Airbnb hosts make an average of 924 US dollars per month renting out their property. You too could be making such a monthly income in passive earnings by starting your own Airbnb business.
You don’t need experience, a large budget, or even a property to rent out to be successful as an Airbnb host. But, you do need a solid Airbnb business plan to be successful and turn a profit.
Yet, if you don’t have experience as an Airbnb host, you may not know where to begin setting up your new short-term rental business. That’s why here, we cover how to start an Airbnb business in 7 straightforward steps.
- Find a Property To Buy or Rent
Part of the fun of running an Airbnb is that you can rent out practically any type of property. In fact, you can rent out anything from a private room in your home to a retro airstream camper as an Airbnb.
Or, if you can’t get a property, then you have a few other options. You can take part in a rental arbitrage, become a co-host, or hire a property manager.
All three of these strategies allow you to rent out a property without having to own it. Although each can be profitable, it’s important that you teach yourself the pros and cons of all three strategies.
- Get the Right Permits and Licenses
Getting the right permits and licenses is an essential step in starting an Airbnb business. For instance, short-term rental properties may not be allowed in your local zoning area. Thus, you’d legally be unable to start your Airbnb in that location.
Similarly, you’ll need to get permission from your landlord, co-op board, or HOA before you start your Airbnb. But, you can skip this step if it doesn’t pertain to you.
- Set up and Furnish Your New Property
Once you’ve gotten your new property, it’s time to start furnishing the rental space. The rule of thumb is to pick and keep with a single theme.
You could go with a general theme like “boho-chic.” Or, you can be more specific and theme your Airbnb around your favorite movie or tv series. Although you don’t need to go too far with your theme, work to keep the design appropriate and fun-loving.
Also, you’ll want to add amenities such as an area where guests can enjoy television and kitchen essentials.
But, to get 5-star reviews from your guests, you must provide more than basic amenities. For example, you can add amenities like a workstation or a hot tub and include them as extras in your Airbnb listing.
- Decide How Much You’ll Charge
How much you decide to charge for a stay at your rental property will determine how financially successful you’ll be as an Airbnb host. Consider factors such as affordability, your target audience, and the current short-term rental market when making your decision.
Be aware that the listing price your guests see is higher than what you’ll earn from the booking.
Also, keep in mind that Airbnb takes a 3 percent fee per booking from their hosts. The booking fee is higher for Airbnb Plus hosts.
Likewise, as a host, your fee will be higher if you’re in Italy or if you have a stern cancellation policy.
- Put Together Your Airbnb Team
Some roles that you’ll want to consider in general are cleaning staff, a handyman and an accountant.
If you’re following a property management strategy, then you’ll need to find a property management company to help run your Airbnb property.
If you’re looking for short-term Airbnb property management in Tampa, Florida, then consider Emperor Rentals. Visit emperormgmt.com/services to see how Emperor Rentals can help you.
- Post Your Airbnb Listing
There are some questions you must first answer before making your listing for it to stand out amongst other Airbnb listings in the area. For example, you’ll want to pick a title for your rental property and choose how you’ll market it on the Airbnb website.
As such, when it comes to marketing your Airbnb, photography is key. You’ll need high-quality photos to show off the best features of your property. So, you should consider hiring a professional photographer to capture your Airbnb before you make your listing.
- Optimize Your New Airbnb Business
Setting up your rental property and listing it on Airbnb isn’t a make-it-and-forget-it process. Rather, you must constantly work on updating your Airbnb listing and maintain your rental property to stay competitive in the market.
You can track your performance on the Airbnb website and use guest feedback and change your business strategy accordingly.
Likewise, you can use such information to consistently update your rental unit to help you maintain your Airbnb. Or, you can stay in your rental property yourself from time to time to see for yourself what it’s like staying there.
During your stay, you may notice, for example, that the bed mattress is uncomfortable and needs replacing. Then, you can remedy such problems before your next booking. After all, you’ll never know what it’s like to stay in your Airbnb unless you do so yourself.
Start an Airbnb Business Today!
You can make quite a profit on passive income by running an Airbnb business. In fact, you don’t even need experience, lots of money, or even your own property to start.
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