The sharing economy has drastically grown over the last few years, with Airbnb becoming one of the biggest players in the travel and accommodation industry. If you have a spare apartment, house, or another type of property that you don’t necessarily need, listing it on Airbnb could be a great solution for creating an additional passive revenue stream. However, renting your property through Airbnb can be a challenging task when competition is high, so here are some tips that will allow you to earn a higher income with Airbnb and reach success:
Create an interesting listing
When you first begin hosting on Airbnb, the attractiveness of your listing will be crucial for encouraging guests to choose your property over your competition’s. Apart from professional, high-quality photographs of the space, it would also be wise to think of a captivating headline, as this could be the first thing that attracts the renters’ attention. Then, write a detailed description that includes all available amenities in the property and other benefits nearby that might not be visible in photos, for optimal results. Always be honest and transparent about the property in order to avoid negative reviews in the future.
Attempt to become a Superhost
Airbnb’s algorithm gives advantage and higher visibility to those they label as Superhosts, and might offer them higher earnings as well. With that in mind, earning this status could be quite beneficial for increasing profits. To become a Superhost, attempt to book at least 10 stays a year or 3 reservations adding up to 100 nights, and aim to maintain a response rate of 90% when communicating with guests. Of course, receiving glowing five-star reviews from your guests will always be of great help as well.
Take care of the smaller aspects
Renting out a home through Airbnb can come with a number of expenses, from cleaning and maintenance to providing your guests with necessary supplies. For that reason, most hosts charge a cleaning fee that covers the needed costs. But like with any other property, maintenance is also a crucial aspect that shouldn’t be overlooked. That is why Australian hosts, for example, often decide to call an expert plumber from Northern Beaches for all of their maintenance needs. Such a professional offers a wide variety of plumbing services, including emergency plumbing, allowing hosts to keep their properties pristine for their Airbnb guests.
Know the laws and regulations
To ensure your Airbnb side hustle achieves long-term success, you will have to follow thenecessary laws and regulations. While the specific rules might depend on your location, there are some legal aspects that are quite universal across the globe. For instance, most destinations in the US will only allow permanent residents to become Airbnb hosts and will require them to pay occupancy and all other relevant taxes themselves. Some states might also demand a license for renting through Airbnb, which is why it’s always advised to consult an experienced lawyer before venturing into this business.
Think of a unique listing idea
Uniqueness is what attracts renters to your property. So, consider researching your direct competitors such as other similar properties in your area, and see what unique proposition you can offer for achieving success. Whether you install an attractive hot tub and an LED mirror in the bathroom or even opt for a smart lock that enables self-check-ins, having more distinct attributes will allow you to attract and engage a wider audience, ultimately maximizing your Airbnb earnings.
Airbnb can be incredibly profitable and quite a simple way to earn some extra income. However, becoming a successful host does require dedication and work, which can easily be done by following the tips mentioned above.