Everyone is looking for new ways to make money in real estate every day. With mortgage rates at an all-time high, people are looking for more creative ways to rent their properties out at a higher price. Airbnb has opened up opportunities for property owners to let out their properties for short-term stays, at triple the price they would be receiving for long-term buy-to-let stays. With so much demand for comfortable properties across the country that are suited for people looking for a homely experience in new towns and cities, there is no better time to be making money on Airbnb.
There is a thin line between what makes a great Airbnb and what makes a poor one which would result in poor reviews and minimal bookings. So many people fail in their first year of running Airbnb simply because of their lack of interest in making their property aesthetic, and also easy to run from an owner’s prescriptive. Building a successful Airbnb business can also mean the business runs itself whilst you reap the rewards of the cash flow.
If you are looking for the best tips and tricks on running a successful Airbnb property, take a look at the following suggestions:
Check the demand of the area
First of all, before you decide to take the plunge and start your Airbnb business, you need to check the demand for short-stay properties in the area. One way you might check the demand is to take a look at local Airbnb listings and see what their occupancy rate for the next couple of months is.
The occupancy rate should be no less than 70% to cover bills and expenses, so if it is accumulating to more than this and your competitors are not getting bookings, your property might not be in the best area to operate a serviced accommodation. Another way you might check the occupancy rate is to ring hotels that are near your property and see how booked they are. Pretend you’re making a large booking on short notice for several rooms. If they have availability, they likely are not very busy, but if they can not accommodate your request, there is a chance of demand in the area.
Create a design personality
Secondly, if you have determined that there is a desire for short-stay homes in your chosen area, you need to make sure your property is competitive.
One way you can do this is to create a cosy and inviting design within your property that makes it unique and stand out. If you want to make things easy and copy similar designs of busy competitors that is also fine, but you will more likely get bookings if you can make it look unique. Having a distinctive design presence will help your property to seem more attractive and be a favourite compared to the other properties. Add a theme to the property. If for example, it is in a historic area, you might include design features that correspond with the history of the area. If your property is in a high-class area such as London, you may include decor features such as luxury homeware.
Arrange for regular cleaning
Another essential part of creating a successful Airbnb business is to ensure that you have a powerful team around you. This would involve a team of cleaners who are available around the clock to clean the property between guests. Make sure you find a team of cleaners who have access to multiple people in their workforce. This will be valuable when planning for the worst-case scenario, if one of the cleaners gets sick they can quickly be replaced. Each clean needs to be spotless. The last thing you need is getting poor reviews that the property was unhygienic, putting future bookings off staying with you.
Consider meet and greet services
Whilst some guests prefer a keyless entry, other guests would prefer to be met and greeted by their host. If your Airbnb property is special and out of the way from your typical locations, this would be a great time to offer a meet-and-greet service to put your guests at ease and show your attention to detail. You can not only give them face-to-face interactions on how to enter and lock the property, but you can also build rapport and offer recommendations for their stay. If you are not able to do the meet and greet yourself every time, ask a friend or family member to meet your guests and offer the same attention to detail.
Offer discounts for direct & repeat bookings
One of the most important things that Airbnb hosts tend to forget is offering good customers a discount if they choose to repeat a book. If guests like your property you need to encourage them to book and stay with you again. One way you might do this is to offer them a discount for their next stay. Also, as Airbnb takes a percentage of your fees away, you might recommend that they book with you directly for a bigger discount. This is a creative way to generate repeated bookings from guests that are not only reliable but guests who do not cause trouble and enjoy staying at your property.
When you are trying to be a leader in a competitive Airbnb market in your area, you need to be able to offer things that your competitors are not considering. This can be as simple as a personable meet and greet service when guests arrive, or you might even offer special occasion packages such as balloons and champagne if they are staying for a celebration. Extras are what set you aside from the competition. Don’t neglect the value they can add to your guests’ stay, and make sure they are creative.
It is important for everyone who is hoping to become a great Airbnb host to understand the importance of high standards in their property, as well as high standards in the services they are offering. Make sure there is first demand in the area, the design of the property is attractive, and also that your properties are spotless before each stay. With these steps, you are guaranteed to find success running your Airbnb property.