CAN and CAN NOT do with it.
Talk with your Account Manager if you need help with your Title or Description. Or contact us at firstname.lastname@example.org
4. Add a wider range of photos
Use as many pictures as you can on your Listing. Try and show all elements of the space including interiors, the exterior and any additional rooms. This is especially important if you don't have a Virtual Tour.
What you don't want is someone coming to view the space and deciding it doesn't work for them because of something they could have seen in a photo online such as a clear understanding of the layout or the facade of the building.
5. Increase your "Minimum Duration"
The minimum duration represents the minimum time period a renter can book your space for. If you receive a lot of projects for shorter periods that don't interest you, consider increasing your Minimum Duration in order to prioritize "High Value" bookings.
II. How to get more bookings
1. Respond to new inquiries a soon as possible
Responsiveness is a key factor in securing a booking. Renters frequently inquire for multiple spaces for a single project, with only one of them finally being selected. We can see from our data that the speed at which a Listing Owner responds to inquiries is a major factor in a renter booking a space. Getting their attention and answering any questions they have quickly is our number one tip for success.
We recommend you activate your SMS Notifications to make sure you don't miss any messages or notifications.
BONUS: When a Listing Owner consistently answers inquiries and messages within 24 hours they are granted a "Fast Responder" Badge which provides a boost in the search results and helps their listing stand out from the crowd.
2. Invite potential Renters for a Site Visit or a Callback
This is not a mandatory step (especially if you have provided a Virtual Tour and/or lots of photos and information on your Listing) but sometimes speaking on the phone is is reassuring for both the renter and the Listing Owner.
3. Follow-up on Conversations that are Inactives
4. Invite Renters to Book
5. Offer a Discount
6. Lower your prices