The world is changing and more than ever people who have an entrepreneurial spirit are able to participate. The sharing economy has opened for real estate. Airbnb is making it easier than ever to get guests in your home and some income.
Here are a few tips to help maximize it:
- Find your niche and demographic to reach out to
Since Airbnb competes with other short-term rental services and hotels, it is important to carve out a niche and market to your ideal demographic. For instance, owners might go after the off-campus college rental crowd or vacation rentals if you live in a tourist location. The more that you understand your demographics, the easier it will be to tailor your listings, prices and services rendered to the people who you will be doing business with. The area your property is in has a lot to do with this.
- Make sure you follow the local laws and ordinances
Any time you are managing an Airbnb vacation rental, you need to be aware of anything that might break the law. Many HOA’s and local communities have strict rules for short term rentals. We always vet our locations before allowing them to become vacation rentals. Thoroughly read through the Airbnb user agreement to know your rights and responsibilities when rendering this service.
- Go above and beyond to provide a 5-Star experience for your Guests
Your primary concern when renting out an Airbnb is to create a five-star experience for anyone who decides to do rent from you. In the online world, reviews are everything, so always wrap your mind around providing more value than you are asked to. By going the extra mile, you will continuously rack up five star reviews from people who stay at the property, which will eventually act as marketing in itself. When your reputation precedes you as a manager, you will always be able to bring in new business. Always try to go for returning guests, they are your best market.
- Embrace marketing to the fullest
Because marketing is everything for a growing and thriving business, put some thought and energy into the way that you market your Airbnb property. Use social media so that you get more shares for your listings and advertise through your personal circles. Often great guests come from previous tenants and your close friends.
Thanks to Airbnb (which first opened its doors for business in 2008), you have plenty of opportunities to increase your revenue, as long as you have a property you can list. If you are looking for a property that will have the best change of success, contact us today. Manorshare can get you into a property that is managed professionally.