Extra income and hosting guests; we cracked open the lid to Airbnb hosting.
These are all fairly standard questions hosts ask themselves before deciding if they want to make their property available for short let. So we, at GuestReady, decided to respond to some of the most typical questions and concerns around Airbnb hosting for homeowners and property investors alike.
1. Is the location of my property attractive enough for guests?
While the location of your property is an important indicator of the potential income you can generate on Airbnb, the success of a property and how it will perform on a booking platform depends on a multitude of factors. As a host, you need to ask yourself, what types of guest do you want to attract and what type of experience are they looking for. If your home isn’t located in an Airbnb hotspot, then you may want to carefully consider what you are offering to your guests; is it a digital detox, easy access a myriad of hiking trails or a cosy cottage for a family getaway? Think about how easy is it for your guests to reach your property and how the different seasons will affect your occupancy rate. If your property is in the city, again you may want to ask yourself whom do you want to attract? Are you targeting business travellers, couples or groups? What amenities and services will your guests be looking for when booking your accommodation? While the location is a key element to how well your Airbnb will perform, how well you understand and respond to the needs of your guests is what will ensure its success.
2. How much time does it take to manage a short-term rental?
Although it can be difficult to quantify how much time it will take to manage your individual vacation rental, managing a short-let can easily become a full-time job. Once your listing is up on your chosen booking site, guests will be sending messages at different times throughout the day, or at night for that matter, and they expect a prompt reply. To ensure that your guests have the best experience, and help you pull in glowing reviews for your listing, you need to make sure your property is guest-ready. Make sure the property is cleaned before check-ins and after checkouts. If a light bulb is broken, or worse you have a leak in your bathroom, you need to make sure you respond swiftly and fix the issue to minimise the impact on your guests. If you have to cancel a booking due to unexpected maintenance issues, Airbnb will penalise you for this, hence It’s important to check your property regularly. Alternatively, you can win a lot of time by working with an Airbnb management agency who can manage all your guest communications, cleaning and maintenance and even help with alternative accommodation for your guests.
3. How do I make my Airbnb stand out and optimise my rental returns?
Once you have understood who your customer is and what their expectations are, you can design your short let to meet their needs. While you can’t change much on location, how you position the property listing can have a significant impact on your occupancy rate and rental returns. To help your property stand out it is important to ensure that your property is well kept and that you invest in a professional photographer to help you position your property in the best light. Ensure that your listing description is accurate and highlights all its best features. In the description, highlight transport links, amenities and things to do in the local neighbourhood. It is essential to keep in mind that a listing description is not only a tool to attract bookings, but it also what sets the expectations of your guests. Don’t overpromise, as you will under-deliver and hurt your ratings on your chosen booking platform. If you are new to hosting, consider bringing on an Airbnb management company to help market your listing on not just one booking platform but multiple.
4. How do I find out about the local legislation for short lets in my district?
New rules and regulations are being introduced across Europe and Asia to respond to the popularity of Airbnb. Before starting to host guests at your property, familiarise yourself with the local laws and regulations to make sure you are compliant. If you have a property in London, inform yourself about the 90-day rule and consider letting your property on the short and medium-term let. It is important to note, that while it is important to comply with local legislation, make sure to keep good relations with your neighbours and let them know ahead of time that your property will be on the market for short let.
5. Should I enlist an Airbnb Property Management Company?
Managing a short-term rental can be time-consuming, and with guests becoming more demanding, more hosts are turning towards Airbnb management companies to manage their short-let for them. There are many benefits of working with an Airbnb service and management company. They help hosts ensure their property is guest-ready, checking that all the facilities and amenities are available for guests that will help make the difference between a good and bad review. Airbnb management companies actively optimise the price of your rental and ensure that your property is listed across multiple booking platforms to help you maximise occupancy rates and rental returns. They handle guest communications and ensure your property is cleaned and ready before each guest arrival. Hiring an Airbnb management company to manage your listing is considered one of the easiest ways for hosts and investors to maximise rental income and offer premium experience and service for their guests. Before signing with a management agency it is important to compare the market and ensure that you choose a BnB management company that is right for you.
Your short-let, guest-ready?
Managing an Airbnb can be very rewarding. It can increase rental yields and offer additional flexibility for homeowners to stay at the property at their convenience. Before listing a property on Airbnb or alternative booking platforms such as Booking.com or HomeAway, review the potential of the property. Why would guests book your accomodation; is it because it is conveniently located, or because it offers an escape from city life? How much time would it take to manage the property on the short-term rental market and do you have enough time to manage the property yourself?
Speak to an expert today to find out if short-letting your property is right for you. Schedule a call with Guestready today. GuestReady offers white-glove Airbnb management services for property owners and investors who are looking to get the most value out of their investment. From 24hr guest communications to in-person check-ins, photography, professional cleaning, maintenance service and more.
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