Sharing unused living spaces is not a new idea and it’s remained a staple way to help make ends meet. The vacation rental business has matured over the years as well and can triple your rental profits especially with the availability of airbnb property management service.
This is the exact thing you should do to triple your rental profits.
Now you can advertise your accommodations so that you can connect with travelers faster, at a lower cost, with more transparency, and a higher degree of security than placing your own individual classified ads.
So let’s evaluate this business opportunity for you.
In a recent San Francisco economic impact study, it was discovered that 56% of hosts in San Francisco, used the money that they earned to help pay their mortgage or rent.
It was interesting to find out that 72% of the accommodations, were outside the central hotel district, which means they weren’t taking away business from other existing hotels.
And 42% of hosts, used the extra money they earned to pay for regular living expenses.
A New York study showed that the average occupancy was 6.4 nights as compared to 3.9 nights for hotel guests.
82% of listed accommodations in New York were outside the main tourist areas…
…and 62% of hosts said that the extra money helped them stay in their very own homes.
More than 50% of New York hosts have non-traditional situations, and were freelancers, part-time workers, retired individuals and students.
“Everyone knows if you don’t give a crap, you shouldn’t be here. It doesn’t mean you have to give a crap, it means you have to, to be here.” – Brian Chesky, Founder of Airbnb
Here’s a few things to consider about becoming a host.
You’ll need to be at least 18 years old or older, in order to register and use the site for airbnb property management.
If you’re renting out a sofa or a spare room, you’ll need to adjust your lifestyle to meet the needs and tastes of your individual guests.
For example, leaving your dirty laundry on the floor of a shared bathroom will not be okay as an airbnb property management host.
Transparency is a very important part of being a host, which means being upfront about the amenities, the pricing, and the expectations.
You’ll have to prepare the accommodation before you list it, which means potentially investing in additional guest linens, such as towels, sundries, and decorations to make the space look more pleasing.
You can block off days on the calendar so that you can make the accommodation available for yourself, family, friends, or even if you need a gap between guests, to deal with the cleaning and resetting.
The beauty is that you can control when you want to turn the availability on and off, and you can discontinue at any time.
This also means keeping your calendar availability always accurate.
As a host, you’ll need to respond quickly to messages and reservation requests from prospective and actual guests.
When you’re renting out an entire space, such as a vacation home, apartment, farm house, boat, or any space where you won’t be on-site, you or someone you trust, will need to be preparing the accommodation before check-in…
…to be on-hand to assist with check-in, and be available to manage the check-out, which will include cleaning and resetting the space for the next guest.
Because reservations are a contract, and your guests will be booking travel arrangements, and depending upon the accommodation, as a place to stay, it’s important that you honor your reservations.
Customer service is important, and being a hero to your guests will be an integral part of your business.
If anything goes south, you’ll need to be accessible or have someone who is, so that any issues can be remedied.
It’s important to recognize that listing your property involves a commitment of time and care.
It’s a business, and it’s not right for everyone.
If you’re too nit-picky or you’re apprehensive about other people’s habits, it might not be a good fit for you.
If you like people, have an accommodation to share, an internet connected device, a bank account, and a bit of spare time, airbnb property management is a great potential business to generate a tidy profit for you.