24th February 2022
A Beginner’s Guide to Airbnb Property Investment
How to Become a Successful Airbnb Landlord
If you are entrepreneurial at heart and want to make the most out of your investment property, then renting your property on Airbnb has probably crossed your mind already. But how do you get started?
Renting your property on short-term rental websites such as Airbnb and Booking.com can be a rewarding and lucrative journey, so here are a few tips that will help make your short-term rental experience a breeze.
1. Don’t get scared if you’re booking calendar is empty! Take it as market feedback instead.
Having no confirmed reservations means that guests are not finding your offer attractive enough to book compared to your competition, so do your research and find out how you can improve your listing. It could be that your price is too high, you’re not using professionally taken photographs, or perhaps you haven’t completed all the listing information. It’s always a good idea to check what your competition is doing well and learn about how you can improve your offering. There are always guests out there looking to book accommodation – you just need to ensure they book your place.
2. Reply as fast as possible to all online enquiries and questions from potential guests.
Guests sometimes message hosts to ask for more information or to check specifics about the property before they make a booking. They may have messaged a few of their favourite listings as part of their search and are now waiting on responses from the hosts before confirming their reservation. These guests are your hot leads so make sure to seal the deal before your competition responds. Efficient and clear communication are critical to showing potential guests you are a welcoming host and it helps build trust so that they can confirm their reservation with you.
3. Use more websites than just Airbnb to advertise your property to as many potential guests as possible.
Airbnb is the poster child for alternative accommodation, but that doesn’t mean it’s the only website you should use. Booking.com, Expedia and VRBO are all great choices too and they cater to different types of guests than those that typically use Airbnb. For example, corporate bookings are more frequent via Booking.com than Airbnb, and Expedia is extremely popular in Europe so this will be a great source for international tourists once borders re-open. Just make sure to use a channel management software if you’re advertising on more than one website to make sure you don’t double-book your property!
There is currently a shortage of short-term rental listings online so now is the perfect time to join the market and make the most of your investment property.
If you are interested in taking advantage of the opportunity the short-term rental market has to offer but don’t have the time to do it yourself, then please reach out to us at Zodiak Management to learn more about how our short-term rental management service works and find out if it’s the right choice for you.