Thousands of hosts are using AirBNB to make thousands of pounds in rental income each year. If you have the property and the desire to make money, here is how you can use AirBNB to boost your income.
It is difficult to imagine that just a few years ago AirBNB didn’t even exist. But since its founding in 2008, the platform that lets you rent your home to virtually everyone around the world has propelled its owners Brian Chesky, Joe Gebbia, and Nathan Blecharczyk onto billionaire status in just under a decade.
With over one million listings in about 190 countries, it is not only the founders who are getting rich through AirBNB. regular homeowners just like you are also making a killing each year by listing their homes on the platform.
How it works
Using AirBNB is as simple as it gets. All you have to do is list your home on the platform and tell people that it is available for rent. You can list entire apartments or even just a single spare room in your family house. Through the millions and millions of renters who visit the platform each month, you stand a chance of making good money through the rent that they bring in should they choose to use your listing as a place to stay when they are in your part of town.
But just like in every other market niche, there is competition. On AirBNB, if you want your listing noticed and to attract the highest number of renters possible, there are a few things that you need to do. These include:
Taking great pictures of the property
This might seem like obvious advice but you will be surprised at how many people take this task lightly. The competition on the platform is so fierce that you have to do all you can to stand out. To take great photos, there are few things that you should consider doing:
- Make sure the interior of the house is immaculate
- Place a wine and cheese plate somewhere in the outdoor space
- Fold the towels in the bathroom creatively
- Place a photo of the best local attraction
Do not make the mistake of using too many pictures. Just take about 10 wonderful shots of the property and surrounding areas. This will show them the character and appeal to the entire region. It will pique their interest and curiosity.
Strive to be a superhost
To attain superhost, status you have to maintain an incredibly high standard of hosting. This means that you need to have a response rate of about 90%, you try your best never to cancel on your renters, at least 80% of your renter rate you as a five-star host and you have hosted at least 10 trips.
To get to this level, you simply must go above and beyond to make your guests happy. It will take work and constant improvement but once you get there, you will see a surge in your bookings and rental income.
Make your listing affordable
Most people would rather stay at a hotel than alternative accommodation because they can be sure that they will have a wonderful experience staying at a hotel. There are two main reasons why people choose to stay at an AirBNB property: it is cheaper than a hotel and it gives them the opportunity to stay somewhere unique that has personalised service. If you price your property at the same rate as your local hotels, you are essentially eliminating about 50% of your potential clients. Why would they risk coming to your home and having a bad experience for the same price as staying at a hotel where there are sure to have an excellent experience? Reduce your prices and you will be renting your place almost always.
Ultimately, to make the most out of your AirBNB and boost your rental income, use your listing to sell experience. People are tired of running the same old gauntlet. They travel, stay at an impersonal hotel and then go back home. Many choose AirBNB properties because it gives them an opportunity to experience something different; something unique. Sell them that experience. Tell them how they can walk to the local farmers market and make themselves a lovely home cooked gourmet meal in your fully equipped kitchen. Tell them how they can take evening walks and meet the locals are the local town fair. Tell them why they would love staying at your place.