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How Lucrative is Airbnb Business. Techniques on growing profits

It's obvious that Airbnb is one of the largest brands in the iRenting and Proptech industries today with more than five million listings in more than 200 countries and regions worldwide. Since its debut in these sectors in 2008, Airbnb has seen unmatched growth. Anyone can offer a room or piece of property for rent on the website or mobile app. How lucrative is Airbnb for some people


Airbnb hosts advice

Keep reading for some top advice from UpperKey on what makes a successful Airbnb listing and property, regardless of whether you have a property to rent out on a long-term basis or are advertising a short-term rental, have already paid the Airbnb management fee and obtained an Airbnb licence number, or are starting a new hospitality business and are in the process of getting your Airbnb registration number.


person taking photos of food with a professional camera on a tripod
A successful AirBnB listing starts with great photos respresenting the property.

Produce Excellent Photos


Airbnb Listings

The majority of guests will choose to rent your house through your Airbnb listing rather than another one, so it is time well spent taking high-quality pictures of the place. In reality, hiring a professional photographer will ensure that your space or property is presented in the best possible way on this app. Ideally, you should snap at least ten pictures of the property, making sure they show its personality, its features, and the neighborhood.


Utilize Your Time


You must be willing to put in a lot of work if you want to manage a successful Airbnb home that you might possibly turn into a full-time new hospitality business. Typically, hosts spend a chunk of each day cultivating relationships with visitors and accepting reservations. In contrast to traditional hotels, where guests often only need to communicate with hosts once, booking a home on Airbnb typically necessitates repeated conversations.


Long term hard work

As an airbnb host you must provide anything (remembering of things like toilet paper for your guests) and it`s not always easy.


Poperty managers lack time

You must be prepared to pay close attention to your alerts and act promptly in order to make the procedure easier for visitors and keep them from booking rooms at nearby hotels. Not only do prompt responses increase guest happiness, but they can also assist you in becoming a Superhost.



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Enhance your first impressions


When thinking about first impressions, you might evaluate what visitors notice when they look at pictures or enter the property for the first time after checking in. But even before they make a reservation or show up, you may start to leave a good impression on your visitor. Being hospitable and friendly are two straightforward but distinctive qualities of Airbnb hosts.


Airbnb experiences

Typically, a successful host is one who can put themselves in their visitors' shoes and provide a wonderful experience from beginning to end. This includes developing a strong connection and rapport with potential guests by providing prompt and courteous responses to any guest inquiries. If you can't respond to questions from guests in person, it's a good idea to use tools like chatbots that you can set up to do so immediately to start building that rapport.


pile of Euro coins next to houses made of Euro bills
Pricing your Airbnb rental for demand and seasonality will guarantee more income.

Price


Make money with proper listing

The fact that renting an Airbnb apartment is frequently less expensive than staying in a hotel is one of the main factors in this decision. For the same price or a little extra, guests can frequently take use of additional amenities like their own kitchen space and a warm, more intimate encounter with the host. In order to run a successful rental business and draw in more guests, it's critical to price the listing reasonably.


Longer term benefits

This will also increase the likelihood of receiving positive reviews from visitors who were pleased with what they got for their money and will increase your likelihood of getting more listings.


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Think about the visitor experience


Airbnb hosting full time job

Giving visitors a place to stay is just one aspect of renting a property on Airbnb. It's crucial to provide an outstanding experience for your potential visitors if you want to differentiate yourself from the competition on this site and manage a highly successful resort. Include details about the location's key features, such as surrounding restaurants, attractions, and activities, to improve the overall visitor experience and make your listing more desirable to the relevant customers.


You may even take it a step further by collaborating with these neighborhood companies to provide guests with discounts and exclusive offers, which can benefit both sides' company.


Adapt the experience to you


Personal service provider

Successful Airbnb hosts go above and above to make sure that their visitors enjoy a personalized experience in addition to focusing on the overall guest experience. This might be as easy as giving your visitors a personalized message and a welcome basket filled with treats when they arrive, or it could be as complex as finding out more about your visitors and what they need before they arrive so that you can give it to them.


Once you know your guest is on the way, you could want to send them a message to ask if there is anything they need to pick up for the place, such as food and drink or necessities that could prevent them from having to stop at the store en route and help you earn more respect as a host.


Providing Self-Check-In


Smart Vacation Rental

Installing a lockbox or smart lock on the property will simplify things for everyone in the event that visitors are running late or experience travel difficulties. With self-check-in, visitors can check themselves in and use a code to access the building. This facilitates entry and lessens the amount of labor you must perform as the host because you won't need to stay up late checking that guests have their keys.


Additionally, self-check-in is a prerequisite for hosts who wish to be welcomed to the Airbnb Plus program, which increases the visibility of your listing on the results page and grants you the Plus badge. By doing so, you may attract more guests and establish credibility right away.


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Reaction Time


In order to give your visitors the best experience possible, you must be quick to respond. Along with this, taking action to respond to your potential visitors as early as you can will lessen the likelihood that they will book somewhere else.


24 hours avability

One of the key elements that will be taken into account is the reaction time if you want to attain and maintain Superhost status on Airbnb. Using a chatbot with pre-written responses that you can use to respond to preliminary enquiries from potential guests before conversing with them is one of the simplest ways to guarantee that you respond quicker.


Cleaning Your Airbnb


Airbnb host responsibilities

It's crucial to keep your Airbnb property clean to guarantee that it complies with all requirements and offers guests the finest experience. Some hosts discover that cleaning the home themselves in between visitors is less expensive and easier. Additionally, you ought to schedule a professional deep cleaning at least twice a year by professional cleaning service.


Operating costs

Other hosts believe it is more advantageous to collaborate closely with a cleaning service to handle all cleaning and laundry requirements in between visitors. When visitors are staying at the property, there is no requirement for daily cleaning, though you are welcome to charge extra for this service.


Minor details


Investment property details

The smallest details can actually help guests remember their time in an Airbnb house since, often, they are what matter most. Making the effort to improve your property's finishing touches and minor details will guarantee improved visitor pleasure, better ratings, and ultimately a more successful listing. Successful hosts will make sure that the house is fully provisioned with all the necessary and even some extras before the visitors arrive. Along with having amenities like a crib and highchair available for visitors with kids, adding extra blankets and pillows can make a big difference.


Welcome gifts & key takeaways

Take it a step further by offering your visitors access to movies, other forms of entertainment, and board games if they so choose. Have a welcome gift ready for your guests when they arrive. A bottle of wine and some chocolates can be a beautiful touch to make them feel welcomed and at home straight away. This is a simple but impressive method to impress your guests with the minor details.


Laptop on a wooden table with the Airbnb homepage open next to a cappucino
Renting your flat on Airbnb can be a lucrative business if done correctly.

Airbnb Legalities


Understanding the rules and legislation that apply to renting out a house on Airbnb is crucial for continuing to run a successful Airbnb. These differ according on the region. For instance, Airbnb hosts are required to pay an occupancy tax in the majority of European and some American towns. In Europe, the guest charge frequently includes this tax.


If the primary resident is not present and a property is rented out for less than thirty days in New York, the owner is breaking the law. You can continue to list and host visitors successfully as long as you are aware of and abide by local laws.


The market for short-term rentals of real estate has been significantly altered by Airbnb. If all the guidelines for managing a successful listing are followed, operating an Airbnb property can be a great business idea or a side hustle.



Grow your investment property potential | Short term rental, long term rental extra income