So you're wondering how to start an Airbnb business and use it as a source of income? That’s great! But how do you get started without any experience? Don’t worry, we’ve got you covered.
Whether you’re looking to buy up a property or two and rent it or start an Airbnb rental arbitrage business, there are some key steps to consider. Starting an Airbnb business can be intimidating at first, but with some preparation, planning, and the right knowledge, you can be a successful Airbnb host in no time.
Find Your Property
When investing in a vacation rental property, the old adage about real estate is true: location, location, location! Where you buy your investment property or start your Airbnb rental arbitrage business can make all the difference in the success and potential revenue generated from your vacation rental. Plus, you want to ensure that your rental is not located in a market with over-saturation issues. How then, do you determine the most profitable places for a short-term rental in the U.S.?
At Beyond, we rely on data to drive our decisions (for everything!), and we recently released our top picks for where to invest in a vacation rental based on occupancy levels and average revenue per available night: 8 Hot Short-term Rental Markets. On average, these markets had a 71% occupancy rate and an average RevPAN of $255 in 2022. It’s definitely worth your money to invest in these markets.
Prepare Your Property for Guests
Once you have your property, it’s time to prepare it for potential guests. Start by making repairs or improvements as needed and check that all safety regulations and standards are met. You also want to make sure that every area of your home is clean and well-maintained. Add any amenities that could make your guests’ stay more comfortable and enjoyable, such as a TV, Wi-Fi, coffee maker, etc. It’s even a good idea to stay there for a night or two so that you can experience your rental as a guest would, and ensure that your property is fully equipped.
Set Up You Host Profile Like a Pro
Once your property is ready for guests, it’s time to create your profile on Airbnb and list your rental. This will help potential guests get an idea of who you are and how trustworthy you are. Make sure to include photos, a bio about yourself, and some helpful tips for how to make the most out of their stay with you. Check out Airbnb’s website for more information on how to set up your profile properly.
When it comes to setting up your listing on Airbnb, make sure that your description is clear, your photos are eye-catching and professional, and you are priced appropriately – which brings us to our next step!
Establish Your Pricing & Revenue Strategy
It’s important to rely on market data and insights to decide how much to charge for your Airbnb rental – not just your gut. Research the going rates in your area, compare yourself to similar, neighboring properties, etc. so you can price competitively while still making a profit. You also want to consider how often you plan on renting out the space, how long each guest will typically be staying, what events in your area affect pricing, and more. This information will help you set up the ideal pricing structure for your Airbnb business, but it can certainly be a lot to keep up with. Consider utilizing a dynamic pricing tool to automate this part of your business, ensuring that your pricing is always accurate and freeing up your time to focus on other areas of your business like marketing and the guest experience.
Get the Word Out
Finally, once everything is set up and ready to go, it’s time to start marketing your Airbnb business. Promote your listings on social media sites and other platforms to get the word out. You can also take advantage of Airbnb’s Superhost program, which helps increase your visibility to potential guests and allows you to offer exclusive discounts.
Download our Free Guide: How to Start an Airbnb
Starting an Airbnb business is a great way to make some extra income. However, it can seem intimidating at first if you don't have any experience in starting one up. But don't worry, we've got you covered. By following this guide, you will have all the information and knowledge necessary to set up your own successful Airbnb rental business without any prior experience.
Get your free copy here: beyondpricing.com/guide-to-successful-airbnb
Beyond is here to Help
The biggest difference you can make to your bottom line is utilizing a revenue management platform built specifically for the vacation rental industry. Beyond’s revenue management platform includes solutions to improve the efficiency of the entire vacation rental lifecycle - from dynamic pricing to actionable market data and analytics.
See for yourself how Beyond can improve your Airbnb business by getting started today!!