Many people believe that to be successful in business, you must be constantly active and working. However, this is not always the case. You can run passive companies with little to no ongoing work required from the owner.
One example of a passive business is Airbnb. With Airbnb, property owners can rent out rooms or entire properties to tourists and travelers. This can be a very lucrative way to make money, as there is a high demand for short-term accommodation. In addition, as Airbnb is an online platform, you can run it from anywhere in the world.
Several statistics support the viability of Airbnb as a passive business. For example, according to AirDNA, landlords who list their properties on Airbnb can expect to earn around $9,700 per year on average. Additionally, according to Mashvisor, the occupancy rate for Airbnb rentals is approximately 50%. This means high demand for Airbnb properties, leading to healthy profits for property owners.
So if you’re looking for a way to make money passively, Airbnb may be an excellent option. There is a lot of potential income to be made with this business model, and you can run it from anywhere in the world. So if you’re interested in learning more about starting an Airbnb rental business, try it out. However, you will have to do some initial work to get your business up and running. Here are a few things to consider.
Highlighting the Location’s Hotspots
As an Airbnb landlord, you will want to make your rental stand out from the competition. One way to do this is by highlighting the best hotspots in the area. This could be anything from popular restaurants and cafes to tourist attractions and landmarks. Doing this will make your rental more attractive to potential guests, as they will know they will be close to all of the best the area offers.
You can highlight the hotspots in your area in several ways. For example, you could create a site map and mark all the hotspots. You could also write a guidebook detailing the best places to eat, drink, and visit in the area. Whatever method you choose, make sure you are clear and concise in your descriptions.
Creating a Professional Listing
Another way to make your Airbnb rental stand out is by creating a professional listing. This means taking high-quality photos of your property and writing accurate and appealing descriptions. Remember, potential guests will use your listing to decide whether or not they want to stay at your rental, so making a good impression is essential.
You can find tips for taking great photos and writing appealing descriptions by quickly searching online. There are many resources available that can help you create a professional listing. Just take some time to research, and you’ll be able to put together an excellent listing in no time.
Installing Ideal Outdoor Amenities
If you want to make your Airbnb rental stand out, consider installing some excellent outdoor amenities. This could be anything from a pool and hot tub to a fire pit and outdoor kitchen. By providing these types of amenities, you will make your rental much more attractive to potential guests. Plus, they can also help you charge higher rates.
Of course, you will need to factor in the installation cost when considering this option. But installing excellent outdoor amenities is worth considering if you can afford it.
A 4-person hot tub installation might cost between $2000 and $5000, making it unattractive for homeowners. However, an Airbnb property can enjoy an influx of customers when they have it. The same goes for a pool; the average cost of an inground pool is $30,000. With that said, it would take you a long time to make your money back if you installed one solely for your property.
On the other hand, home gyms are a fantastic way to add value to an Airbnb rental without breaking the bank. The average cost of a home gym is around $2000, which is much more feasible for most people. Plus, having a home gym can help you attract health-conscious guests looking for a place to stay with exercise facilities.
You could install many other outdoor amenities, so consider what would appeal to potential guests. Then, factor in the cost before making any decisions.
Getting Positive Reviews
Finally, one of the best ways to make your Airbnb rental stand out is by getting positive reviews. Guest reviews are one of the first things potential guests will look at when considering a rental, so it’s essential to have good ones.
There are several ways to get positive reviews. One is simply providing an excellent experience for your guests. This includes being attentive and accommodating, having a clean and comfortable rental, and providing any amenities or services you promised. If you can make your guests happy, they will likely leave you a positive review.
Another way to get positive reviews is by offering discounts or freebies in exchange for them. For example, you could offer a discount on future stays or give a gift card to a local restaurant. Just be sure not to violate Airbnb’s review policy, as this could get you in trouble.
As you can see, there are many ways to make your Airbnb rental stand out. By following the tips above, you will be well on your way to attracting more guests and making more money.