Platforms such as Airbnb and VRBO are just a few examples of numerous platforms that allow homeowners to monetize their vacation rentals. To compete against several other properties in your area, it is essential to first understand the ins and outs of the short-term rental industry. While short-term leases may offer less stability than yearlong agreements, rates are oftentimes much higher. When managed efficiently, a short-term rental property can be incredibly profitable.
Following are some tips to help you get your investment property Airbnb-ready:
Put Your Rental on Autopilot
If you plan on scaling your business with several rental properties, managing these properties all on your own just isn’t feasible. That’s where automation tools come into play to aid you in coping with the workload.
Airbnb provides many ways for hosts to automate almost every management function, from messaging guests and synchronizing calendar to coordinating cleanings and updating pricing. By employing automation tools, you will be able to increase productivity while serving your guests with celerity.
Furnish Your Rental
With Airbnb and VRBO, you are responsible for furnishing the space and catering to a wide range of tastes. Before you get started, it’s important to set a budget that takes into account the best return on investment as well as your guests’ comfort.
There are many resources online that list items and provide ideas for decoration. If you are on a tight budget, Ikea and Facebook Market are fantastic pages to find stylish yet affordable furniture and accessories.
Be Prepared for Unexpected Costs
If you are investing in a short-term rental, make sure to crunch every number and create a realistic plan. This means accounting for cleaning, utilities, repairs and maintenance, and property taxes, for example.
Budgets allow you to better handle having an excess of money or perhaps an unexpected shortage. Because many expenses fluctuate from month to month, it is wise to give your budget some wiggle room for any unexpected expenses.
List Your Vacation Home
When you are ready to list your rental, make sure to thoroughly describe the home and amenities available to guests. Your Airbnb title should be eye-catching and highlight your rental home’s selling points – whether that is ocean view or proximity to downtown.
Additionally, professional, high-quality photos are key to boosting the number of bookings. Other tips to improve your listing with Airbnb include keeping your response rate higher than 90% and your response time down, collecting glowing reviews, and enabling Instant Book.
Promote Your Rental on Social Media
Promoting your rental on social media can help drive more views to your listing and create a positive ripple effect whereby Airbnb considers your home popular and boosts your rank further.
Visual platforms such as Instagram, Pinterest, and Snapchat are the best choices when it comes to capturing your audience’s attention. Just remember to tag businesses, locations, and people in your posts and use relevant hashtags, which are searchable. A few excellent hashtags are: #YourArea (e.g., #blueridgemountains), #TouristAttractions (e.g., #libertybell), #LocalActivities (e.g., #whitewaterrafting, #coachella).
Are you ready to invest in real estate and see the value it can provide? RLG would love to help you! Call us today to learn more.