Have you recently started an Airbnb business? Keep reading for our top 8 tips for new Airbnb hosts.
Renting a property on Airbnb can be a very lucrative business for second homeowners, and it is a smart way to increase returns on your property investment. If done correctly, short-term and vacation rentals can generate double the income of a traditional long-term rental. However, earning money on Airbnb does not come easy.
Maintaining a short-term rental on Airbnb requires a lot of work, including cleaning and maintenance, online listing management, guest support and a sophisticated pricing strategy. For some, managing a successful Airbnb becomes a full-time job. Below are 8 Airbnb tips for new hosts that will help you earn more and keep guests coming back to your place.
Photos are the first thing users see when they are searching for an Airbnb. And with Airbnb’s recent update that has standardized all listing titles, photos are now the only way to stand out on the search page. Having professional photos, with professional lighting, makes your listing stand out from the rest. The more professional the photos, the more professional your listing will look, and you will give off the impression that you put a lot of care into your short-term rental.
In today’s remote work era, most guests are looking for an Airbnb with high-speed internet. We recommend not only investing money on high-speed internet but also adding a photo of your internet’s speed to your photo gallery. Photos are the first thing people look at when they see an Airbnb listing, and by putting this image there, you are going to stand out from the rest as having a listing with high-speed internet.
When it comes to maintaining a high guest rating on Airbnb, the most important thing you can do is accurately measure guest expectations. People are taking a risk when they stay at a short-term rental and they do not want to encounter unwanted surprises. It is important to highlight the perks of your rental but it is equally important to point out possible areas that may cause pain points.
If your property is located beside a loud school playground, for example, you may want to consider adding that detail in your listing description. This way the guests have been informed beforehand and they are accepting the risk based on the price of your unit. This leaves the responsibility in the hands of your guest, making them less likely to leave a bad review.
Smart pricing is one of the most important yet competitive aspects of running a vacation rental on Airbnb. Smart pricing is a sophisticated way of maintaining competitive pricing by frequently adapting it to supply, demand and occupancy rates. Many professional property management companies offer this service as their main perk because it requires a high level of skill and hard skills in revenue management software, data science and finance.
Also read:
These 5 signs may indicate it’s time to take the leap from managing your own short-term rental to hiring a property management company to do it for you
When guests check into your short-term rental and gets settled, they are going to want to know their way around your property and its surrounding area. By including a welcome note with the most important information your guests will need, you are able to solve these pain points before they arise. You will also minimize your need to frequently answer questions because they will already be answered.
We recommend including in your welcome note:
If something goes wrong during your guest’s stay, don’t panic. The most important thing is how you solve the problem. Be quick in your response and always offer a solution. If the situation is out of your control and you are not able to come to a solution, reach into your pocket and offer them a monetary solution. Whether that means buying them additional amenities, sending them a sorry kit with a bottle of wine and snacks, or a partial refund, your guests will remember this effort and they will be less likely to leave a bad review. The money you invest in problem-solving is much less than the money you could lose by having a bad review.
Many people choose to stay in a short-term rental over a hotel because of the homelike amenities they provide. And one of the biggest homelike perks of a short-term rental is having a fully equipped kitchen where you can cook meals and save money on eating out. Invest in basic cooking supplies like pans, pots, plates, cups, silverware and cooking utensils (spatula, strainer, sharp knives, cutting board). It is also worth it to invest in a coffee machine and/or kettle and provide your guests with complimentary coffee and tea. A simple electric kettle and a french press for coffee is a cheap investment that will make your guests feel at home.
Make your property stand out by marketing it as a “work-friendly” rental. Many remote workers are mixing work and travel and require a space with high-speed internet, a comfortable chair and a designated workspace for concentration. If you can photograph this space and add it as a key perk in your description, you will be a top choice for the majority of travelers who are working while abroad.
Yes, you can rent out your home on Airbnb, even if you just bought it. However, you should check with your mortgage lender and homeowner’s association to ensure that there are no restrictions on renting out your property.
Yes, you are required to pay taxes on any rental income you receive from Airbnb. It’s important to keep accurate records of your rental income and expenses so that you can report them on your tax return.
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