Home Advice, Business, Finance 6 Tips for Starting a Profitable Airbnb Business
AdviceBusinessFinance

6 Tips for Starting a Profitable Airbnb Business

Airbnb has changed the travel game and created a whole new standard for travel accommodations. The online property rental marketplace has been connecting hosts with unused short-term rental spaces to budget-savvy guests since 2007. Hosting an available rental space on the platform is a great way to earn extra income and meet people from around the world. A profitable Airbnb business can be rewarding financially and socially once you learn how to be a successful host. Follow these six tips to become an Airbnb super host in no time.

1. Quality photos matter

You will want to include a minimum of ten high-quality photographs in your Airbnb listing. Quality photos capture the character of the space, amenities, features, and the local area. Hire a professional photographer or take advantage of Airbnb’s professional photography services if you don’t have the best camera skills, as photos can make or break a potential renter’s interest.

img

2. Commit to the work

You’ll need to dedicate time every day to manage your profile, respond to stay requests, catch up on guest reviews, and update your calendar. Always be attentive to notifications and try not to delay your responses. Some hosts opt for instant booking, meaning if your space is free for booking and you wait to respond, you could lose out on money.

img

3. Make a good first impression

The home-sharing community thrives on friendless, courtesy, and respectful behavior. First impressions are important to overall guest satisfaction, so to create the right impression, imagine yourself as a guest. Strive to build a friendly rapport and connection with your potential guests to increase the likelihood they will book your listing. Create prepared responses to guest inquiries to help improve your response time.

img

4. Understand how to list and price your property

An attractive, catchy listing that accurately describes your space is essential to attracting guests. Think of yourself as a realtor who wants to maximize guest interest and make your listing stand out from the competition. Take a look at similar Airbnb listings in your area. Notice the listed features, amenities, prices, provided photos, and the descriptiveness of the listings. The best way to gain negative guest reviews is to misrepresent details of your listing.

It’s important that you price your listing competitively based on similar listings. You don’t want to price too high or too low, but keeping a competitive price will help get you continuous bookings.

img

5. Know your local laws for Airbnb and plan accordingly

You need to check with your local government to make sure it’s legal for you to list your property on Airbnb. City and state laws may differ from local laws when it comes to taking in paying guests. Condos may have rules about tenants subletting their units, and hosting without permission in an apartment rental unit could result in eviction.

Assuming you have permission to use your primary dwelling to make extra income by hosting, you can make some home upgrades that will attract guests. Building an accessory dwelling unit on your primary residence can create more usable square feet ideal for renting. An existing garage in the backyard would make a perfect garage conversion. A detached ADU or granny flat creates a private rental unit separate from the main house. An internal ADU converts part of the main house to create privacy for extended families who live together.

Looking to build an ADU? Find the experts by doing your research online. For example, if you live in Southern California, if you google “adu Los Angeles” you will likely find Levi Construction. As seasoned professionals, the experts at Levi Construction make the addition easy and affordable by handling the entire process. If you are a homeowner in the City of Los Angeles wanting to increase the value of your home and attract more guests, consult with Levi Construction for your next ADU project.

img

6. Define your financial goals

Hosting on Airbnb makes for a great side hustle, or it can serve as your primary income. Define your financial goals before you commit to hosting. Given the amount of effort it takes to build a strong hosting reputation, be smart about goals for extra income.

If you are on the real estate search for new homes in the High Country of North Carolina, work with the best real estate company in Blowing Rock, NC. Find real estate for sale in blowing rock with the help of Ashe County Real Estate. They have NC homes with long-range views in the mountains. They also have log cabins and river gorge plots to suit every buyers’ needs. When starting your rental business, make sure you have the most appealing properties available to your guests. The best of Boone real estate is waiting for you at Ashe County Real Estate.

Use these tips to build the foundation of a profitable Airbnb business and enjoy your new role as a host.

img

Author

Joon