Do you want to be a successful Airbnb Entrepreneur? Well, the characteristics of a regular host will not suffice. Read on to know which skills and qualities will propel your business towards the next level.
Types of Airbnb Entrepreneurs
- The Opportunist Airbnb Entrepreneur
One who takes advantage of peak tourist time or the holiday season to make more profit and sees Airbnb as a part-time business only.
- The Traditional Homeowner
One who rents out a room or two in their primary residence and seeks for long term guests.
- The Full-Time Airbnb Entrepreneur
One who is involved full time with Airbnb rentals and constantly seeks improvement, growth and works with well-planned strategies.
Which one would you want to be?
Most of us want to become a full-time Airbnb entrepreneur.
Hold Multiple Properties
Around 80% of the hosts on Airbnb have just a single listing. If you have multiple properties listed then this is a good sign for you as your major competitors will just be in the remaining 20%. If you do not hold multiple properties yet then remember that if you want your business on Airbnb to grow, a single listing will not suffice. You have to secure more properties and manage them.
Any rental service must have excellent management. The extent to which your rentals are maintained will be reflected in the reviews of your guests. Management does not merely refer to the cleaning and hygiene-related aspects. You must ensure that all the utilities like WiFi, geyser, electrical fittings, etc are in working condition always. Furniture must be replaced in case of damage. Your properties need to be updated and equipped with the latest technology.
Profitable Business Plan
Being a full time ‘Airbnb entrepreneur’ is entirely different from being a part-time ‘host’. Though there are basic duties that you share, one striving to be an Airbnb entrepreneur will have to work extra hard. You must have a good business plan from the very beginning. This plan will help you track your progress and achieve them. You must have short term goals and evaluate your performance according to which you can set more milestones.
In order to be a successful Airbnb entrepreneur, you need to be actively engaged with your business and constantly seek ways to enhance performance. You must also remember that not everything will go as per plan A and you must have plans B, C and D as well. You must be quick on your feet and learn to improvise.
Formulate strategies that will not just help you earn profits but also put your competitors out of the scene. You can also opt for promotions and advertisements.
As mentioned above, you will require multiple properties for your business to flourish. For any business, expansion is a crucial stage that shows that the business is stable and is ready for more. While in the expansion stage, make sure you find properties at locations that will bring you the best results. You should now have a good idea of the market demands. You should utilize this information in choosing your upcoming listings. Remember that a good location will automatically translate to a solid number of bookings thus maintaining occupancy and profitable income.
Work on the “Experiences”
If you intend to become a successful Airbnb entrepreneur, you will need to create great experiences for your guests so that they keep coming back. Especially if your rentals are in popular vacation spots, there are multiple options for you to make it more engaging and appealing. For example, a jacuzzi instead of a regular bathtub or a complimentary breakfast of the local cuisine. If possible, you can also arrange for tourist guides on request of the guests.
Nowadays, almost every vacation rental is making use of automation. This is a great development and helps hosts to manage their business more effectively. Especially if you seek to be an Airbnb entrepreneur, this tool will come in handy. You can maintain a dynamic pricing system by employing automation which will benefit you a lot in terms of increasing bookings, maintaining occupancy, and increased profits. You can use automatic messaging systems to respond to guests and also collect reviews.
To help the Airbnb entrepreneur automate their vacation rental business Hosty offers complete Airbnb property management software that not only offers automatic messaging features but the hosts can choose to automate a lot of other services like task assignments and auto reviews.
Thus proper planning and execution are very essential for your Airbnb business to succeed. You should be aware of the direction you are heading and what strategy you want to opt for. In any case, a good Airbnb automation software can help you achieve your goals. Hosty’s Airbnb Property Management software can help a lot in this regard with their top features like Multi-Calendar, Unified Inbox, and Task Management.