Airbnb rentals are one of the most popular small businesses men venture into. In fact, there are quite a handful of men who have built empires around the system, all of whom have started as first-time hosts. Airbnb’s business model, a product of the gig economy, has been so flexible and groundbreaking that people from all walks of life from around the world have built profitable businesses out of their extra bedrooms, granny flats, or empty vacation homes.
But what makes Airbnb rentals so appealing is that they are essentially passive income and a solid business model that doesn’t take up much of your time, money, and effort. So whether you’re planning to start a rental business for extra income or looking to expand into a vacation rental company, here are some success tips for setting you on the right path:
Do your homework
It’s important to treat your Airbnb rental into a real business from the get-go so you can avoid costly mistakes. Much like when you’re starting a business, you must research the market (is the rental located in a popular tourist spot?) and identify your target guests (families, solo travelers, tourists with pets, etc.). You should also research the rental prices and vacancy rates in the area.
This information will be key indicators if your business will be a success. Now, if you’re looking to rent out a bedroom or studio in an ordinary neighborhood, you can still find pockets of demand (i.e., short-time medical tourists, traveling artists, a couple looking for a staycation, etc.).
Make a memorable first impression
Whether you’re renting out a laid-back condo or a charming treehouse in the middle of the woods, first impressions are everything. In addition to keeping your rental clean and beautiful, you should also invest in things like security upgrades, regular pest control or termite inspection, and landscaping. Believe it or not, one small but foul experience (like a cockroach in the cupboard or a faulty switch) is enough for guests to leave negative reviews.
It also always pays to treat your guests with add-ons like free drinks, nice toiletries, comfy linens, and a well-stocked snack cabinet. And, of course, make sure to post high-quality professional photos of your rental on the platform.
Outsource where you can
If you live far away from Airbnb rental, it would be wise to outsource tasks you won’t be able to do. Save on time and plane tickets by outsourcing things like laundry, room service, deep cleaning, landscaping or plant maintenance, and upkeep. Plus, leaving property management in the hands of experts is better and more cost-effective than doing everything yourself. With Airbnb, every stay counts as the reviews and ratings they leave are big contributors to your business’ success. Better ratings mean more bookings and low vacancy rates, which means you’ll be able to recoup your investment faster.
Always be available for guests
Your first round of communications with potential guests can be a game-changer. No matter how beautiful your Airbnb is, your attitude and timelines when responding would significantly influence their decision to push through with the booking. Being courteous and responsive to guests is a must, so always find time every day to respond to queries, even after their stay. If you have a busy schedule, appoint someone else to manage customer queries. To make sure you don’t get flooded by questions, make the listing information as comprehensive and detailed as possible.
Always ask for feedback
As with any business, customer testimonials and ratings are everything. In fact, they can be the single most important deciding factor for some. The most organic way to get positive feedback is to provide your guests with a great experience from the booking process down to the moment they step out of the place. The higher your star ratings get, the likelier you are to become an Airbnb superhost. That means that your listings will appear on the first pages of the search results. And for Airbnb hosts, that is prime real estate.
Expand your marketing beyond Airbnb
To boost your online visibility and increase your bookings, it’s important to look beyond Airbnb. You should also list your rentals in local business listings and other platforms similar to Airbnb like Booking.com, Vrbo, Agoda, Expedia, and HomeToGo. But be sure to synchronize your calendars to avoid double bookings.
Starting an Airbnb business is easy, but running a successful one takes time, effort, and passion. Be sure to follow these tips so that you’re on the right track.