Owning an Airbnb rental property is not an easy task. Still, every real estate investor dreams about having a high Airbnb rental income. Luckily, it is possible to achieve this as the best real estate investments are short-term rentals. Nevertheless, there are many things to keep in mind when dealing with an Airbnb investment. So, if you have any Airbnb questions on topics like laws and regulation, Airbnb marketing strategy, etc., keep on reading.
#1 What Does Owning an Airbnb Rental Mean?
Owning an Airbnb rental property means renting out furnished properties to the potential Airbnb guests. You may choose from renting out house on Airbnb, or separate Airbnb rooms. It all depends on the preference of the target Airbnb guests in the real estate market. Moreover, the Airbnb host is the one who is liable for the success of his/her business by choosing the right Airbnb marketing strategy. It is crucial to pay close attention not only to the Airbnb guests, but also to the maintenance of the investment. In the end, you are the one whose goal is to have a very high Airbnb occupancy rate.
What are the other factors that influence an Airbnb occupancy rate? When owning an Airbnb rental, a host should create a home-like feeling and greet his/her guests with a smile. Furthermore, you are the one who will answer all the Airbnb questions, so be prepared. Last but not least, you should be nice and friendly to your guests in order to provide them with the best Airbnb experiences.
#2 Where to Invest in Real Estate OR What Are the Hottest Airbnb Markets?
You want to become an Airbnb host? You might have a good idea of the way you want your Airbnb investment to operate, but where to invest in real estate? Location is the top priority when you are in the real estate investing business. Every successful real estate investor knows that the location for Airbnb rentals determines the number of the Airbnb guests you will have. To illustrate, if you want to be busy with bookings all year long and have a high Airbnb occupancy rate, make sure to invest in Las Vegas, Nevada. In contrast, owning an Airbnb rental in Houston, Texas will probably make you rethink your skills as a real estate investor as it ranks to be one of the worst locations for Airbnb properties.
If you are looking for the hottest Airbnb markets, you will find Miami, San Diego and Austin in the top of the ranking list. These are some of the most popular locations for vacations currently. Such places attract many visitors due to various activities and the nice weather they offer. So, if you want to have high Airbnb occupancy rates and are ready to make money in real estate, invest in one of the best locations!
#3 Use an Airbnb Profit Calculator to Find the Best Investment Properties
An Airbnb profit calculator is a great real estate investment tool which uses traditional and predictive real estate analytics to find the best investment properties in the real estate market. “Time is everything,” they say. It takes several minutes with the Airbnb profit calculator to investigate different cities and neighborhoods as well as calculate various real estate metrics. Manually it would take you weeks. All that you need to do as an Airbnb host, is to check the results in a specific location.
#4 Owning an Airbnb Rental: What Are the Airbnb Laws?
When owning an Airbnb rental property, you must play by the rules. What is meant by that? The real estate investor should know which Airbnb laws apply in the particular city or state. There are not so many laws and regulations for traditional rentals. However, when owning an Airbnb rental property, you should be prepared for some heavy legal requirements. Some states and cities have stricter Airbnb laws and regulations than others. So, make sure you check the legal part first, before investing in the city. For instance, if you plan on moving to San Antonio, make sure you are familiar with the definition of an STR. Basically, it states that Airbnb rentals in San Antonio are described as dwellings of no more than 30 consecutive days. Owning an Airbnb rental property might be very profitable, yet, breaking the law might be very expensive for an Airbnb host.
#5 Make Sure to Choose the Right Airbnb Marketing Strategy
Let’s be honest, you are not the only one owning an Airbnb rental property. As Airbnb rental properties are becoming a trend in the world of real estate investing, you should think about the business presentation. More and more investors are entering this market; consequently, the bigger competition is waiting for you! That is why having an Airbnb marketing strategy is crucial. What are the steps?
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Step Number One
Your Airbnb page should be clear to the Airbnb guests. There should be a clear description of what is offered, like about Airbnb rooms, Airbnb shared room, etc. Moreover, presenting the neighborhood of your property is always smart. If your tenants know the surroundings and the available facilities nearby, the chance of choosing your Airbnb rooms increases.
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Step Number Two
Make sure you to present only high-quality photos. If you do not have photography skills or a professional camera, hire a photographer. For a small fee, he/she will make your place look incredible. Well-presented properties increase their demand, thus, your Airbnb rental income.
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Step Number Three
Another point is the communication and interaction with your Airbnb guests. There should be an understanding between both parties. Build trust as it will lead to good comments and reviews on various online platforms. Positive Airbnb reviews increase occupancy rates.
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Step Number Four
In the real estate investing business, you cannot be lazy. Answer all the Airbnb questions on time. The last thing that your guests want is waiting for a reply while choosing where to stay or during their holiday. This might ruin their Airbnb experiences as well as your ratings.
To learn more about boosting your Airbnb rental income or maybe renting out house on Airbnb, continue reading our blog.