5 Steps to Running a Profitable Airbnb Business

Millions of travelers across the world are using Airbnb whenever they need accommodation for a couple of days. If you have a rental property, it can be a great opportunity to earn money. 

But while running an Airbnb business is profitable, it is also demanding. If you want to become a popular host and maximize profit, you have to take care of every detail. Here is a short guide on how to start an Airbnb. 

Step 1. List Your Property for Free

The crucial thing to note is that you can list your property for free. Airbnb doesn’t charge that, and it even allows you to choose the days when the rental will be available. You are free to determine the price, too, but make sure to keep it in line with similar offers in your area. Once you receive a booking request, you can take a look at the profile of your potential Airbnb guests, and approve or deny accommodation. 

The profit will only depend on your level of dedication. You have the potential of turning your Airbnb business into a money-making machine, but you will need to dedicate a lot of time and effort to it.

If you have multiple vacation rentals, you should consider using management platforms like iGMS. Professional short-term rental software can make managing multiple properties effortless, and ensure that you maintain a top level of service across all your rentals.  

Step 2. Calculate Your Initial Investments 

When running an Airbnb, you need to think about what your guests would like. Start by decluttering and cleaning your property. It would be great if you could invest in new furniture because that might set you apart from other Airbnb hosts.

A reliable Wi-Fi connection throughout the entire network is a must, as well as a TV. Don’t forget to add towels, soap, shampoo, and other toiletries. 

If you want to make your Airbnb rental extra appealing, consider a keyless entry system that minimizes the risk of losing keys. You can also consider amenities like wine openers, hairdryers, ironing boards, etc.

Step 3. Get to Know Local Laws and Airbnb Regulations

If you are running an Airbnb business, you should ensure to meet the marketplace’s terms and conditions. The company is trying to protect both guests and hosts, and their regulations seem fair. Some features, such as Airbnb host guarantee, are very useful for those that are renting their properties.

Apart from that, you should also comply with local laws. These vary from one city to another, so make sure to get yourself familiar with the details. That is particularly important if your neighbors are not the friendliest people in the world.

Step 4. Get More 5-Star Reviews

You can’t cheat your way through user reviews on Airbnb. The only way to receive 5-star feedback is to impress your guests. Here are the basic pointers on how to do that:

• Be accurate with the description of your Airbnb listings – if you don’t have new furniture, be honest about it. Knock a couple of dollars of the price, and you will become the favorite bargain listing in your neighborhood.
• Respond quickly and be there for your guests – whether it is a query about the price or a question that your current guest sent, it is vital to respond quickly. Prompt communication is something that most guests consider extremely important.
• Be ready to go the extra mile – a couple of days before the visit, message your visitors, and ask if they have any special requests. Leave them a welcome message on the table, and maybe some recommendations on sights to see. Emphasize that they should feel free to call you if they need anything.

Step 5. Offer More to Earn More When Running an Airbnb

All the steps mentioned above should secure you a steady income. Here are some additional tips to maximize profit from your short-term rentals:

• Additional services – how about a Netflix subscription for movie and TV show fans? 
• Constant improvements – freshening up your Airbnb rental with new paint can make it look better, and that can attract more visitors. 
• Offer options to accommodate more people – add a new sofa in the living room, and increase the number of guests that can stay in your property. 
• Think about kids and pets – some people travel with children, which is why you should consider kid-friendly amenities. The same applies to pets, and you might earn extra money by focusing on offering a pet-friendly listing. 

Conclusion

Running an Airbnb can be your extra income, but also a full-time business. As you can see, it is not hard to start renting properties, but there is no room for improvisation. If you try hard and do business honestly, you will impress your guests and become the most popular local listing quickly!