Making Success of Your Airbnb Investment

Making Success of Your Airbnb Investment

The following contribution is from another author.

Airbnb has been something of a revelation for travelers in recent years. Providing affordable and sometimes luxurious places to stay, it’s opened up a whole new world of accommodation that can make a welcome change from the typical hotel or motel stay.

As well as multiple benefits for travelers, Airbnb and other home rental companies have provided a way for property investors to boost their income, and provides a fantastic alternative to the long-term rental market. Investing in an Airbnb property can provide you with a steady income stream, while also helping you add to your property portfolio.

But with a lot of competition out there, how can you make a success of your Airbnb investment? Here are some things to consider to help you on your way.

Choose your property wisely

Location, location, location. It’s important for buying your home, and it’s also important for choosing a vacation rental like an Airbnb. You’ll want to choose somewhere that’s near key attractions or close to the city, and in a desirable neighborhood too. With an Airbnb property, you’ve got the chance to invest in something affordable that could do with some TLC to get it into shape. 

Many Airbnb owners find success through choosing quirky attractions that have a lot of appeal for travelers. Why not take a look at local houseboats for sale as something different and interesting you can fix up and make a top destination for visitors? Size is also worth considering – the bigger the property, the larger the groups you’ll be able to accommodate. 

Get it into shape 

Once you’ve got your property pinned down, you need to get it into shape. Take care of any maintenance issue, especially summer maintenance if you have a pool and outdoor spaces. You’ll want to provide guests with flexible options for sleeping arrangements, including some fold-out beds to accommodate some additional guests. Keep decor minimal but chic – you don’t want to put anything too valuable in the property in case it gets accidentally damaged! Add some additional amenities like bathrobes, clean towels, coffee machines and more – think of the things people want to see in hotels and you’ll get the idea.

Make your page stand out

To help make sure your Airbnb stays busy throughout the year, you need to make your page stand out. There are all kinds of things you can to create a great Airbnb listing, including taking a wide variety of photos and writing a detailed description. Make sure your photos are high-quality and provide as much detail about your property as possible.

Add those special touches

Being a great Airbnb host is what will get you those glowing reviews and push your property up the rankings. Some top tips for being a better Airbnb host include providing a welcome basket, providing advice and information and even recommending yourself as a tour guide! There are a lot of special touches you can add to make someone’s trip special, helping to score you those great reviews. Communicate regularly with your guests in the lead up to the trip to make sure you provide them with everything they need upon arrival. Remember to review your guests as well – it’s great to see a host interact! 

Put savings in place for emergencies

It’s important to remember that your Airbnb is an investment, and as with any property, it needs to be maintained and taken care of. You can start by making sure you set money aside to carry out basic repairs and maintenance, as well as provide upgrades over time. Airbnb has fantastic insurance for hosts, but putting money aside in case of any severe damage will make sure you have enough to get by in the short-term. Remember to analyze your earnings regularly – you might be able to adjust your approach over time to help you earn even more money from your Airbnb.

Investing in property is a great way to build up your assets and hopefully make money over time. Using your property as an Airbnb is a smart move for generating regular income and making sure you’re not tied to the typical landlord chores that can put people off investing in a rental.  With some extra money coming in, you might even want to think about enjoying a few Airbnb stays of your own to help you do some research, while also enjoying a bit of vacation time. 

With a fantastic property, great location and plenty of extras you can provide your guests with, you stand a good chance of making your Airbnb a success.

Author

Eric is the creator of At Home in the Future and has been a passionate fan of the future since he was seven. He's a web developer by trade, and serves as the Director of Communication and Technology for a large church in Nashville, TN (where he and his family are building a high tech home in the woods).

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