You have just landed on what seems like an utterly brilliant idea: Airbnb.
There is one problem, though. This is not something you have done before. To add on to your woes, you learn that Australia has 346,581 Airbnbs to compete with yours.
The reality of it is, this is the scenario in most other businesses. Rather than quit, your best bet is to learn how to do things right so that you can enjoy a long, lucrative stint in Airbnb.
Here are some top tips to get you started.
1. Invest In Good Quality Photography
The average quality of photos on Airbnb has significantly improved over the years. This means that you have to meet the standards to get any traction.
Investing your time in taking great photos, or even enlisting the services of a professional photographer is well worth it.
Pick an average of ten photos, being careful to capture the personality of your place, the amenities, and the surrounding area.
The rule of thumb is to take 1024×683px, natural lighting works very well, and when in doubt, bigger is always better.
2. Make your Place Hard to Ignore
When creating a concept for your brand, think about the differentiators you want to bring to the table.
Think beyond the first visit to evaluate what your guests will love as well as what will incentivize them to make referrals.
Little add-ons like a signature meal or snack, a high-quality Ecosa bed and mattress, hygiene products in your showers, and so on can go a long way in making a stay more memorable.
3. Price Yourself Competitively
Affordability is one of the primary reasons why guests go for Airbnb over hotels.
To get started, look at properties comparable to yours in your location and what they charge to get an idea of the average market rate.
As a new entrant, charging a small percentage less than other properties can help you gain traction and positive reviews. You can then gradually increase your rates as you gain numbers to match other property rates.
4. Be Accessible and Responsive
Responsiveness is a huge part of your customer experience and how your hosts will rate you after their stay.
As much as possible, strive to have quick turnaround times for inquiries on your listing. Responsiveness also reduces the chances of prospective guests looking elsewhere.
Remember, this business is largely dependent on numbers. The more people come through your doors, the more chances you have to convert guests into long term clients.
Happy clients also refer you to others, who then refer you to others, creating a long, profitable chain.
5. Manage Legalities
Flouting regulations is a fast way to flatten a business. You could damage your reputation and even incur hefty fines.
Before you get started, find out what the laws in your state are, as pertains to Airbnb. Also, look into tenancy agreements or zonal rules are regarding the same.
Once you have fully complied, you can rest easy knowing you are not flouting any rules and can embark on marketing and running your place.
6. Run it Like a Business
Whether you want to rent out your home as a full-time job or for extra income, it’s imperative to run it like a business.
Begin by keeping a separate business account. This helps you track your business’ financial health, which is key in running a successful enterprise.
Similarly, set aside a formal working schedule. Use this time to respond to clients, advertise yourself on social media, replenish inventory, and so on.
This business, like any other, is rapidly changing. Therefore, dedicate a portion of your time to finding out what’s new in the industry.
Look at what other entrepreneurs are doing to win a steady stream of clients, and implement as much of this as possible.