You’re a Dream Chaser
You chase the dreams to make them a reality. You’re aiming to go after what you want in a way that sets you apart from the rest. You are a real estate investor. Part of being a real estate investor is having money on the mind. You search for the most profitable investments with hopes of being a money chaser!
One of the real estate investment strategies you may want to use is short-term rentals. Airbnb has provided short-term rental real estate investors like yourself with ways to efficiently make rental income.
In our previous blog, we gave you the most profitable Airbnb cities. Here, we give you tips and trick on how to own successful Airbnb rental properties in the most profitable Airbnb cities. Buckle up, you’re in for a ride.
Related: Real Estate Money Making: 2018’s Most Profitable Airbnb Cities
Candidates of The Most Profitable Airbnb Cities
Here, we give you a quick recap of what the most profitable Airbnb cities are:
Palm Springs, CA
Virginia Beach, VA
How to: Airbnb Host in the Most Profitable Airbnb Cities
You always want to strive to be a top dog in the real estate business. There are a number of ways to approach real estate investing, and certain morals to abide by to reach success. Here, we share the top ways to succeed when choosing to be an Airbnb host in the most profitable Airbnb cities.
Mashvisor is a must-have investment tool when you’re looking for a successful property. If you choose on renting out on Airbnb in the most profitable Airbnb cities, you need to have a clear investment property analysis.
Oh, how wonderful it would be to have a tool that could tell you the projected Airbnb occupancy rate, cash on cash return, Airbnb rental income, and all that good stuff. Or even an Airbnb profitability calculator to get an estimate of just how much money you’re making from the most profitable Airbnb cities. We have some news to break to you: it’s us, we are that tool.
Mashvisor is the exact gadget to give you all of those crucial property metrics you need to know if you’ve found the most profitable investments. You have the most profitable Airbnb cities, but you need to find the most profitable property investments! With our real estate property evaluation, we can give you the thumbs up, or thumbs down, when it comes to the property investment you are looking at.
To be one of the most successful real estate investors, you should utilize all real estate investment tools, especially Mashvisor’s product. You will not be disappointed.
To start your 14-day free trial with Mashvisor and subscribe to our services with a 20% discount after, click here.
Choosing the most profitable airbnb cities, At the Right Time
Too often you hear about U.S. housing markets known to be the top dogs in real estate investing one year, only to fall off the next. Realistically, how the real estate business will go is never perfectly projected. We can assume, estimate, and predict all we like, but the actual performance of U.S. real estate markets is a wild card!
Related: The Use of Predictive Analytics in Real Estate Investing
With that, you should try your best to look at cities that have had fairly stable markets, without any drastic falls, or even rises. We are all for taking chances and going big, but with due diligence. The most profitable Airbnb cities we provided you have had pretty good past years, and don’t seem to be looking at any bad days to come.
There is a clear trend going on in regards to the most profitable Airbnb locations. Affordable, warm, clean cities are plants of Airbnb success just waiting to be watered by Airbnb guests. The most profitable Airbnb cities are the fertile soil to grow the most successful Airbnb rental properties. People love visiting those areas, so they are sure to be watered if you supply Airbnb guests with their demand.
Property Quantity in the most profitable airbnb cities is Significant
Long story short-the more rooms you are willing to provide, the greater your opportunity to reach the demand, supplying more potential guests. It’s no surprise that Airbnb hosts that rent out a room on Airbnb will earn less rental income than a host that rents an entire apartment.
There is a big difference between the success of an Airbnb host that provides one property to rent out through Airbnb and one that offers at least two properties. Approximately half of all Airbnb rental transactions are for properties owned by hosts who have multiple income generating assets listed.
Who are the most successful real estate investors on Airbnb? Those that give more. By “give more”, we mean those that are able to offer entire private homes, or even multiple private homes! Whether you are focusing on Airbnb renting long term, or just specializing in short-term rentals on Airbnb, the more you give, the more you get back. That is the trick of the trade.
The Property’s Got to Look Good to Feel Good
It is human nature to adapt to the environment we are placed in. With this tip, you have to play Airbnb guest, not Airbnb host. Naturally, an investment property that looks good is going to feel good. Although we would love to explain to you the whole science behind that, we’re going to keep it to another day.
It’s all about the presentation. This starts all the way from the listing itself. We are sure you’ve heard that a picture speaks a thousand words, and that can’t be any more true in the Airbnb business. The way your rental property looks is the first thing that will attract your potential tenants.
Your picture can speak a million words, but make sure you don’t end up swallowing them. Be transparent, and make sure you’re not catfishing your customers! Your Airbnb property investment can’t just be all talk and no action. Deliver what you promised and your tenants will find you reputable. Having good reviews will bring the same customers back, along with new customers willing to trust you due to the positive feedback you receive.
You need to be transparent. Avoiding claiming to be something you’re not, especially in regards to amenities or any other features you include in your listing description. These things will backfire when you’re caught in a lie about what your investment property consists of.
Related: Airbnb Reviews: Top Influencers Affecting Your Occupancy Rate
People want to see the good, the bad, and the ugly, so show them! Airbnb guests want to be fully aware of what to expect, so don’t ambush them. Losing one customer is better than losing your whole ability to list on Airbnb because you lost customers’ trust from lack of transparency.
The Price Has to be Right in the most profitable airbnb cities
First things first, you’re not a hotel, so don’t price yourself like one. One of the main reasons people choose Airbnb is to avoid the pricey hotel rates and go for the less expensive alternative. Along with the unique experience of course. Poor pricing is a high turn off to Airbnb guests.
Find the balance between meeting your potential customer needs and your personal financial necessities. Take into consideration what your investment property offers, the location you’re in, and the day of the week. Find the suitable price without going overboard. Price smart. The only way you will make the most out of the most profitable Airbnb cities is if you price right.
DON’T be a rebel: Keep it Legal in the most profitable Airbnb Cities
We don’t want you to go to jail or to pay avertable fees and fines. We are sure you don’t want to go to jail or give away your precious cash flow either, so keep it simple. Each of the most profitable Airbnb cities has specific Airbnb laws to abide by.
Now we could tell you what each of those Airbnb regulations is, but we may be here for a while. The last thing we want to do is take away from your precious real estate time. That time can be used to invest in the most profitable Airbnb cities!
Related: The Trend of Legalizing Airbnb Rentals
The key takeaway here is to make sure you are following the rules. Running into the law is quicksand of Airbnb success, and neither do you nor we, want you to sink. Check out the Airbnb laws and regulations in each of the most profitable Airbnb cities, and make sure you stay updated and avoid any Airbnb regulatory issues. Just like the weather, these laws are changed and modified every day. It’s the nitty-gritty details to pay attention to, so read that fine print.
Real estate investing is something that is bound to make you money. Making money in real estate is not rocket science, but it does take some critical thinking. Choosing to rent out a room on Airbnb or even a whole apartment can be one of the most profitable investments.
Given the most profitable Airbnb cities, you can use these tips to snag a spot as one of the most successful Airbnb rental property owners. Owning a rental property can be fun, especially when you get creative. With these tricks of the trade and Mashvisor’s property analytics, you are bound to prosper. Happy property investing!