Maximizing Your Revenues On Your AirBnB Rentals (Part 2)

How can you maximize your income on your AirBnB rentals?

 


Check Out the Morrison Report




Maximizing Your Revenues On Your AirBnB Rentals (Part 1)

How can you maximize your income on your AirBnB rentals?

 


Check Out the Morrison Report




The Top 5 Ways To Make Money On AirBnB

Running an AirBnB can be a very profitable business, here are my top methods to make money by AirBnB’ing your property:

  1. If you are running your AirBnB rental in another city where you don’t live, I would highly encourage investors to hire a property manager and a cleaner to look after all of the onsite concerns, while the investor can handle all of the online communication with guests booking. If you are running an AirBnB rental in the market where you live, it’s simpler to manage it yourself if you have the time. Again, it’s important to have a cleaner lined up as cleaning is critical to your AirBnB success.
  2. Furnishings, décor and pictures are critical to your success so don’t skimp on these aspects. It’s important to become familiar with whom your guests might be and the kind of décor they might expect. When booking on AirBnB, guests have one picture to view which will entice them to view more pictures of your suite so make sure potential guests have something pretty to view.
  3. Branding matters so if you have more than one suite to rent out, give the title of the suite a cute name and consider a website and Facebook business page too if you have 3 or more suites to share. This will help improve your SEO (Search Engine Optimization) and will make it easy for friends and family to share info about your suites.
  4. Pricing is critical. Make sure that you price your rentals higher on weekends, long weekends and holidays. If your rental is close to Quebec, consider increasing prices during the construction workers holiday during the last 2 weeks of July as you will see an increase in vacationers during that time.
  5. Watch the number of minimum nights guests must book. When you start taking bookings, you can consider 3, 4 or 7 night bookings as a minimum however once most of those are booked you need to bring your minimum nights booked to 2 to fill in all of the holes left in your schedule. Every time your place is empty it results in a lost opportunity so it’s important to monitor your calendar and create discounts where necessary to drive more traffic into your place. Think of yourself as an airline that reduces its prices closer to booking time for last minute travelers.

So if you’re looking to get your feet wet as an AirBnB host, these are the areas critical to your success as an investor.


Related Posts


Check Out the Morrison Report




Rent Control in Toronto

Prior to April 2017, rent control only existed for buildings built before 1991. Most of the new condos being built were not under rent control. According to Urbanation, a third of condo rental stock comes from individual investors, domestic & foreign, who have purchased condos and have rented them out. 27,219 units were leased on MLS in 2017. 50% of the new condo buildings are used as rentals. Prior to April 2017, Landlords were given free rein to increase rents on an annual basis.

Continue Reading


How Did 1-Bedroom Condo Prices Do Along TTC Stations in 2017?

Ever wonder about the average price of a one bedroom condo is along the TTC subway map?

Depending on the subway station you live closest to, values do change and it’s all about the subway station.

The subway station does matter when it comes to values. This chart examines the values of a one-bedroom condo within 0.3 km (or approximately 394 steps) of a TTC subway station.

I wanted to see how the numbers would shape up myself so I created a map search with the Toronto Real Estate Board statistics to determine the average price and the price shift in 2017 from 2016 of one bedroom condos.

Continue Reading


13 Things You Need To Know Before You Buy A Midtown Toronto Condo in 2018

Midtown Toronto Condo Does size matter?

When buying a condo, you need to determine what size space you’d like to live in. The older condo buildings tend to have much larger units available than the newer buildings. The average size condo in a newer (less than 5 years old) building is less than 600 sq ft. If you want space you need to look at an older building. Continue Reading



Unprecedented gains in the Toronto condo market

Recently, I’ve witnessed unprecedented gains in the condo market, particularly with condos below the $500K mark. It seems that they could be the bastion of hope for those on a smaller budget.

Condo market in Toronto

Recently, I’ve seen a 500+ sq. ft. condo listed for $408K at Bathurst & Bloor end up with 18 offers and sell for $509K on offer night. Another condo in the Dupont & Lansdowne area listed for $441K sold for $500k after 3 offers on offer night. The spectacular thing about that condo was that the status certificate (financials of the building) was not available and the buyer removed their status certificate condition in order to make their deal go firm that night.

Continue Reading



Which 2-Bedroom Toronto Condos Near TTC Stations Give You The Highest Returns?

Last year, I analyzed the value of 2-bedroom condos along each subway line so that you could see what trends emerged at each station when it came to price.

I pulled the data from the Toronto Real Estate Board statistics based on condos that were within a 0.3km radius (394 steps) from a subway station. Some stations didn’t have any condos built within the 0.3 km distance while some stations had less than 2 condo sales reported during the period of Jan. 1 to July 24th, making some of the sample sizes rather small.

In this year’s version, I have added in the data from condo sales in the back half of the year (July 25th – Dec. 31st, 2017). Now we have a better idea of not only the values at each subway station but whether the values increased or decreased towards the back half of the year.

2017 Price Change For 2 Bedroom Condos Near TTC Stations

Continue Reading