Investing in Airbnb rentals has become a preferred strategy for many real estate investors. As a matter of fact, hosting on Airbnb makes for an enjoyable experience which can also make you plenty of cash if managed properly.
Airbnb hosts have to meticulously plan their Airbnb rentals whether renting out a single room or buying property for Airbnb. Today, we will provide you with 8 of the best Airbnb tips to help you succeed with your short term rental property.
Best Airbnb Tips #1: Location Location Location
If you are considering buying a rental property for the sole purpose of renting out on Airbnb, then you must consider the location in your assessment. When you are screening for rental properties, particularly an Airbnb property, you have to study Airbnb rental data within your desired location. Select a location with the highest occupancy rates in order to succeed in your Airbnb renting business.
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Best Airbnb Tips #2: Study Regulations and Legality of Renting Out on Airbnb
Because the hotel industry has been suffering from the emergence of short term rentals such as Airbnb, its lobby has been pushing for more stringent regulations on short term rentals across the country and has actually succeeded in many locations. In some cities and states, Airbnb regulations have been straining, forcing many property owners to opt out of investing in Airbnb. The trends are expected to continue as well. Therefore, it is important that you study regulations before you decide to buy an investment property for the sole purpose of renting out on Airbnb or a similar platform. Visit the local city council website to check out the most recent laws that govern short term rentals. Beware, regulations vary from one city to another. And the last thing you want as an aspiring Airbnb host is to have problems with the authorities.
Best Airbnb Tips #3: Take Professional Photos of Your Airbnb Rental
You might wonder how to get more bookings on Airbnb. Well, displaying high-quality photos showing your property in the best possible light will certainly do that. In order to attract guests and make the most out of your Airbnb rental property or room, you should have an attractive profile and one that offers plenty of pictures.
Photos make up for an important factor in the decision of renters. This is because Airbnb guests often come from afar and do not have the accessibility to visit the property beforehand. Therefore, they often resort to pictures to decide on the livability and the option of renting your space.
As a matter of fact, photos are the most crucial factor in obtaining bookings. You should certainly invest in professional photography to sell your service. Fortunately, Airbnb offers free access to professional photography, depending on your location. Make the most use of this service and increase your property listing’s attractiveness.
Best Airbnb Tips #4: Maximize Your Airbnb Reviews
Real estate investors oftentimes fail to give Airbnb reviews their weight. Don’t follow lead because guest reviews make it or break it for you. When screening for Airbnb properties, one of the important elements renters consider in their bookings are reviews. Good reviews will incentivize renters to select your Airbnb property.
Make sure to offer to your guests the best experience and they will automatically write you good Airbnb reviews. And the more positive reviews you have, the more bookings you will land. Beware that one bad review might put your Airbnb property at jeopardy because reviews cannot be deleted or modified. Do not forget to remind your guests to write reviews for you at the end of their stay.
Best Airbnb Tips #5: Maintain a Clean Property
Maintaining a clean property is an important factor to consider in order to increase your clientele. When your property is clean, guests are happy. When renters are happy, they are more likely to come back again to your rental. Moreover, they are more keen to provide positive reviews and, again, the more positive reviews your property gets, the more guests would want to book your property.
Make sure your house is clean before guests check in, and be wary of all the small details. We are aware that maintaining a clean property might be tedious, but fortunately, nowadays many services have emerged to attend to your needs. Consider Vacasa, Pillow, Guesty for Hosts, and Handy for cleaning services, if you opt out of cleaning yourself. Oftentimes, these services offer coupons and great deals. Check out their websites to learn more.
Best Airbnb Tips #6: Use Instant Book
In order to succeed in renting out on Airbnb, consider the various features that Airbnb provides. One of these great features is Instant Book, our 7th of the best Airbnb tips. Instant Book allows guests to rent right away without having to wait for approval from Airbnb hosts. Instead, renters select their travel dates and would only have to discuss check-in protocols with the host.
Make sure to enable Instant Book for your listings to achieve a higher occupancy rate and succeed magnificently in your Airbnb renting experience. This feature not only facilitates bookings, but it also allows renters to confirm reservations for no additional fees.
Best Airbnb Tips #7: Make Offers
In order to succeed in your Airbnb investment, we recommend that you make offers often. When the season is low for Airbnb, try offering discounts. Offer a discount on your rate for a short period of time or include a bonus for staying for a certain number of days in your property. Assess Airbnb trends within your location and learn of the seasons where Airbnb is not the most lucrative, or Airbnb occupancy rates are the lowest. Do not offer discounts in high seasons because you will already have plenty of guests who would want to stay in an accommodation.
Best Airbnb Tips #8: Airbnb Long-Term Rentals, Why Not!
Finally, consider Airbnb long-term rentals. The longer renters stay in your property, the fewer fees associated with tenant turnover you will incur. Moreover, if you are in an area that is not very touristy, renting on a longer basis makes a more profitable option.
Target a certain niche and attend to their needs. Consider college students, exchange students, or even businessmen that come for longer training workshops. Make sure to study Airbnb trends within your area and rent accordingly. You can speak to a local real estate agent to inquire about the current market trends so as to have a better idea of the real estate market in your area.
We have provided you with the top Airbnb tips to help you succeed in your Airbnb business. To be able to rent your property all year round, make sure:
- Your property is clean;
- Renters are happy;
- You get positive reviews;
- Your rental is in compliance with local regulations governing Airbnb rentals;
- You use of Airbnb’s professional photography feature and enable Instant Book. These features will tell so much about your property and you as a host.
Splendid renting!