At the very start the number of questions seems overwhelming. What to begin with? How to manage short-term rental property on Airbnb? How to insure the property? Anyone can become an Airbnb host, but few turn out to be really good ones.
Airbnb is an online short-term property marketplace, where hosts or professional property managers on behalf of hosts rent out various types of accommodations: from rooms to luxury villas. The project was launched in 2007, and since then it has become known worldwide, gathering millions of active listings in thousands of cities and places
So if you have available space for rent and are looking for an opportunity to make some money this article is for you. You will learn how to start your Airbnb business, what are the initial steps to take, how to minimize risks of property damages and how to boost your bookings and steadily increase the income.
First of all, offering property for rent on Airbnb has a significant number of financial advantages. Here are the most obvious ones:
- Placing a listing on Airbnb is free of charge. The listing is very informative, it includes text description, high-quality photos, and a user profile to build the trust of your target audience;
- Hosts can set their own prices. Unlike other short-term property rental marketplaces, Airbnb doesn’t interfere with the pricing aspect letting the hosts compete in an open market and users picking the reasonable ratio of price versus quality. The prices can be flexible: as a host, you can decide how much to charge per night, per week or per month and change prices in high and low season;
- You can list almost any type of property on Airbnb: there is a great selection of options, from single rooms to apartments, yachts, castles, houseboats and almost anything you can imagine;
- You can optimize your listings to help it reach the travelers in particular searches. Users can filter places by price, location, type of the property, languages the host speaks, accessibility, the accommodation with kids or pets, and a much more;
- There are a number of extra services on Airbnb: for example, a host can help with experiences or suggest places to eat out;
- Both hosts and guests are protected by the platform: the platform works as a trusted intermediary between the parties. It monitors if everything goes smoothly and holds the payment of the visitor for the first 24 hours after the check-in to make sure everything is okay. At the same time, it guarantees the host will receive their payment if the services offered met the requirements of the guest. What’s more, there is a special Airbnb’s Host Guarantee program, according to which the property insurance protection can reach a million USD.
As far as social advantages are concerned, hosts can benefit from communication with people from all over the world, find out new facts about cultures, languages, and also make friends.
First, consider your goals and expectations: how much time are you ready to spend on Airbnb business, is it your extra income or a source of income you live of?
Also, make sure you are aware of the Airbnb requirements regarding listings. Make up a checklist and ensure your place matches the platform’s expectations.
It would be useful to see if your ideas comply with the legislation and tax regulations of your country or your state. See if there are friends or acquaintances, who already started their business on Airbnb or search for information online.
Finally, think about the convenience of your guests: what your accommodation lacks, what public transport options are available near you, what are the strengths and the weaknesses of your property. These points will give you a clue on the proper pricing strategy. The analysis of competitors is a valuable source of information. Make sure you check out listings with similar descriptions and drop the price just a little bit to have a higher booking chance as a new host.
- Create a professionally looking profile - it should build trust and demonstrate your intention to help guests with a comfortable and pleasant stay;
- Make your listing look great: SEO-optimized text paired with perfect-quality pictures help you get many more bookings;
- Get home insurance!
- Monitor the condition of your property: upon the check-in, everything should be clean and work flawlessly and supplies should always be there (like toilet paper, detergents, towels and more);
- Communicate with your guests to ensure they are satisfied and are ready to leave positive reviews. It will skyrocket your position among competitors;
- Get your pricing right. It may be difficult for a new Airbnb host to set up the pricing strategy. Considering competitors, seasons, local events and just keeping the price neither too high nor too low takes a lot of time when done manually. We suggest using the services of professional Airbnb management companies, who help you maximize your profit and monitor the market automatically and in real-time;
- Automate what can be automated and delegate what can be delegated: if you don’t want your life to be interrupted and are ready to invest in professional assistance in order to boost your bookings and maximize the profits, consider using the services of Airbnb property managers.
They are providers of services associated with managing property on Airbnb, such as:
- Price optimization;
- SEO optimization of listings;
- Communication with guests, check-ins, key management, and more;
- Creating guest books;
- Entertaining the guests;
- Managing reviews;
- Full property maintenance, and more.
More information about services of these companies can be found here.
Professional managers offer transparent terms of cooperation, flexible pricing packages, separate services or sets of them, valuable advice and support service in case you have any issues.
Start your business on Airbnb, earn more and choose the desired amount of tasks you want to deal with - the rest can be delegated to specialists.