10 Tips for Running a Successful Airbnb Property

With at least 8 million listings in over 220 countries and regions, Airbnb has achieved unparalleled growth within its industry since its 2008 launch. While it’s had its share of controversy, Airbnb continues to stand out and grow thanks to the unique ability it offers people to make money renting out their property or spare rooms.

If you’re considering renting out your apartment, residence, or property on Airbnb, here are 10 tips for running a successful Airbnb business.

Key Takeaways

• Airbnb offers people with a spare room or extra properties the chance to make money renting them out.
• To take advantage of Airbnb and its wide reach, hosts need to stand out from the crowd.
• Being friendly, responding quickly to questions, and ensuring the accommodation is clean, well stocked, and true to its description are key to securing good reviews.
• Using good photographs, offering competitive prices, and providing an individualized experience can also make a difference in securing bookings.
• Hosts need to be aware of local laws and the time commitment of running an Airbnb operation.

1. Quality Photographs Make a Difference

The time that you invest in taking high-quality photographs is well worth it. Ten photos of your residence is optimal. Take photographs that capture the character of the place, the surrounding area, and any amenities.

You should also consider hiring a professional photographer because the average quality of photographs has markedly increased on Airbnb’s website over time. Professional photos can help your listing stand out from the rest. One host reported that he traded a night’s stay at his property for professional photography services and it resulted in increased bookings.

2.Time Commitment

Renting out a property on Airbnb requires a substantial time commitment if you want to be successful. Be prepared to devote some portion of each day to the task.

You ideally need to answer any queries fast to avoid losing a potential booking or getting a bad review. You may also need to be there to meet guests when they arrive. That involves scheduling an arrival time and understanding that the guests may not always be punctual.

3. Installing a Lockbox

If guests are running late or have travel delays, one way to save time is to consider installing a smart lock or lockbox. This way, hosts won’t have to be hanging around late in the evening to give the guests their keys—guests can essentially check themselves into their Airbnb residence.

4. Be Friendly

As simple as it may seem, friendliness is a distinguishing factor for Airbnb hosts. The best hosts consider what they’d want as a guest and go the extra mile to ensure whoever stays at their place has a pleasant time.

Reviews are key to securing bookings. A negative review speaks louder than a positive revenue and can put lots of people off. And a key determining factor in leaving a review hinges on the host’s level of friendliness.

5. Response Times

A lot of the conversations you have with guests will likely be through messaging, so it’s a good idea to keep tabs on your inbox and reply quickly and pleasantly to all queries. This creates a better rapport and connection and increases the chances of guests choosing you over someone else and leaving a positive review.

Creating prepared responses can help save time when responding to inquiries from prospective guests.

6. Individualized Experience

To stand apart on Airbnb, think about the type of experience you will be creating for prospective guests. With scores of listings on the website, hosts who highlight the features of their location, such as nearby activities and the types of experiences that the guest could have there, are likely to gain more attention than those who simply list the property details.

7. Price

One main reason why individuals rent an Airbnb property is that it’s more cost-effective than staying at a hotel. Pricing the listing reasonably can also increase the likelihood of guests posting a good review, which in turn creates a multiplier effect that’s crucial to running a successful property.

Hosts can use Airdna, a website designed for hosts to assess how they can make more money by using analytics.

8. Legalities

The laws surrounding renting out a property on Airbnb vary from city to city. For instance, in some places, Airbnb hosts are required to collect and pay an occupancy tax. Meanwhile, in New York, it’s illegal to rent a property for less than 30 days under the Multiple Dwelling Law if the primary resident isn’t present.

You need to be aware of the specific laws in your city.

9. Cleaning

A key factor for running a succesful Airbnb business is ensuring the accommodation is clean. Cleaning the property yourself, rather than paying for a cleaning service, is one way to cut costs. Other hosts find it beneficial to hire this job out and to charge a cleaning fee for short-term rentals.

10. Stock with Essentials and Maybe Something Extra

Successful hosts are all about details. In addition to stocking the place with necessities, you should consider leaving board games, books, movies, and entertainment options for your guests.

Additionally, be sure the kitchen has the necessary tools and gadgets available, that they are in good condition, and are easy to find. Stock the pantry with condiments, coffee, and tea. Some hosts will even have a bottle of wine for guests when they first arrive, while others provide welcome gifts.

How To Make Sure Your Airbnb Is Successful?

Being successful generally requires offering the best services and location for the price range. Hosts need to create a good ad that sells the place and live up to and exceed expectations. This can be achieved in various ways. including, perhaps most obviously, by being friendly and approachable and quick to respond to questions.

How Do I Make My Airbnb Listing Stand Out?

A great location, offering additional services and unique perks, and using good photos are key ways to ensure an Airbnb listing stands out. Price is another important factor.

What Is the Average Income of an Airbnb Host?

In the U.S., Airbnb hosts make an average of $44,235 each year from their listings. On average, the most income is made in Hawaii, followed by Tennessee, and Arizona. In terms of cities, property in San Fransisco usually pulls in the highest income.

The Bottom Line

Airbnb has significantly altered the nature of the short-term property rental market. Running an Airbnb property can provide extra income on the side for hosts, and it could even generate five or six figures in annual revenue for those who have multiple listings.

However, success isn’t guaranteed. To take advantage of Airbnb and its wide reach, hosts need to do more than the bare minimum and make an effort to stand out from the competition, which can be fierce and consists not just of hotels but also other Airbnb hosts.