If you’re reading this article, you probably have already thought about the benefits of hosting an Airbnb. However, you’re not the only one who sees that opportunity. There are millions of hosts renting on Airbnb, and the number is increasing every day. Therefore, if you are a newcomer in the business, you should be aware of the vast competition. In such a competitive field of work, you need to know a couple of tips for a higher success rate and income.
In this renting guide for Airbnb, we will answer these questions you might have:
Why should I rent on Airbnb?
What should I do before renting on Airbnb?
How can I earn more?
Why Should I Rent on Airbnb?
By renting on Airbnb, you can make a good amount of money without doing much physical work. If you manage your property remotely, you can make money while doing your daily work or having fun on vacation. Thus, if you have an unoccupied space, it makes sense to make some money off of it.
However, one of the safety risks of hosting might be your property getting damaged, but there are some things you can do about that. Perhaps the best way to protect your property is to set some limitations. Here are some Airbnb house rules you can consider:
Parties are not allowed.
Pets are not allowed.
No eating or drinking in the bedrooms.
No smoking allowed.
In case of any damage to the furniture, guests will be charged for it.
Rules such as these can help prevent extra costs and effort to a great extent. Nevertheless, like any other investment, eventually, it will have some cost for you which is not considerable compared to the income you can have. Also, some rules, such as not allowing pets, can save you a lot of effort, but on the other hand, you will lose many guests who cannot leave their pets. Consequently, you need to check the pros and cons of each limitation and then decide to use it or not.
What Should I Do Before Renting on Airbnb?
Firstly, you need to decide how you want to rent on Airbnb. For example, suppose your accommodation is only available for a few days each week or month. In that case, you won’t have many options between long-term or short-term rentals. However, if you can rent your space for a more extended period, you need to choose between short or long-term rental.
Now, here is the vital question. Which plan is more profitable for me? Long-term or Short-term? Well, it depends on you. For example, suppose you want to let your accommodation daily. In that case, you can make a considerable profit, but on two essential conditions:
1. You should have guests regularly.
2. You should prepare the house and clean it for every new guest every day.
If you can guarantee those two conditions, short-term rental is probably more suitable for you; otherwise, go for long-term rentals.
Secondly, you need to decide on the number of guests you will welcome to your Airbnb. This choice can be determined based on the space or the number of rooms you will rent on Airbnb. Also, by considering your space and the type of your Airbnb, you can make your property more suitable for specific kinds of guests such as families with children, couples, or single travelers.
You can probably make more money by renting on Airbnb compared to the traditional rental system. Nevertheless, this extra income depends on some factors listed below:
The location of your Airbnb and how many tourists or travelers it can attract
The quality of your listings
The type of accommodation you are going to rent
The quality of your interaction with your guests
But How Can I Earn More?
You can make even more money by paying particular attention to your Airbnb listing because your guests will judge you based on that. There is also massive competition because of the intelligent pricing feature on Airbnb listings. Thus, if you want to be more successful in the Airbnb competition, you can improve your listing by taking note of these tips:
Try to make your listing as eye-catching as possible.
Always be honest about your property’s insufficiencies.
Don’t forget about the importance of title and summary.
Try to Make Your Listing as Eye-Catching as Possible
As mentioned before, people will judge your Airbnb based on your listings, and whether it’s the right thing to do or not, it is the only possible way. Hence, you should try to make it look as tempting as possible. Here are some tips to make your listing more attractive:
Be very sensitive with taking decent photos, and use the best one upfront.
Write captivating headlines and captions. Many people don’t read long paragraphs word by word.
Don’t use bedroom or backyard photos upfront unless they are the spotlight of your Airbnb.
Always Be Honest About Your Property’s Insufficiencies.
When guests choose you over a hotel, they expect a clean and comfortable space with certain services. Nonetheless, the guests will understand that personal properties can have minor issues.Therefore, it is best to let them know what to expect and how to deal with specific issues. Otherwise, if they suddenly face an issue without previous warning, they may be far more disappointed, which can negatively affect their review. Moreover, earning your guests’ trust is one of the most crucial factors in this line of business.
Don’t Forget About the Importance of the Title and Summary.
Character counts limit your title and summary, and you have to be precise in what you want to convey. However, this limitation does not mean that this part is not critical.
You have already shown them different parts of your home and the services you provide for them. In this part, most of the focus should be on your target guests who are more likely to stay in your property, such as couples, families, or single people. Therefore, provide them with reasons why your property is most suitable for them.
If You Have Made Your Decision, Then Don’t Waste Any Time!
Now you probably have enough reasons to join the Airbnb community, and you know how to prepare for it. So, if you have an unoccupied property and are thinking about renting on Airbnb, don’t lose any time.
The Airbnb community is getting bigger and bigger every day, and so is the competition. After all, the more your property is unoccupied, the more money you are losing!