How to Make Your Airbnb Investment a Success

have to do it right. Here are the best tips on what to do — and what to avoid — to make your Airbnb a success.

What to Do

• Include every detail

  Uninformed guests are more likely to be frustrated and unhappy. Accurate, thorough descriptions of everything from the beds and showers to the check-in/-out times and directions are essential.

• Add as many photos as possible

  Guests will look at pictures before they’ll read lengthy descriptions, making them a necessity in every summary. Photos lessen the chances the property won’t meet expectations (which can result in a negative review that can hurt business).

• Answer questions promptly

  When a potential guest asks questions about your property, follow up with them as quickly as possible. Chances are good they’ve reached out to other properties, too. Your quick response may be the difference in getting them to book with you over someone else.

• Price it right

  Set your price too high and nobody will rent from you. Set it too low, and you leave profit on the table. Look at local hotel rates and how much other Airbnbs charge compared to yours. Also consider your location’s seasonality and set your rates accordingly.

What to Avoid

• Thinking it will manage itself

  While Airbnb owners will readily admit they make a great return on their investment, few will say they spend little time doing it. Answering emails, setting prices, addressing issues, and keeping the property updated and guest-ready takes several hours a week.

• Doing it all yourself

  DIYing everything can keep you from realizing your Airbnb’s full earning potential. Consider hiring a professional housecleaning service and find a couple of handymen you can call when something inevitably breaks or needs to be replaced.

• Forgetting about local laws

  Before going down the Airbnb path, save yourself some headaches by closely reviewing your city’s laws. Talk to your real estate agent, mortgage lender, and do some independent research. There are some city, and even neighborhood, ordinances that prohibit or restrict short-term rentals.

• Expecting it to sell itself

  Adding your property to Airbnb is a smart move, but it’s only the beginning. If you want your Airbnb to be a big success, you’ll need to execute a marketing plan for it. Register it on other travel booking sites, share it on your social media channels, and advertise it in area publications. Consider making social media pages especially for your property, so fans can follow it and keep up with any changes, special rates, etc.

Making your Airbnb a success takes some planning, an investment of time, and a bit of strategy. However, if you do it right, it can create a generous income stream that can benefit your budget and your lifestyle.