There are few investment options out there that offer a solid business opportunity as becoming an Airbnb host. Airbnb is a service on the rise. As tourism and travel look to pick up where it left, there isn’t a better time to focus on developing Airbnb properties.
But simply renting your apartment or a room on Airbnb won’t turn it into a profitable business. To do that, you have to focus on improving the property itself and how you conduct yourself. So if that’s something that interests you, here is an article to dive into.
How Popular Is Airbnb?
Before we start, it’s important to understand just how popular Airbnb as a service really is. What makes Airbnb such a popular option with travelers is that it offers value for money. Travelers can rent a single room or they can rent an entire house and use self check-in hotel like apps instead of kiosks. The platform also does an excellent job of proving communication tools to hosts and clients and streamlines the whole experience.
So travelers are eager to use Airbnb whenever traveling to cities. At the current time of writing, the platform has more than 2.9 million hosts across 100,000 cities. But that’s the host side. So what about clients? Although the data hasn’t been updated for some time, it is estimated that 150 million travelers are using Airbnb. So that makes the service quite popular. Becoming an Airbnb host has never been more profitable. So here is how to turn Airbnb hosting into a profitable business.
Commit To the Business
Everyone looks for the next big idea. But that idea is sitting right in front of your eyes. You are living in the next big idea. Do you have a spare room in your house? Then why not rent it out and rack up thousands of dollars each year? Coming up with a great business idea means identifying potential revenue sources. Your home can be a source of revenue if you’re okay with travelers using it.
But most importantly, you have to commit to the idea of becoming an Airbnb host. Even if you’re not interested in renting a room in your house, you can rent other properties you might own. But remember that the service only works for travelers. So that means you can’t rent properties for commercial purposes.
Make the Time
Much like starting any sort of business, Airbnb hosting will require plenty of attention. Becoming a successful Airbnb host means putting in the hours perfecting your properties. You’ll need to do a good job of making the property or room appeal to travelers. You’ll have to create a professional listing that captivates travelers, making them eager to rent from you.
As always, there are many others things to do such as renovate, refurnish, and stock on necessary supplies for guests to use such as cleaning utensils. However, you can also offer cleaning services to travelers.
Be Ready To Rent
Not a lot of people are comfortable with other people renting rooms in their homes. This is why Airbnb will never work for these people. But if you are ready and if you are comfortable with doing that, then there is no telling how much money you could make from this business idea.
On another note, it’s best to do your research and figure out if you can do that. Some cities and municipalities have strict laws on neighborhood expectations and lease limitations that might prove challenging to overcome. So, head to your local city hall and do some asking. Some cities might even require you to obtain certain licenses and permits to rent parts of your home.
Prepare the Listing
Preparation is key when it comes to making it on Airbnb. When the time comes to upload your listing, do take the time to make it look good. The listing is the first thing travelers see. Since they can’t physically inspect the property or room, you’ll need to make it possible for them to do that through the listing.
Taking good photos is the best way to do that. Some travelers might even prefer a video tour, but that isn’t as popular as some might believe. Another thing to do is to explain in greater detail all the important information related to your listing. Stuff like amenities, guest availability, guest limitations, nearby amenities, staff, parking, and services are some of the information travelers are always looking at.
If your listing doesn’t provide a free parking space, then that might your listing less desirable.