By Kyle Spearin
It all started in 2007.
Two hosts welcomed three guests into their home, and Airbnb had successfully completed its first transaction. Since then, the revolutionary rental company has grown into a multi-billion business with over 150 million regular users as of 2018.
Interestingly, what started as an online host for property owners, has blossomed into a haven for those looking to secure passive income.
Why Airbnb Over Traditional Rentals?
Before Airbnb, hotels and traditional B&Bs were your accommodation of choice for a short stay. There are some downfalls to both choices that Airbnb endeavored to capitalize on. First of all, hotels are expensive; secondly, staying in a traditional
Airbnb limits freedom. Airbnb took the best of both worlds while shaving off the drawbacks for both hosts and renters.
Airbnb offers a secure online platform that allows for effortless bookings and instant updates of room/property availability. So, no need for messy guestbooks or multiple calls – securing a renter is just one click away.
Better yet? There's not a lease insight. If that's not enough to convince you that Airbnb is the way to go, consider that Airbnb hosts make an average of $924 a month, according to a study by Earnest.
Creating Your Host Listing Tips and Tricks
Going directly to the master for advice, Airbnb recommends you focus on three things while crafting the perfect listing:
And creating the best Airbnb host profile possible
However, we've decided to add a little advice of our own, and that's good communication and dynamic pricing. After all, it's what really makes the world go around. So, without further ado, let's get into it.
You may not know it yet, but your property has a story. Perhaps it's a spacious, airy apartment that feels like a holiday condo just off the Amalfi coast all year round. It could even be a modern, cozy, New York-esque lodge that could make even the
furthest traveled visitor feel like a local. Whatever it is, it's time to let the Airbnb world know.
And no need to fret; you don't need to be some sort of published wordsmith. You just need to get your point across.
Take a good look around, take it all in, and decide what makes your living space special and unique. If you didn't live there or own the property, what would make you want to stay there?
And of course, cover all bases:
Number of outlets
Be sure to include a paragraph about what the locality has to offer and specify how close the property is to the nearest metro station, shop, or restaurants.
When you've invested in a rental property,
it's normal to want to show it off – that's what gets profit channels flowing! Here’s how to make sure your photos are a cut above the rest:
Clean your space
Naturally, you want your property to look its best. So, it's time for some quick, probably off-season spring cleaning. Cover the basics of eliminating dust, dirt, smudges, and stains. Do the best you can with any pieces of furniture showing wear and tear
– consider sanding down chipped wood and varnishing over any impurities.
Declutter, declutter, declutter
We said it three times because it can't be understated. Remove anything that's not necessary to the room out of frame. You don't want anything to detract from the natural beauty of the room. Moreover, most guests don't want to feel like they're living
in someone else's space while on holiday – they want to be able to imagine it as their own.
Throw back the curtains, pull the blinds wide open and analyze how the light hits your rooms throughout the day. Was there anyone particular hour when your home was optimally enhanced by the natural light? If so, that timeframe is what's known as
your "golden hour."
Things to avoid:
What to do:
Note: Consider hiring a professional photographer to give your photos that expert, high-quality edge (It's more common than you think and Airbnb even offers a photography service.)
A significant part of streamlining your rental investment strategy is knowing how much your property is worth according to each rental model. Long-term renting models ask that you decide your property’s worth by month. This is a relatively easy task
as you can look at similar rental properties in your location and use them as a reference while deciding a reasonable price.
With Airbnb, your approach needs to be more dynamic.
Since Airbnb hosts a short-term rental model, prices change rapidly depending on demand. In some areas, if there’s a popular event happening, it’s not rare to see Airbnb prices double overnight. So, you’ll need to stay on your toes about pricing
in order to maximise profits without making your property unaffordable. Keep a close eye on demand and competitor pricing trends.
Once you've inevitably landed a customer after completing the above, you can take a sigh of relief and jubilation. But don't unwind too much; while Airbnb's platform shoulders the brunt of administration, it's up to you to take care of the finer details.
You'll be given the contact details of the guest/s, and they'll be given yours. So, if it's the day of arrival, be sure to have your phone taken off silent, by your side, and check your emails regularly.
It's easy to think that you've planned everything perfectly in advance and that there won't be any need for emergency calls – renting is unpredictable. Perhaps they can't unlock the door properly, maybe they don't know how to get the hot water
running, they might even just want to let you know they'll be back late. Either way, it's best to respond promptly.
You take on responsibility when accepting guests into your property. So, it’s best to always be on hand. And Airbnb says it themselves: “Great communication is the key to hosting success.”
Remember: Your guests can rate you and your property on a number of factors, be sure to give them an all-around high-quality experience by staying in touch.
Everyone’s ideal rental investment strategy is different. While some may prefer the more hands-off agreement of traditional rental strategies, others prefer the dynamic, high-paying short-term strategy of the likes we see on Airbnb.
Whatever side you lean on, there’s always a strategy to optimize your experience and maximize profits. Above, we’ve listed how to get the most out of Airbnb’s platform by focusing on both your own, and guest experience. As you can see, a good
stay isn’t solely made up of a nice property, but also a communicative and engaging host. So, don’t be afraid to go the extra mile!