Get the Most Profit From Your Airbnb Rental
Here’s how to get the maximum profit from your Airbnb rental.
Have you considered renting your home as an Airbnb rental or to become an Airbnb host? This past spring I stayed in two different Airbnb properties. Staying in a furnished and fully equipped apartment or home is a huge bonus when traveling.
The option of staying in a furnished home is cost effective for longer stays compared to a hotel and business travelers or digital nomads are happy to save on lodging expenses.
Having stayed in an Airbnb rental, I’m happy to pass on some tips on getting your home, second home or room ready to rent. It can be extremely lucrative to rent your property as a short term vs long term rental.
Be aware of the tradeoffs when you choose to market your investment property as a short term rental.
One tradeoff may be more wear and tear on your property.
With a short term rental, you’ll have more:
Administrative duties; such as scheduling cleaners, managing guests expectations and staying on top of maintenance. Also be aware your local housing or governing authority may have rules requiring you to pay taxes on your rental income. Consult your tax professional for more information.
But for now we’re going to talk about how managing the aesthetics and amenities of your rental can increase your return on investment! Short term rentals have the potential of earning you a much bigger rental income than a traditional month to month lease. Be prepared to up your game to appeal to your preferred guest.
What will keep guests coming back to your Airbnb rental:
A responsive owner (that’s you) or concierge so guests can ask questions. Be available as needed. Your guests may be visiting from all over the world, and you may be relied upon to give local expertise and information
Abundant clean linens, towels, pillows in neutral colors, new condition and of high quality. Many hosts advertise down or down synthetic bedding in addition to touting the name brand of the mattress to lure sleep snobs!
A responsive and thorough cleaner or housekeeper who will pay attention to detail and alert you to any issues that should be resolved before the next guest checks in.
It goes without saying, a scrupulously clean and tidy rental always makes the best impression.
All the amenities a hotel provides such as; hair dryer, WIFI, internet, cable or satellite TV, sufficient hangers. Nuff said.
A simple dedicated keychain with house keys
A well stocked kitchen with pots, pans and sufficient dishes for your maximum stated capacity. For a one bedroom, a minimum of four place settings of dish and silverware. Don’t forget dish towels, sponges, dish detergent and standard cleaning supplies. Why not give your guest the opportunity to clean up after themselves? Supply a simple broom and dustpan for sweeping up. Don’t forget the dustbin or trashcan with sufficient liners.
If you stock the bathroom with some luxury goodies like small shampoos and soaps, your guests will remember and appreciate your thoughtfulness.
Leave a simple house guide for your guests. This one is a no brainer. It means less fuss for you plus it’s an easy reference for guests who may have to check in on their own. Have your assistant or computer savvy friend make one up on page layout or word processing software, print and leave in plain sight.
Your vacation rental house guide should include:
Directions on where to leave garbage for pickup or disposal and days of pickup if applicable
Directions on how to turn on TV, satellite or cable remotes
Directions for any appliances, such as gas stoves, dishwashers or washing machines. Don’t assume your guests know.
Directions on how to use any thermostats
Where to find additional sheets, towels, blankets or pillows
If there’s a sofa or cot bed available, directions on how to open and where to find linens
Contact to call in case of emergency
One more super tip to maximize profit on your short term Airbnb rental property.
Take a look at the Airbnb listings in your area. Look at the photos and descriptions. Many owners take the trouble to take some really nice photos and this will make all the difference in keeping your place booked. Savvy travelers are going to skip past listings with blurry or poorly staged photos. Most of us just want to know; is the bathroom and kitchen well laid out and bright? Does the bedroom look inviting? Will I have a view?
Make sure your photos show the whole room. Try taking a photo from each corner and pick the best one.
Take the time to stage your property before taking photos, and consider using a professional photographer or friend to help you.
The more upfront effort you put in, the better your return on investment will be. You may get a guest staying once and even leaving an almost glowing review, but if you haven’t taken the time to create a great guest experience, it’s unlikely you’ll have guests who return again and again.
Ratings and reviews will make your Airbnb rental property a success. Make the effort and you’ll reap the reward of a profitable second home short term rental income!