There is a great opportunity in making money with Airbnb (and booking dot com). This is is due to the growing popularity of short term rental as an alternative to hotels. This is a world phenomena and both Airbnb and Booking are the online listing services that are leading the pack.
Airbnb is an online portfolio of millions of houses in over 190 countries bringing host and guest on the same platform. So, the host presents their unused space, and the guests search it out and pay for it.
As much as you are in the business to make money, you also need to understand opportunities and cons in the short-term rental business.
You do not necessarily need to be an expert or a large capital base to profit of this opportunity. All is needed is the willingness to become a great host of potential visitors from around the world. You may get your property listed on Airbnb for free and and obtaining 5 commission free guests in booking.com. These coupon will help you in starting your business at zero costs immediatelyMaking #money with #AirBnB and #booking dot com. Free #airbnbcouponcode and booking #coupon included in the link Click To Tweet
All you need are basic facts on how to operate this side business and also some a bit of planning and you are “good to go” for making money with Airbnb.
These winning plans are therefore what I shall be discussing in this article. In this way you will be able to to take a calculated risk when starting your business an maximize your profitability.
Also, make sure that there is a need for your listing. Do not put up your apartment for rent at the center of nowhere. Study your market and be sure your expenses can be covered by the income generated.
The short term rental is very simple, you probably have a some space available in your property and you are willing to utilize it for welcoming guests. In this way you may pay your bills and enjoy a more comfortable living. At the same time guests needs that need a nice and affordable place to rest during vacation or when on a trip may see it as an opportunity for saving some costs as well as meeting locals.
Welcome to the sharing economy business! Airbnb and Booking.com will find guest for you and will earn a commission for every guest that you will be willing to host. Consequently, airbnb can be a great way to bring in money for you.
Before jumping into this business consider the following tips. They will assist you in making money with Airbnb:
- You need to be familiar with the law around it. As Airbnb’s popularity increases, many states, and regions are coming up with laws to regulate their activities. The website handle these things automatically.
Some are even trying to ban it (so far without success). Be well informed on the rules and regulations in your states so that you don’t do anything against it
- Define your niche. Your niche is what differentiates you from your competitors, especially when Airbnb is already popular in your neighborhood. Guests are likely to move towards a home with already good reviews.
But do not worry as this challenge can be surmounted by a well-crafted place where your guests will be staying. Here is a small list of suggestions on what could be done:
- You could start by reducing your price.
- A private room with its bathroom and entrance could also be a catch.
- Picking up and dropping off of guests.
- Simple snack and free breakfast
- It could also be other amenities in other to make life enjoyable for your guests
Be sure to advertise it in your listing everything you are doing for making your place unique.
- Initially, use the Airbnb pricing rules to set your price. Besides, you need to lower your price at off-season to be able to see more guests. Off seasons are when guests are on break either from school or work.
AirBnB has everything you need to setting the initial price. If you will follow their guideline you will make money immediately. Maybe not much in the first 1-3 months but for sure you will break-even. The more you will discount your place initially the more you will be able to set a full price in the long run. Consider a discount of 8-20% and if it would not work for the first months you may go down to as low as 25-60%. After that initial period you can gradually increase the price and continue to experiment until you will be able to find a sweet spot for both low and high season.
- Keep the communication channel between you and guests open. Be direct, open and transparent with them. Over time you will be able to design a routine communication plan for your guests.
If you keep the communication open with your past guests you will also be able to notify them of special offers and you may want to set up in order to maximize your occupancy. It implies that you value them and also want them to be the first to enjoy the offer.
A strong customer service and networking approach will greatly increase the quality of your reviews in the long run. Consequently, it will help your business to thrive in any kind of market as these people will be loyal to you and appreciate you as host.
Overall, these are the few thinks that will help you in maximizing the number of guests what will be visiting you:
- Rank higher on the Airbnb search engine. Airbnb promotes host with superb guest interaction and seamless conversion. The following will help you rank higher.
- Keep an updated Airbnb listing calendar.
- Prompt response to all inquiries.
- Update your Airbnb title with possible offers
- Try to hear the superhost badge.
- Consider the possibility to use the instant book feature or AirBnB
- Verify your ID with AirBnB.
All the listed factors above will put you right in making money with Airbnb
I want to conclude by suggesting this coupon if you wish to list your property on Airbnb. If you are not sure if this experience is going to be profitable for you you may want to consider this Income Calculator. You will be able to predict the amount of money that you will be making with your short term rental with incredible precision.