Top 3 Priorities for Making Money On Airbnb!
Like everyone else, you must have heard about hosts who make insane money through Airbnb listings. For some people Airbnb, is like a full-time job. In fact, many real estate investors are now considering rental properties over other options, thanks to Airbnb and other similar platforms. If you have decided to list your property on Airbnb, you need to start with the right approach. In this post, we will talk about ways of managing your Airbnb listing, so that you can maximize the rental income per month.
Plan your business
First things first, consider your role in the entire plan. Initially, it makes little sense to hire a property manager, who will charge a huge commission or salary per month for obvious reasons. You have to understand your audience, which will help in determining the pricing strategy. Some hosts want to enhance the occupancy rate, and therefore, they may offer prices lower than the average range. On the contrary, hosts who have exclusive properties don’t mind waiting for guests but they hardly compromise on the standard prices. It all depends on your financial goals. Be careful enough to check Airbnb regulations in your city and make sure you obey the rules.
Consider additional help
As a small business owner with less than five listings, it would make no sense to have a property manager. There are companies and professionals who manage Airbnb listings for owners for a commission or monthly price, but these services are rather expensive. A better idea is to opt for vacation rental software such as AirGMS, which can help in managing your listings. These software solutions have a bunch of features, right from consolidated inbox to a comprehensive dashboard that offers details of relevant bookings, cancellations, queries, complaints and more. If you have more than one listing, you can use these software systems to keep a track of guest communication and regular tasks, as well.
Also, it’s important to understand the rules, regulations and norms of Airbnb. Take your time to evaluate your competition, and if required, check online more details about basic Airbnb management. Before you buy any software, do take a quick trial, so that you can evaluate all the features. Most companies have a limited-period trial offer on their products.
Focus on your guests
There are many reasons why people prefer Airbnb listings instead of hotels. For many of them, privacy and a home-like environment are two of the main pre-requisites. As a host, you have to understand your target audience. It will help you in planning the facilities and amenities. A few things are non-negotiable, such as Wi-Fi, on-call assistance, and modern appliances in each room. You can try to know your guests better by emailing them before their arrival. Also, talk about the local area and things they can do in the city. If you are expecting repeat guests and business travelers, you have to give them enough grounds to return. As a host, you must be reachable and communicative. Ask your guests to leave a feedback, and during their stay, seek their inputs on how you can improve your services.