Delving into the realm of short-term rentals can initially be a daunting and stressful exercise. This is especially true if you are new to hosting short-term rentals and are unsure how to be successful in doing so. One needs to overcome a particular mental hurdle before feeling comfortable renting out their property to relative strangers.
Thankfully, however, there is little reason to fret due to the excellent service and homeowner protection that Airbnb guarantees. Airbnb protects its homeowners with one million dollars worth of insurance and their proficient customer service representatives are always available to assist. Potential guests are vetted and are required to provide enough personal information that is simple to hold them accountable for any incidents. If you are looking to be successful making extra money from your investments in property, hosting with Airbnb is a great way to do so.
Short-term rentals are an amazing method for maximizing profits earned from renting out property. Suites that normally command a mere $1,500 per month, can fetch over twice that amount when using Airbnb. At first, it may appear to be a complicated process setting up a successful Airbnb account, but there are many tricks and tips to help get started. Let’s explore some of the most important steps to successfully hosting with Airbnb.
1. CREATING YOUR AIRBNB ACCOUNT:
When hosting, it’s always best to include as much information as you are comfortable with when filling out your account details. Potential guests can see what you omit and it could make them wary of staying at your property. The more information available about the short-term lease, the more comfortable guests will be booking a stay and therefore the more successful your hosting experience will be.
Don’t stress about this section – Airbnb provides a lot of assistance providing recommendations for what information to include. Additionally, if you want to ensure your profile is inspiring confidence in potential guests, it is very helpful to hire an Airbnb management company. These companies bring years of experience in order to help create the best possible account.
2. LISTING YOUR HOUSE:
Listing your property on Airbnb is similar to fine art; there are a plethora of subtle nuances involved in creating a masterpiece. To be successful you want guests to be initially intrigued by the listing so that they look at your property. Unique features such as novel artwork or a lot of house amenities are popular ways to make your listing distinct. It is useful to adopt a business-like attitude when tackling this step of setting up your Airbnb account. What can you offer that other hosts do not? Why is your place better than someone else’s place? Coming up with answers to these sorts of questions will bolster your occupancy rate and, by extension, the amount of money you generate.
Some possible ways to enhance the appeal of your Airbnb is creating guides for the city. Guests are often new to the city and will appreciate the host taking time out of their busy day to create an extensive guide.
It is important to be completely honest in your description of the property, which includes avoiding hyperbole. For example, don’t label the location as “fantastic” if, in fact, it is in the middle of nowhere. If the location is in a less than ideal spot, there are some tricks to spin the description so that it is appealing while remaining honest. To use the previous example, if the property is outside of the city, and therefore not in a great location, you can label it as a “peaceful and tranquil neighbourhood”.
3. SETTING A PRICE:
This is arguably the most important part of creating your Airbnb listing, and as one may expect, it is among the most challenging aspects. Airbnb does assist in calculating the nightly rate of your property. To do so, Airbnb uses a formula that considers the number of rooms, amenities, location, whether or not it is tourist season, the price of other nearby listings, and if you have had any bookings yet. These are all helpful to consider, however, Airbnb does leave out where their priorities truly lie. The profits for Airbnb come from the number of occupancies, not the rate of each occupancy. As such, they are more concerned with attracting guests than maximizing the profits of the hosts. To combat this, hosts often look towards Airbnb Management companies because they will help set the nightly rate and are primarily concerned with appeasing hosts, not guests.
4. MANAGING YOUR PROPERTY:
When your listing is active, the guests will (hopefully) begin scheduling stays at your property. For every guest, it is important to remain diligent with addressing their concerns or complaints and continuously try to help them out. Often guests will need assistance finding the key to enter the property (whether it be stashed in a mailbox or safe inside a lockbox). Maintaining a friendly but professional relationship with the guest is important and a delicate balance. Don’t intrude into their lives more than necessary, but still ensure that they remain satisfied with the quality of their visit. Monitoring guest messages may require a lot of work but it is worth it. A good review from a satisfied guest can go a long way in generating consistent interest in your place and improve your hosting experience in the future.
Additionally, it is vital to clean the residence following every stay – with short-term rentals this may be frequently required. Depending on the size of your property, this can be quite an extensive task. This is especially true when you have back to back bookings, which typically only give you between 11 am to 4 pm to complete the clean. Managing the needs of guests can be exhausting. If something goes wrong at the unit, such as a malfunctioning laundry machine or refrigerator, then this must be rectified quickly. For these reasons, it is worth working with an Airbnb Management company. They will monitor all guest needs as well as organize cleaning services. When you consider the increased nightly rates and significant time-savings, using these companies makes a lot of sense if you want to achieve success hosting with Airbnb.