So, you have a property that you are thinking of making a short-term rental at Airbnb. If you are in this business, you must be having a hard time figuring out how to make money on Airbnb. This short-term rental business does seem really lucrative. One may think of this as the most straightforward running and the most gaining business. Well, Airbnb’s short-term rental business sure is one of the most revenue-providing businesses, but it never is easy.
Every business requires time and effort for it to run successfully, and the same goes for Airbnb’s short-term rental business. If you hit the right chords, this business will run smoothly but with little neglect, and you will find yourself hundreds and thousands of bucks.
So, the question remains how to make money on Airbnb, and the answer is given in detail below. Read further and get excellent tips on how to make money on Airbnb.
Eye-Catching Airbnb Listing
There are so many good options in the market that offer great Airbnb service. Why would a guest want to choose you among so many others? Well, give them a solid reason to do so. The first thing that catches an eye of a potential guest is their listing.
Your listing must have everything perfect to captivate your potential guest and won’t let him search another listing. So the first answer to the most-asked question of how to make money on Airbnb is to create an outstanding listing.
Here are few exceptional tips to make your Airbnb listing as catchy as possible:
Captivating headline
Do you want to entice your potential Airbnb guest to click on your listing? Grab their attention with a catchy headline. Make sure to include as many positive features and amenities in your headline. For instance, instead of writing ‘a great place to rent with all the luxury’, write something like ‘private romantic room with a bath en suite with a walkable distance to the main city.
Upload great photos
An excellent visual representation has a captivating effect. The more eye-pleasing photos of your place will be in your listing, the more the visitors will get enticed to book it. You should even hire a professional photographer to take pictures of your place. A professional photographer is worth an investment.
Write a comprehensive yet appealing property description
Showing every amenity that you provide in pictures isn’t possible. So, a property description is a slot where you describe what your property offers and why it stands out among the rest. If you’re offering an airport pickup service, do mention it in your description.
However, your property has some down points too, and with all honesty, you will have to mention them too. The key is to mention them in a way that these turning-off points will also have positive vibes. For instance, if your place is near the busy road that many guests won’t like due to the noise, you write this point as ‘near the hustling and bustling area of the city.
Try To Be an Airbnb Super Host
When someone asks me how to make money on Airbnb fast, my answer is always to try to be a super host. Airbnb obviously will you more visibility if you are a super host. The answer might be simple, but being is super host isn’t as easy as one may think.
Maximize your bookings
To be an Airbnb super host, you have to have three reservations totaling a minimum of 100 nights or at least ten stays per calendar year and have a 1% cancellation rate only.
Communicate often and reply early
Airbnb expects their superhost to have a minimum 90% of response rate. Now, this means that you will have to respond to 90% of the messages within 24 hours. We would suggest you download apps that could help you communicate with your potential and existing guests when you are on the go.
Get good reviews
Well, that’s pretty obvious! Good reviews mean more visibility by Airbnb. Your good reviews depict how excellent your Airbnb service is, and these reviews automatically write your name in the good books of Airbnb. So, do whatever it takes to gather a five-star review and rank high on the Airbnb site.
Calculate the Operating Costs
Like any other rental property business, Airbnb’s short-term rental business will have certain operating costs.
Obviously, when it comes to the question of how to make money on Airbnb, the other question accompanies what your operating cost is.
When you are estimated calculating the cash flow, you should consider the cost and fees so that you know how much of the revenue you are generating. Make sure to calculate:
Host fee
Airbnb charges every host a 3% fee for processing payments.
Cleaning fee
If you hire a cleaning service to keep your Airbnb tidy, add its cost to your operational amount.
Turn fee
Turn fee includes your expenditure on basic amenities like toiletries and soaps.
Maintenance fee
Maintaining cost is the one that you use to marinate your place’s condition like repairing damages caused by your guests, etc.
Regulatory licensing fee
Some states require to have a license approved by the municipality. This license comes with a fee.
Taxes
To run your Airbnb business smoothly, you will have to clear all your taxes, like occupational tax, local tax, etc.
Regulatory licensing fee
Some states require to have a license approved by the municipality. This license comes with a fee.
How to Make Money On Airbnb: Conclusion
The simplest answer to this question of how to make money on Airbnb is to make your services exceptional. Your guests will keep running back to you if they have the best online and in-person experience.
Word of mouth gathers a lot of guests too, and this comes by good reviews. A good review is indicative of how pristine your services are and how honest your description is.
The other thing that will help you make decent earning on Airbnb is to know the platform’s policies. If you have all the boxes checked regarding Airbnb policies, this business will surely give you decent revenue.
also read my post on Airbnb Pricing Tool- What Are Best Airbnb Pricing Tools 2023?
