How To Start An Airbnb Business: Run A Successful Property
It’s no doubt that people are looking for ways on how to start an Airbnb business and run a successful property.
According to research by Skift, millennials’ travel tastes are vastly different from those of their parents. This can not only translate to new destinations routes, but also a different kind of stay – one that the traditional business model of hotels may not be able to offer.
Airbnb is an excellent alternative to hotels, especially for solo travelers and those on a tight budget.
One of its best features is giving guests the ability to rent the exact kind of space they want, which makes it fantastic for large groups, as well by giving them the option to rent entire houses for cheap.
It’s extremely easy to start an Airbnb business but in order to succeed you need to be able to market your listings and take measures to remain competitive on the platform.
In this article, we’ll explore:
- How can you list your property on Airbnb?
- How can you make your property look presentable on Airbnb?
- How can you market your listing on Airbnb?
- How to start an Airbnb business without owning a house?
How Can You List Your Property On Airbnb
Airbnb has an excellent step-by-step guide for listing your properties on the service.
It starts with you specifying the kind of property it is – an apartment, a house, etcetera. Then you move on to the specifics, such as the kind of space that you’re hosting – a private room or an entire house/ apartment.
Filling these details out is an extremely easy task making it easy to start an Airbnb business in just a few minutes.
However, the bit where you need to be a bit strategic to be able to get maximum returns is how you segment and price your property on the platform.
Segmenting Your Airbnb Property
Segmenting your property really comes down to the kind of guests you want in your listing. When you start an Airbnb business, you may be tempted to list an entire apartment/house. This may not necessarily work.
Here are a few ways to do that:
i. Segment Basis Area
Segmenting your listing is as dependent on the area it is in, as much as it is on the actual property. For example, if your property is located in a city frequented by families, it makes sense to make your entire property available.
ii. Segment Basis Private Rooms
You could always segment your property into private rooms and allow larger groups to rent them out individually. However, keep in mind that the furniture and decorations of 2 private rooms available for separate rent should not necessarily be the same as those of an entire house.
The easiest way to know what to do is to see what successful hosts in your area are doing. See the reviews, and make an informed decision.
However, you can’t just segment and price your property in a certain way and expect people to show up. Maintenance and presentation are vital to start a successful Airbnb business.
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Pricing And Value Of Your Airbnb Property
i. Check the nightly rates
The easiest way to stay competitive, when you start an Airbnb, is to check out the nightly rates for similar properties. Get an idea of the market and see whether you can charge similar rates. However, competitive pricing doesn’t necessarily have to come in the form of you pricing your products lower.
ii. Provide value adds
You can also add value to your listing by offering some value adds. This can come in the form of an opt-in breakfast, additional guests per room, extra utilities, and more.
This can be a slippery slope, however. The more hotel-like you turn your Airbnb, the less autonomy your guests get.
Avoid over-embellishing your listing with add-ons, keep it as simple as possible and, most importantly, do research over the kind of add-ons your travelers in your area may really want.
How Can You Make Your Property Look Presentable On Airbnb?
i. Perform necessary maintenance checks
Before you even begin to customize your Airbnb property, you should replace or spruce up the necessities that have experienced a significant amount of wear and tear.
This can range from the smaller furniture such as coffee tables and stools that need replacing, to the sinks, bathtubs, and floor carpets that need to be deep cleaned.
At the end of the day, a clean, presentable, minimal home still gives off a better vibe than a heavily furnished house with everything falling apart.
ii. Add decoratives to your Airbnb
After you’ve taken care of the foundations, you should look at adding decorations and furniture that can help elevate the mood of the house.
Plants, a patio setup, books, wall art, etc. can all add value to your home and attract more guests.
Guests will undoubtedly appreciate personal touches to your home. It adds character to your listing and is a great conversation starter.
How Can You Market Your Listing On Airbnb
i. Flaunt your listing’s unique selling point
Displaying that aforementioned character is a core part of marketing on Airbnb. How do you stand out in a crowd of 5 million listings?
While you’re not directly competing with 5 million, every lister adds a certain value to their property that ups the bar and raises the guests’ expectations.
The simple answer is to show-off your unique selling point.
- If your home has a giant patio, mention it in the title and share pictures of it.
- If you’re a hop and skip away from the airport, mention it.
- If your house is the closest one to the best beach in the city, it better be at the forefront of your listing.
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There are plenty of 2 bedroom homes available anywhere in the world. Guests will choose yours based on how much value they get out of it.
Share pictures, talk a little about yourself, the property, and its unique traits, and ask guests to send reviews.
ii. Ask for reviews
If you’ve been a friendly host, chances are asking for reviews will only yield positive results and generate word of mouth marketing that no amount of pictures of patios can beat.
iii. Create a host website
Additionally, you can also build a website. A host website can be a great way to detail out every inch of the property, talk about it in detail, and show more pictures and videos of the listing.
It is also an additional entry point to your Airbnb listing and shows that you’ve put in the effort to make the listing as visible as possible. You can share the link of the website on social media handles to increase visibility.
Making a website is as easy as going to WordPress, Wix, or Squarespace and dragging and dropping the assets you want everyone to see.
How To Start An Airbnb Business Without Owning A House
Answer: Become an experience host
Yes! Airbnb is no longer limited to hosts who want to rent out their properties. You can also become an experience host with the service.
If you’re an expert in certain fields that you think travelers might be interested in, you have yourself an opportunity to start an Airbnb business.
Even when the world was in lockdown, experience hosts have thrived thanks to Airbnb’s online experience options.
The experiences are unique and range from coffee making to card tricks and everything in between.
Much like when you start an Airbnb to list a home, you also have to apply here and if your experience is picked up by the service, you have yourself a new business opportunity in hand.
Airbnb is a fantastic platform for homeowners to capitalize on their investments and experts to utilize their talents.
In a way, it functions very similarly to the freelance market. Oftentimes there are a lot of people with the same talents like yours, but what can make you stand out is your network.
On Airbnb, that network is created with the word of mouth of your previous guests and people who you’ve shared your property experience.