Everyone needs extra income. However, most people are so engaged in their day jobs that they don’t have time to actively engage in side hustles. Fortunately, Airbnb is a great opportunity to make passive income. With the right strategy, you can make so much off listing your place on Airbnb. Here are tips on how you can use Airbnb to increase your income;
Give your guests an experience of the local scenery
Majority of Airbnb are not only looking for accommodation but also an experience of the local destinations. Giving your guests a unique experience does not only attract positive reviews and more guests, but you can also make extra money off Airbnb. Offer to be their tour guide, showing them affordable leisure activities and how to easily access transportation in your locality. If you know of their interests, you can also buy and resell tickets to local events to your guests. Include beautiful photos of the local scenery in your listing.
Have the right Pricing Strategy
Airbnb allows to set your own pricing. You run the risk of overpricing yourself and scaring away potential clients or underpricing yourself into losses. Research on the pricing of other listings in your area so that you have an idea of what to charge. If there are services that you can offer without incurring any costs, then you can include them for free when pricing your place. You can also offer discounts during certain periods. A dynamic pricing strategy helps in keeping above the competition and making the most of your listing. Make sure you know your legal and monetary responsibilities!
Aggressively Market your Listing
Let the world know that you are offering Airbnb accommodation. Make use of social media platforms and relevant online forums to market your property to potential clients. Do not rely on someone accidentally stumbling on your listing when looking for accommodation in your locality. It may take time to build your ranking on Airbnb. Besides marketing your property, you can also market your locality and give people a reason to visit the area. They are likely to want to stay at your place.
Keep up with the trends
Earning an income off Airbnb largely depends on providing accommodation at the right place at the right time. You can monitor trends and acquire property in areas that are likely to have more demand for temporary accommodation from guests. For example, if a carnival is set to be held in a certain city, you can lease property in the area and rent it out to Airbnbers. This will need you to monitor events calendars and keep up with the trends.
Automate your processes
There are automation tools that will help you in pricing your listing and communicating with your clients. Automating the day-to-day processes helps you to focus more on marketing and growing your listing.
Get out and network
As a growth strategy, ensure that you attend industry-related events and reach out to others within the industry. You can attend general real estate and technology of Airbnb-focused events. You will be able to gain new insights and learn about the services that you can leverage to grow your business. When possible, contribute to such forums as it establishes you as thought-leader and puts out your business to the attendants.
Make it feel like a hotel
Think about the best hotel in, say Hobart. What does that hotel offer that you can’t? Well, perhaps your home is not a luxurious waterfront accommodation, but that doesn’t mean you can’t create that same feeling.
Offer more than just Airbnb
You can leverage on Airbnb to earn an income besides offering accommodation. There are other services such as pick up and drop off, laundry cleaning, cooked meals and decorations for special occasions that can earn you extra money besides accommodating your guests. You can also use your experience to start a blog or podcast on Airbnb. This also boosts your Airbnb SEO ranking.