11th October 2021
5 things I wish I’d known before starting my own Airbnb (2021)
As someone starting in the world of Airbnb, there are so many new things to learn and so many things I wish I’d known.
This article will cover 5 things you NEED to know to set up your Airbnb in the best way possible.
1. What are your Airbnb goals and expectations?
Before you set up your Airbnb, it’s a great idea to think about your goals and expectations for your profits, as suggested by Learn Bnb.
Is your Airbnb a side business with the aim of creating a bit of extra income? Or is this something you are counting on to be your only or primary source of income?
If it’s the latter, then you may want to have a big think about the capital needed and the risk associated with pinning all your hopes on your Airbnb property (and how often you will need to rent out your space to turn this goal into a reality?)
2. What is the optimal pricing for your Airbnb?
As Learn Bnb says, you must work out the OPTIMAL pricing before listing your Airbnb on all relevant platforms. There’s no point setting your price too high or too low as you’ll scare people off!
To work out the best price for your Airbnb, make sure you check out other popular Airbnbs in your area (especially ones that are similar to your own Airbnb) and price yours competitively.
Learn Bnb suggests you continue monitoring similar Airbnbs in your area, so you can price your Airbnb competitively as the market changes and make the most of special events (for example, sporting events) to optimise your profits.
3. Document everything before and after each stay
Travel Hostfully recommends you take pictures of every square inch of your house and take special notice of any wear/tear/ and damages before you rent out your property. This company also suggests you should also create a Google Spreadsheet of all the items in your Airbnb, where you bought these from, a possible replacement link for each item, and receipts.
These steps are useful precautions so that you can check if there are any additional damages or items missing between guests (that you will need to prove are damaged/missing) and claim from your guests. This also means you can keep track of anything you need to replace due to wear or tear, or any appliances that may need updating.
4. Hosting your Airbnb is a business
Hosting your Airbnb is not a walk in the park. It’s hard work!
Optimise My Bnb, says to be a great host, you must understand marketing skills, manage your property, and communicate effectively with guests. These are all new skills you will have to master as an Airbnb host.
Otherwise, you can always hire a property management company to manage your Airbnb for you. Here at Zodiak Management, we turn your Airbnb into a hands-free investment so you don’t have to worry about all the difficult things and can just watch the money appear in your bank account.
5. Always keep your cool
As our recent blog post suggests, if there are any problems with guests then you must always keep a cool, calm attitude, even if your guest does not. It is important that the host is the bigger person in these situations and tries to fix the guests’ problems amicably (although this isn’t always possible).
I hope you found this article helpful. I certainly wish I’d known these tips before I started in the Airbnb game!
And if you want to make life a whole lot easier for yourself, then Zodiak Management is the perfect property management company to lend a helping hand.