How to earn (more) money on Airbnb? It can be really lucrative if it is managed well and to its best potential, but that’s provided all aspects of the hosting business are covered.
In today’s demanding hospitality market, the bar has been raised and guests expect Airbnb properties to be top notch, with speedy and efficient customer service, just like a hotel. It’s not just a case of answering a few emails, it’s a business.
Running an Airbnb listing, or listings, can be a full-time job; the queries, the cleaning, the marketing, the pricing. That’s why people often do it for an occupation, and the successful ones have the income to match.
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So how to increase Airbnb revenue?
A straightforward way to earn more money on Airbnb is to adjust the rates accordingly at weekends, and throughout the high and low season. The key is not to short change yourself when working out rates but to be in-line with the current rate if possible.
Check the prices of hotels and other listings in your city or neighborhood during key events and periods and price match them as best you can. Even if a hotel has a spa or health club, the extra space you have in your place, the garden and the district might be more attractive.
2. Optimize your listing to increase your conversion rate
This sounds like common sense but it’s amazing how many hosts don’t do this enough. To create more interest and get more bookings, it’s all about optimization.
This includes having compelling photos of your listing online; either by hiring a professional or persuading a talented friend, really reflecting your property and all its unique features.
Choosing a catchy title for your listing is also important; think of it like an elevator pitch, you only have so many characters to inspire people.
Lastly, a detailed description of all the special elements of your listing, the amenities and local attractions or insider tips and voilà, you have the whole package marketed nicely.
3. Increase the cleaning fee
It’s possible to set the cleaning fee a little higher, to make a little extra cash on the listing. Of course, it should be reasonable otherwise shorter stays might not see it as a viable option versus a hotel.
Another tip for hosts that outsource cleaning is to try and get a long-term deal with a reliable cleaning service provider and be in contact by text so there’s not too much time wasted on communications, and the job gets done quickly.
4. Answer queries, quickly
This will ultimately make you more money as your response time will score well and there’s less chance of a customer booking elsewhere. It’s a truth that hosts often get messages when they least want them; when they are out to dinner, at work, even in bed (with various time differences).
Whatever the time is, potential guests want an answer straight away and as in all business, the customer is king. If you let the response rate drop, you are at risk of low ratings and earning power.
That’s why it’s advisable to enlist a dedicated professional if you don’t have time to answer all the queries.
5. The professional solution for guaranteed success
Using short-term rental professionals can be a real solution – especially if you don’t have enough time to take care of your Airbnb.
At GuestReady, we offer comprehensive concierge services and take care of your property and listing to ensure you increase your rental income.