Four Ways to Get More From Your Listing
Nothing has stepped up the game in the hospitality industry like Airbnb has. Each year, more and more people are opting to maximize their available space to supplement their income rather than getting a second job. So whether you are finally making use of that unused room, or just want to break even while taking a vacation of your own, let’s dig a little deeper into how to best make your property work for you, and how to get the most money into your bank account.
1. Being unique is key.
Airbnb offers everything from simple to luxurious, practical to fairy tale, studio apartments to entire private islands. The key to increasing your own personal ratings and bookings is finding the things that differentiate your rental from the thousands of others. Prioritize getting professional photos of your rental, and highlight the rare and uncommon offerings of your space. Sell an experience, not just the physical attributes of your rental, and you’ll find that the little details and unique aspects that may not seem like deal-breakers for you are exactly the attributes that convince renters to choose your place over your competitors’. Remember that rental experiences can either make or break someone’s vacation—whether that vacation is lounging on the beach or scaling a mountain. Do your best to offer perks and accommodations that are truly one of a kind.
2. Cater to your target audience.
Although typically considerably less expensive than a hotel, Airbnb can include anything from very economic and basic accommodations to those that are luxurious beyond compare. It is essential to identify your target audience and tailor your available rental to match their needs. Are you a picturesque romantic getaway for a millennial couple looking to escape their hectic and chaotic professional lives in the city? Are you the perfect one-night pit stop for a college student who is just passing through town and looking for cheap but comfortable accommodations? Is your rental a luxurious and high-end escape that a wealthier, mature couple might be looking for? Find your niche, identify who your ideal customer is, take into account their needs and desires, and then provide those for them.
3. Ready, set, GO NOW.
While rumors may have the potential to stretch the truth, figures and statistics don’t. According to “Travel and Leisure,” the number of people from all age groups that are looking to alternative accommodation options is steadily increasing. Even more significant is a survey from Goldman Sachs that explains that once an individual has successfully used Airbnb, the likelihood of them returning to traditional hotels or other short-term rental options is significantly decreased. So climb aboard the Airbnb train while business is good—and rest assured that business is only going to get better.
4. Maximize your resources.
Aside from having a space to rent, there are no other requirements necessary to enter into and profit from the Airbnb world. So take advantage of free, readily available resources such as online guides, blogs and articles, lists of the top-ranked cleaning services in your area, and professional photographers to get the most out of your rental. If time constraints or a busy personal/professional life are keeping you from taking the leap into the Airbnb market, look into a rental agency in your area that manages all day-to-day aspects of your rental (such as key delivery, routine cleaning/maintenance, and bookings) for a small percentage of your booking fee.