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