Rental side hustles like Airbnb provide a way to diversify your income streams and be on the path to financial freedom. You don’t have to own a home to get into the Airbnb business, as you can easily convert your home into a short-term rental property.
If you are considering renting out your home on Airbnb, knowing how to navigate the industry can make all the difference in the success of your business. Read on for actionable tips to help you run a successful Airbnb side hustle.
Benefits of Renting on Airbnb
For good reasons, Airbnb is quickly becoming a popular alternative to hotels for travelers. Below are a few benefits of renting on Airbnb that make it a worthy venture.
- The potential to maximize your income besides rental income.
- The freedom to adjust your pricing depending on circumstances. You can charge higher for weekend stays and offer discounts to midweek guests.
- You operate on your house and Airbnb rules, eliminating the need for lease agreements.
10 Tips for Renting on Airbnb
With more people getting into the business and competition becoming stiff, running a successful Airbnb business requires more than the bare minimum. Implement the following tips to make your Airbnb a successful side hustle.
1. Furnish Tastefully
You can furnish your Airbnb with something other than the newest or the most expensive furniture. Lower your costs by choosing affordable options, including used furniture in good condition from sites like Craigslist, Goodwill, and even Facebook Marketplace. However, ensure the décor comes together to create a visually appealing interior. Avoid political, juvenile, or sexual decorations and use timeless colors to create an elegant space.
2. Take Professional Pictures
First impressions matter and the quality of pictures you take can make or ruin your chances of success. As a rule of thumb, never misrepresent your property, and always take high-quality photos. Invest in a professional photographer who will take appealing pictures that accurately portray your rental property.
3. List the Property on More than One Website
To increase your bookings, cross-list your property on different websites instead of relying solely on Airbnb. For example, you can list it on VRBO( Vacation Rental By Owner) if you are targeting long-term guests and include it on TripAdvisor and Bookings.com. Also, diversify your marketing strategy to include social media platforms like Instagram and Facebook to widen your reach.
4. Encourage Positive Reviews
Nothing provides social proof and encourages others to use your services, like positive reviews. To turn your Airbnb into one of the many successful rental side hustles, ask your guests to leave reviews after staying in your property. In case of negative feedback, turn it around by responding professionally, being accountable, and suggesting ways to remedy the situation.
5. Keep It Neat
Regardless of how perfect your property is dirt, clutter, and even insects like cockroaches can make it unattractive for guests. Keep your Airbnb property spotless, and pay extra attention to the kitchen and bathroom. If you have cleaning staff, ensure you supervise their work regularly to maintain high cleanliness standards.
6. Always Vet Your Guests
Conduct background checks to ensure you let trustworthy and decent people into your property. Guests who are unruly or go against policies are more likely to disturb the neighbors, damage property, and ruin the reputation of your business. Always ask your guests to explain more about themselves and the reason for their trip. If you feel unsatisfied or unsure, it is best not to rent your home o them.
7. Price Against Hotels
People prefer renting on Airbnb due to their cost-effectiveness compared to hotels. When deciding what to charge, price your property reasonably against hotels and not other rentals. Affordable charges compared to hotels mean you get more clients, which is good for long-term business. It is advisable to beat nearby hotels in pricing by 15%-25% whenever possible.
8. Communication is Key
While you may not always be present to attend to the guest’s needs, you should provide a means they can reach you. Also, respond quickly to client queries and fast-track the booking approval process. You can also automate some communication with guests to reduce your workload.
9. Personalize Guest Experience
One way to keep guests returning is by providing a personalized experience. Besides listing the essential details about your property, go the extra mile and highlight features your guests might love. These include listing aspects like nearby attractions, activities your guests can engage in during their stay, and the experience they can expect to enjoy in your property. Your property is more likely to draw more interest when it provides the above information than simply showing the house.
10. Be Flexible
Flexibility allows you to serve a wide range of guests with diverse needs. While you may have a multi-night policy, you should also be flexible enough to accommodate guests who require your property as a quick getaway. You will attract more clients if you are open to making necessary adjustments whenever possible to accommodate your guests.
With the above tips, you can run a successful rental side hustle through Airbnb and stay on top of the competition.