Renting out your property to make extra cash, is not a unique idea. In fact, with more than three million listings in 35,000 cities in 191 countries around the world, there is a good chance that many of your neighbors are already engaging with on-line property rental listing companies like AirBNB. This innovative company provides an inclusive, on-line marketing and sales hub. All one needs is an unoccupied space with some furniture, and you are in business. This is why AirBNB attracts so many first time landlords. But with all of the available places for rent on AirBNB, how do you reach the top 10% of their rental properties?
Getting noticed on AirBNB can really be a challenge. Some rentals average less than 20% occupancy rate and many owners never make back their investment in new furniture and repairs. Experts like Brian Ferdinand, COO, at Vacation Rentals, know that to win in this competitive marketplace, the key is to know your market and your customer.
Research Properties Like Yours
Remember, there are likely dozens of similar properties in your area, available for on AirBNB. You need to research them to see what they get right and wrong. AirBNB provides detailed insight on the rentals in your area and gives renter feedback about them as well. Look at the properties in your area. How are they presented? Are there lots of high quality pictures that give a total view of the property? Does the rental look neat and well maintained? Remember, this will be your only connection to renters, so you need to make a great impression to win their business. Look for properties with lots of reviews and read them all. Consumers today are happy to share their opinions and will tell you exactly what they like and how to please them. Use this valuable information so your property stands out against the competition.
Offer Value Added Services
Value added services are often the deciding factor for many guests. Certain amenities like maid service may not usually be available at your rental’s price point. Find a way to offer these and other atypical services and amenities. See if a local deli will deliver breakfast to guests for a fee. Make deals with restaurants to offer discounts on meals for your guests. Get creative and go the extra mile. People will appreciate the effort, and your rentals will increase.
Listen to Feedback
Part of your job as a landlord, is to pay attention to the opinions of guests. Remember, smart entrepreneurs do their best to understand things from the customer’s point of view. If you get a bad review, acknowledge it, thank them, and promise to fix problems. If someone left a great review, thank them and offer them free stays for telling their friends who may be looking for a short term rental in your city.
AirBNB is a crowded marketplace but you can get to the top. Use these powerful tips and you might be the next AirBNB success story.