How to Make the Most Money when You Manage AirBnB Properties

Ever since 2008, Airbnb has been a hot topic and for good reason. For hosts but also for people needing affordable accommodation, the Airbnb system is a welcome solution and good news for everybody’s budget. But costs of living AND running a business like this rise continuously so how do you safeguard this venture if you’re a host or Airbnb property manager? Here are simple tips shared by experts. 

Give the Hotel-feel Experience

Although your guests know they’re booking a more affordable option than a fancy hotel, you should still aim to give them a luxury experience. Transforming a space with pieces that resemble hotel furniture and leaving fluffy towels with small chocolates on the bed can be just what gets you a few return visitors next season! 

Small details can make a huge impact on how people experience your property, so consider the following:

• Is it time to upgrade the linen to a higher thread count? 
• Do you offer local tourist information in a user-friendly way, similar to what hotels do in their lobbies?
• Can guests easily reach you, like phoning room service or the concierge when booked into a hotel?

Providing these features will make a stay much more luxurious. So, your guests feel they’re getting a 5-star experience, without paying that high a price. They’ll definitely pick you above another host when they’re in town again if a hotel-feel is what they remember of their stay. 

Offer Additional Services

Another way of giving your Airbnb the ‘X-factor’ is being the one-stop solution for almost everything your guests may need. If you offer additional services, you’re saving them time and effort trying to find other service providers. You’re also saving them the anxiety of figuring out who they should trust with their money. 

If travellers find out you offer solutions for the following, they’re usually very happy to pay you for the convenience:

• Transport from the airport, so they can relax after a long flight instead of navigating through unknown streets. 
• Rent out bicycles for them to explore the area.
• Provide a guided tour of places of interest. Partner with local vendors providing this service if you don’t have the time to do it yourself. By providing discounts to your guests, the vendor will increase their business and you can request a small commission for that privilege. 
• Offer to provide meals to simplify their stay. Once again you can consult local eateries and discuss meal delivery with them so you don’t have to do everything yourself. 

While some of these activities may require a bit more effort and organisation on your part, you’re very likely to see your profits rise thanks to return visitors. 

Short vs Long-term rental

In managing your Airbnb you may think it best to get long-term guests, since that guarantees you continual income. Surprisingly, you may be better off financially if you focus on drawing overnight stayers and short-term guests. Also, it’s best for you to use a channel manager for airbnb if you want your operations to go smoothly

Various factors lead to this outcome:

• With short term stays you regularly check the property and if there’s damage, the responsible guest will pay for it. In contrast, a long-term guest may cause damage that deteriorates over time and by the time they leave, a part of your property can be ruined. This will be much more difficult to repair and it will be a while before you can take in guests again. 
• Individuals staying for a short period is more likely to agree to higher rates. As long as you have guests on a regular basis you’ll likely make more money than a long-term guest looking to pay an amount similar to monthly apartment rental costs. 

Seasonal Price Adjustments

While on the topic of rates, wise Airbnb management means keeping a close eye on the market and adjusting your pricing accordingly. Instead of charging the same daily fee throughout the year, increase it slightly during peak season to benefit from the high demand.

This is especially applicable if your property is in a popular Australian tourist area. Of course, once the crowds return to their normal routines after the holiday period, remember to bring your rates down so you stay relevant for business travel budgets or people looking for out-of-season special rates. 

Get Those 5-star Reviews

Make special mention to your guests about leaving a review after their stay. Other guests comparing different hosts will use this information to gauge which is their best option, so it’s important to put effort into attaining feedback. You’ll be able to charge higher rates and still draw a clientele if your profile proves you give guests value for money. 

Note: even negative reviews will help, because you’ll know what to improve on. 

Review Your Listing Description 

One reason you may not already get the 5-star reviews you’re hoping for is because your listing description needs some work. Are you giving an accurate representation of what you’re offering? If what visitors get doesn’t align with their expectations, they’re very likely to give you a lower rating. 

Final Thoughts

So, what does your Airbnb unit need? Is it time to consult with experts about apartment furniture packages to upgrade your interior or do you simply need to change your rates during the next summer holidays? 

Get the balance right and your Airbnb can make you the dollars you’ve been hoping for.