So you own a property (or are thinking to buy), and the thought has crossed your mind: Should I rent my place out on Airbnb and make it a side hustle to open a new revenue stream? Well, guess what? It’s not uncommon. In fact, according to The Wall Street Journal, more home buyers are getting in the short-term rental market to supplement their income and help with mortgage payments.
But launching an Airbnb, VRBO property or vacation rental isn’t a breeze. Before you start listing on Airbnb with the prospect of extra cash flow rolling in, there are some major factors you must consider to ensure you maximize profit and simplify the rental process so you can sleep well at night — just like your guests.
Here are our five top tips you need to know before renting your property on Airbnb.
1. Prioritize marketability.
Before you even think about dipping your toe in the Airbnb and VRBO property rental space, ask yourself the following question: Is my home in the best shape it can be?
If you’re battling plumbing, have structural damages of any kind, struggle with cleanliness (dust, clutter, visible stains, lackluster furniture), or face any related issues that could hamper a guest’s stay – it’s time to get your home in order.
Don’t even think about listing your property until you’re confident it’s at its best, and you can sincerely say you’d enjoy staying there as a first-time visitor. Best way to approach this? Imagine your first guest is your mother-in-law, your boyfriend/girlfriend, or your boss! It helps you see your property in a whole new way, and you can identify places you may need to improve on.
2. Invest in the best booking platform.
Now that your rental is in tip-top shape, you’ll need to power your prospective business with a seamless software that allows you to easily and conveniently manage bookings and guests, as well as integrate your property with all the best rental marketplaces: Airbnb, VRBO, Kayak and beyond.
Luckily, we’ve got you covered. eviivo Suite is the industry’s leading software that’s easy to manage, affordable and perfectly synchronizes with all the top marketplaces.
Start exploring our software now, and discover why we drive more bookings and make life easier for accommodation managers around the world.
3. Consider launching your own beautifully designed, dedicated and free website.
To improve visibility and gain more bookings, you’re going to need an amazing website in order to connect with guests outside the OTA sites.
The good news? We provide all the tools to easily create your own stunning website, which comes free with the eviivo Suite package! Our Website Manager is SEO-friendly and designed to showcase the unique features of your amazing property.
Website manager is completely free for eviivo customers (we can’t stress that enough), and we never take a commission.
4. Automation is key; get into it.
What separates rookie property managers from the vets? Automation.
With eviivo Suite, you don’t have to update every piece of your accommodation business manually. Rather, we provide you all the tools to automate each individual touch-point so you can easily oversee your business as a whole.
Field bookings. Message guests. Liaise with cleaning staff. Set specific pricing for specific days. You can achieve all this and more with eviivo Suite conveniently from the comfort of your couch — because we know your Netflix binge game is strong. Trust us: we got your back.
5. Consider the guest experience before you launch your business.
Before you fling open your property’s doors to eager vacationers, try to consider the guest’s experience.
Put yourself in your guests’ shoes and consider how you can maximize their stay to receive favorable reviews, along with repeat customers. Can you leave a handwritten welcome note, along with a delicious snack? Could you offer above-par, delightful soaps? How about investing in extra amenities that make for an unforgettable stay?
In the short-term, a five-star experience can lead to new word-of-mouth business and ample brand loyalists. In the long-term, it can act as a catalyst for strong brand recognition, a robust online presence and a calendar of fully-booked stays.
Follow these five steps, and you’ll be on your way to Airbnb success!
If you’re interested in additional resources to master the art of the property rental, watch this WEBINAR hosted by ASC Business Finance and featuring advice from travel industry experts, including David Weston of the B&B Association.
Good luck!
[Photo: Karsten Winegeart on Unsplash]