Are you planning on becoming an Airbnb host? Are you a new host looking for ways to get your business on track? You have come to the right place. Here are useful tips on how to better manage your Airbnb portfolio. In this article, you will learn strategies about running Airbnb management smoothly and efficiently.
Legal Information: Rules and Regulations
The first thing you need to equip yourself with before you start any business is to learn about the legal rules and regulations involved. Similarly, before you start as an Airbnb host, you need to first learn if Airbnb is legal in your city. You must be aware that rules and regulations vary with each local government.
Different rules and regulations exist in different cities and Airbnb hosts must abide by. These rules and regulations may affect the strategies you may need to adopt for Airbnb management. So make sure you are well-read and well aware of the legalities involved to run a smooth Airbnb business.
You must check if Airbnb remits taxes to the local body on your behalf or if you have to file taxes on your own. For this, you need to check the Airbnb taxation policies to know if Airbnb will remit tax in your city.
You will also have to maintain a clear record of the cash flow related to your listings. All the billings, invoices, and receipts must be maintained efficiently as these details are required for tax purposes or audits. If you are not familiar with taxes and related processes, it is best to hire a professional to set up the Airbnb management system that will act as a guide for you.
Airbnb management software will also help you to keep track of your listing’s performance and you can formulate strategies for improvement based on this data.
It is always important that your listings stand out. Your listing must be appealing to the customers and they must gain a top spot in the search results. To ensure this, the first thing you need to do is create a complete listing with sufficient details and photographs. Make sure you don’t miss out on any fields and keep the listing up to date.
If you have previously used Airbnb, you will know that photographs are essential. In fact, photographs are the deciding factors to get a booking. How many times have you spent a little above your budget to book an Airbnb or a hotel because it looks really fancy and appealing? I think you now have the answer to how you must approach photography of your listing.
First of all, a decent camera is very important for clear and appealing pictures. Make sure that the photos show the property in a clear and aesthetic way. Get professional help if required. Remember, the customer must be compelled to choose your property with these pictures. Also include pictures of all the rooms and the exterior as people would expect to see everything before booking.
Airbnb will give you the option to use the instant booking feature for your listing. The instant booking feature enables the customer to finalize a booking without having to wait for your approval. This feature makes it very convenient for customers to book and most of them prefer this fast option rather than waiting to connect with the host. Also, it is very beneficial in terms of last-minute bookings.
It is totally up to you to decide if you want to enable this option or not. In some cases, it might take you more time and it may not be possible for you to get the property ready within a short time span. So you need to choose accordingly. This will naturally boost your chances of booking.
In addition to these, you might need to implement marketing strategies to really improve the performance of your listing. Apply multi-channel marketing to increase the online presence of your listing. Place ads on social media platforms like Facebook and Instagram or on travel pages. You can also list your property on other rental platforms. Another overlooked strategy is email; try to reach out to potential guests through email. You can also offer discounts to past guests to maintain occupancy.
Automation for Airbnb management
Airbnb management might seem easy when you have just one or two properties, but it might prove really hectic and stressful once your number of listings increases, especially during peak season. To solve this, automation comes in handy. You can use smart lock systems for your properties in case you don’t have a property manager to attend the site. This smart lock system will simplify the check-in and check-out process for the guests.
Use automatic messaging systems to respond to customer’s messages or to collect reviews. This will be really helpful when you are busy and not available to respond immediately. Another great advantage of employing automation is pricing, which you can read about in the next section.
Dynamic Pricing System
Airbnb allows hosts to set two different prices for the weekends and weekdays separately. You can decide on suitable rates and this will also help you maintain your occupancy rate. Additionally, you can also change the price every night. You can do this by monitoring the property’s performance and then deciding if you have to increase or decrease the price. If it becomes necessary, you can set minimum stay requirements as well. Usually, hosts who use this option add a requirement of two or three nights minimum stay, which has proven to result in good profit rates.
As mentioned earlier, automation is a great and easy way for you to change the pricing without you manually changing themm. This is the best way to offer a competitive price for every night. Make use of suitable software that will provide the best price for your property by monitoring the prices of other competing properties, market demand, etc.
Most hosts overlook this segment so make sure you don’t miss it. You can offer additional services at an extra cost. For example, you can charge a certain amount for an extra guest or two. You can also charge for airport pickup/drops, but make sure you can arrange those facilities without strain.
Maintenance and Cleaning
No one likes to stay in a moldy, smelly place with poor lighting and worn-out furniture. Make sure your property is always checked and updated. It is really important to ensure hygiene. If your property is not cleaned thoroughly after each stay, you are bound to invite bad reviews, which will result in a disaster for your business. Make sure that bedding, mats and towels are washed well and only fresh ones are provided to the guests. Check for faulty sockets and light bulbs and change them if necessary.
Some hosts, especially those who maintain multiple properties make use of cleaning services for their properties. Cleaning services are usually more expensive than regular cleaning but the added advantage is that you will get timely service and the quality of the service will also be better. If you are making good profits, then don’t hesitate to employ these services.
Reviews and Ratings
Airbnb is a review driven platform. Your performance on the Airbnb will heavily depend on the positive reviews you get from your guests. Therefore it is very important that your guests leave their feedback after their stay.
Most hosts do not really pay attention to the reviews and take no steps to resolve issues. You must always act on the reviews of guests; if they are positive, then work on maintaining that good image and in case of average or poor reviews, make sure you take immediate steps. It is always professional to apologize to guests if they found the stay to be poor in any way. If there is something you can do to make their experience better you should make full efforts for it.
Become a Superhost
Gaining the status of superhost is a small milestone that reflects on your efficient Airbnb management skills. This tag not only gains trust from users, but it also helps to increase the visibility of your listings. Airbnb has a system that allows listings of superhosts to be present in top spots. Moreover, your property will also be mentioned in advertisements or suggestions.
Airbnb has certain requirements that must be fulfilled in order to achieve superhost status. Check out those requirements and work on gaining the superhost tag.
The above information will help you to improve your business and become a successful host on Airbnb. But of course, you can always find more ways to enhance your Airbnb management and profits. In the midst of all this don’t forget to be a great host; play your role well. Make sure you respond instantly to the queries of your guests and guide them wherever required. Most importantly, don’t fail to create a comfortable and memorable experience for them!