How to Get the Most Out of Airbnb Archives - Turno

How to Increase Airbnb Revenue in 7 Clever Ways

The Turno Team — Mon, 18 Mar 2024 07:48:12 +0000

What Increases an Airbnb’s Value?

The value of an Airbnb listing consists of a variety of considerations and factors. Ultimately, the better overall guest experience you can provide, the more you can charge and the more guests are willing to pay.

Providing the best environment possible for your guests and building a strong reputation are foundational steps. Host trustworthiness is a powerful influencer when potential guests are looking to book. High ratings and glowing guest reviews certainly help you stand out from the crowd.

Achieving 5-star hosting status starts with ensuring a well-designed, functional, clean, and safe Airbnb property. According to research from Boston University, “Airbnb guests pay higher rates for space, quality, friendliness, and unique experiences” when compared with traditional hotels.

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Top 7 Unexpected Ways to Increase Airbnb Revenue

While some Airbnb guests just want a clean and comfortable place to lay their heads while traveling, other vacation renters seek out extra perks and unique experiences.

With a little bit of creativity, optimizing your listing to offer a few memorable experiences and special amenities can drive your revenue skyward. Let’s take a look at 7 clever ways to increase your Airbnb revenue.

1. Rent Out Extra Storage Space

One simple way to increase your Airbnb revenue is to repurpose your property’s extra space.

Through the power of the internet and the popularity of the sharing economy, almost anything can now be listed to be rented and can serve as an easy way to earn additional income. Many different companies now make this process simple and safe.

One possibility is listing an extra storage space to act as a private storage locker for someone else.

Neighbor provides an easy-to-use marketplace where you can list your space and connect with people looking for a less expensive alternative to traditional storage units. This storage-sharing marketplace streamlines the process by taking care of logistics, such as payment and paperwork, and even providing liability insurance to limit risk.

Who knew that an unused closet, garage space, or shed could earn you extra cash every month? This can be a great option for Airbnb hosts to increase their revenue, and with a little pre-planning, can be leveraged without affecting guests’ experiences.

2. Rent Out Extra Parking

Whether you have an unused lot or an open space on your property, there may be the potential to rent out what you aren’t using and make some money from the space.

One great example is CurbNTurf. They are a listing and reserving platform that allows property owners to rent out their private land or parking areas to RV travelers. According to CurbNTurf CEO Aaron Rawlins, “the RV industry is selling a million additional RVs each year.” As demand increases, the need for parking grows as well.

With this platform, you can list any available space you have, from a single parking spot to a vacant lot. This can be a great way to essentially double your tenants — and income — overnight.

RV travelers bring their own home, and “RVs can provide their own power, water, and waste collection,” says Rawlins. However, those that offer these amenities are more enticing and can provide a greater cash flow.

Similarly, JustPark allows you to rent out an extra parking spot for cars, trucks, and SUVs. Especially if you live in a city or somewhere where parking is in short supply, renting out an extra parking space can help you earn hundreds of dollars per month without lifting a finger.

3. Make Use of a Large Yard or Acreage

If you have a larger yard, there are many cool ways you can use this to your advantage.

For example, expanding your Airbnb strategy to include glamping can be a game-changer for increasing revenue and attracting a wider range of guests. Imagine transforming your yard into a luxurious outdoor retreat, complete with cozy tents, comfortable bedding, and all the amenities of a five-star hotel. This unique offering opens up a whole new world of possibilities for your property.

Moreover, glamping allows you to maximize the usage of your property. Instead of letting your yard sit idle, you can turn it into a profitable asset by converting it into a glamping site. This not only generates extra revenue but also adds value to your property by making it more versatile and attractive to potential guests.

Another way you can utilize a large yard is by providing guests with tailored outdoor experiences. Think about your target market. Do you cater to families with children, adventurous couples, or business travelers? Enhance your listing by using your outdoor space for exercise equipment, playground toys for kids, and other outdoor-friendly amenities. Your ideal guests will appreciate and pay more for an Airbnb that has additional on-site offerings.

4. Provide Pet-friendly Accommodations

By welcoming pets into your Airbnb property, you can tap into a lucrative market segment and maximize your revenue potential. Many travelers, especially pet owners, actively seek out accommodations that welcome their four-legged companions. By catering to this demographic, you can attract more bookings and increase your occupancy rates.

Pet owners are more likely to book longer stays at pet-friendly vacation rental properties since they have the flexibility to travel with their pets without worrying about accommodation restrictions. Longer bookings mean more revenue, as you can charge nightly rates for an extended period as well as a pet fee, resulting in higher overall earnings.

Also, consider Sniffspot, a marketplace that allows you to list an outdoor space as a private dog park. Sniffspot can help you attract pet owners looking for safe and secure outdoor spaces where their furry companions can play and exercise freely. Pet owners, even if they aren’t your guests, are often willing to pay for access to private areas for their pets to roam and play.

5. Craft Unique Airbnb Experiences

Offering curated services and add-on experiences is a great way to provide a customizable experience that can increase the rates you’re able to charge.

Services such as home-cooked meals, tours of the surrounding area, or rental of equipment like bicycles can be another easy way to increase the income potential from your Airbnb. These creative additions also contribute to increased customer satisfaction during their stay, helping you gain new customers and increase your revenue with each stay.

Airbnb Experiences is another great option to make use of your knowledge of the local area or to share your hobbies and passions with your guests. Offering an Airbnb Experience is convenient because hosts can offer unique and interesting experiences for guests or tourists through one centralized platform.

6. Optimize Property Features and Amenities

Boost your revenue by leveraging property features and amenities such as pools, hot tubs, fire pits, outdoor kitchens, and bars. These attractions enhance the overall guest experience and attract more bookings, especially during peak seasons and holidays. Pools and hot tubs, in particular, are sought-after amenities that can significantly increase the value of an Airbnb listing.

By installing a pool or hot tub, you appeal to guests looking for relaxation and leisure during their stay. These luxury amenities provide a unique selling point that sets the property apart from others, leading to higher demand and occupancy rates. Additionally, guests are often willing to pay a premium for access to private pools or hot tubs, allowing you to charge higher rental rates and maximize earnings.

Furthermore, platforms like Swimply offer the opportunity to rent out pools by the hour to guests in the local area – monetizing your pool investment. This allows you to generate additional income from your pool when your property is otherwise unoccupied.

With an Airbnb swimming pool and/or hot tub, you can offer special packages or amenities for guests to purchase. Items like sunglasses, sun hats, additional towels, sunscreen, and aloe make for perfect pool and hot tub-related amenities. The same concept can be applied to having an outdoor kitchen or bar! Adult beverage mixers can be a great addition to your Airbnb property’s amenities, allowing guests to enjoy refreshing drinks while lounging by the pool or relaxing in the hot tub.

7. Become an Airbnb Consultant

Being an Airbnb host can be difficult and stressful at times, especially for those who are just starting out.

If you are an experienced host, then you likely have valuable knowledge that would be helpful for new hosts trying to find success. Your insights and knowledge on how to successfully run an Airbnb business is information that other people would likely pay money for. If this sounds up your alley, consider starting your own Airbnb consulting business.

The main role of a consultant is to provide an objective evaluation of the operations and strategies of a business and help them to improve. For Airbnb hosts, some common points of improvement revolve around the content and photos of their listing, pricing strategy, not understanding reviews and competition, and trying to handle everything on their own versus implementing tools to automate operations.

Being a third-party observer who has experience in the game, and providing crucial insights, can help you form a profitable side business that builds out from your hosting experience.

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Maximize Your Airbnb Revenue Today

When it comes down to it, it just takes some creativity and a bit of extra effort to increase your Airbnb earnings.

“More options means more opportunities. Not everyone vacations the same way, and having a versatile offering may bring more returning customers who appreciate the flexibility you provide that others don’t.”

– Aaron Rawlins, CurbNTurf CEO

We hope this list provides you with some new ideas to make extra income with your vacation rental business. That said, one of the best ways to increase your Airbnb revenue is to focus on the experience that you are offering, and that starts with ensuring consistent and quality cleaning.

Programme de Parrainage pour Hôtes makes keeping up with cleanings a breeze by managing scheduling, payments, and messaging all in one place. Download our host app today.

The post How to Increase Airbnb Revenue in 7 Clever Ways appeared first on Turno.

Tips to Select Vacation Properties and Build Your Portfolio

Uplisting — Fri, 05 Aug 2022 23:46:41 +0000

Is It the Right Time to Add More Properties?

“When is it time to buy a second, third, or fourth rental property? Renting multiple properties can allow you to increase your monthly income, lower individual repair costs by purchasing in bulk, and add a small cushion for times when one property is vacant. Best of all, you’ve already learned how to hack it in this business, so you don’t have the same learning curve to contend with.

If you’re thinking it’s time to purchase another property to use as a short-term rental, you’ll want to begin by analyzing your finances in much the same way as you did when purchasing your first property. Check for liquid money for the down payment, and keep your bank statements squeaky clean.

To fully decide if you’re ready, think critically about the challenges you’ve faced in being a host and candidly consider whether or not you are ready to deal with those challenges multiplied.

Assume Murphy’s Law here. If the air conditioner goes out at both properties, can you keep your head above water? Most importantly, do you have the time needed to effectively manage both properties? If the answer to these questions is yes, you’re ready to begin expanding your business,” says Futurestay.

What to Consider When Adding More Properties

You may be looking to start scaling your vacation rental business by adding more properties to your portfolio as the next logical step — and it’s a good one. But this phase is very risky.

Even a single new rental property represents a hefty financial investment, so you want to make sure you’ve done your due diligence and taken all the crucial factors into consideration, such as:

Stay Local or Expand to a New Area?

If you only started with a couple of properties, you may want to consider staying local. There are a couple of reasons why this is more ideal.

First, it’s easier to manage multiple properties if they’re all within easy driving distance. This is important, even in an era of online bookings and remote property management, because you never know when you may need to make an in-person visit to help a guest or resolve an incident.

Second is familiarity with the market. You already know all the pros and cons of each neighborhood and the demographics of the local population. Moving to a new area removes this advantage, forcing you to have to relearn quickly.

Which New Area Has the Best Opportunities?

Sometimes it’s expanding to a new area that is the best move, and not signing another local property. It’s best to move slowly when you consider expanding your borders, almost as if you were starting over from scratch (because in a way, you are).

Consider the ideal guests for your new property. What age? What group size? Business traveler, tourist, or student? Establish a purchasing budget that won’t strain your Airbnb cash flow. Then, carefully analyze which city or neighborhood would provide you with the best business opportunity to match.

Once you’ve finally landed a property in the new area, focus on developing this new property first and run it for at least a quarter or two before expanding further.

Develop Your Infrastructure First

Before you sign the contract on your new property, you should first make sure that your rental property business has the manpower, cash flow, and infrastructure required to run it effectively.

This could mean:

Hiring an administrator to be in charge of the new area (even more important if there are multiple properties involved)
Researching the bylaws, ordinances, permits, and fees required (especially if you’re opening in a different state)
Finding and hiring contractors in the new area — maintenance teams, cleaning crews, security, etc.
Upgrading software tools to dedicated accounting and/or property management software

If you open up your new rental property without these pieces in place, you risk being caught flat-footed if things go sideways.

You’ve Selected Your Next Property — Now What?

You may have gotten into a groove with managing your first rental — but the more properties and booking channels you add into the mix, the more you’ll need to look for ways to improve your efficiency.

Before you start listing this new property, consider how you’ll navigate the additional hosting tasks while still juggling your other responsibilities. You can’t add more hours to a day, but there are tools and software on the market that can help you maximize your time.

The post Tips to Select Vacation Properties and Build Your Portfolio appeared first on Turno.

Where Can I Learn More Airbnb Hosting Tips?

Hospitality.FM — Fri, 22 Jul 2022 21:34:09 +0000

Where to Begin

The first place to go to discover more Airbnb hosting tips is Google. From there, you can branch out to YouTube, Apple Podcasts, Spotify, you name it.

Whatever platform on which you consume content, there is most likely something out there that will speak to you and help you figure out where to begin.

Once you go to your favorite platform, type in hospitality, short-term rentals, and vacation rentals. Those three keywords will likely find you the most amount of content. Start searching like crazy, take notes, go down tons of rabbit holes, and you’ll find content. You’ll find people and companies that are relevant to how to get started as an Airbnb host.

Further, companies like Programme de Parrainage pour Hôtes consistently publish content on blogs, YouTube, social media, and more. Be sure to follow, subscribe, and sign up for emails from the companies that continually address common questions and pain points of vacation rental hosts.

5 Ways to Learn Top Vacation Rental Host Tips

1. Follow Industry Leaders

If you’re into hosting and want to create a real, sustainable business for yourself in the vacation rental industry, there are a few people you should definitely follow.

Matt Landau, Wil Slickers, Michael Sjogren, Dr. Rachel Gainsborough, and Julie George — all of these names are very influential when it comes to setting the tone for high standards in the vacation rental industry for hosts.

Another excellent resource for vacation rental hosts is Hospitality.FM. This podcast network is home to numerous podcasts that cover the short-term rental segment of hospitality.

Hospitality.FM Founder Wil Slickers recommends when searching for vacation rental-related content: Pay attention to who podcasters or YouTubers have on their shows or channels. Also, take note of these shows’ sponsors or partners because they’re likely heavily influential in the industry.

2. Take to Social Media

The vacation rental industry is a sharing and friendly space to get involved in. Make sure you’re using social media to further your search and learn from some of the top experts in the industry.

LinkedIn is a great platform because it’s now becoming more creator-friendly. Connect with everybody that you see as relevant in the short-term rental space. If you’re willing to take the time to learn and see what the industry is about, you’ll likely find that people will connect with you, too.

“When I first started getting into the vacation rental industry, the first thing I did was go onto LinkedIn and search ‘vacation rentals’ to see what popped up.”

– Wil Slickers

LinkedIn also gives users the ability to add hashtags to their profiles. For example, if you search for Wil Slickers, LinkedIn will tell you that he commonly talks about #hospitality, #hotelindustry, #vacationrentals, #shorttermrentals, and #hospitalityindustry.

3. Understand How Real Estate Content Fits In

Short-term rental is a term that you’re going to find in a lot of real estate content. This is a good thing because short-term rentals are very much a real estate play. That said, this real estate-focused content is not going to tell you how to host, how to provide a proper guest experience, or how to actually set up a home that fits a guest’s needs.

You’re creating a home away from home. Real estate companies or podcasts that cover short-term rentals are going to cover the funding, investment, purchasing, and capital aspect of real estate as an asset. They may not, however, discuss ways your Airbnb business can bring in a continual cash flow.

4. Learn From Others

The podcasters, YouTubers, and content creators mentioned above create and publish helpful information so that just about anybody can be a successful Airbnb host. They have firsthand experience and are teaching lessons on what not to do — so take those lessons and apply them.

If you customize the experiences of someone else to your own rental property, you don’t have to learn from your own mistakes. You can learn from others’ wins and losses, applying and avoiding what you like.

“If you can jump five steps ahead by learning from someone that has already done it, then do it.”

– Wil Slickers

When learning from others’ mistakes and successes, take note of how they present their listing and describe their destination. You’ll see that there’s a particular pattern; these experienced hosts have it down to a science.

This requires trial and error, but filling out your listing description in its entirety will boost your rental’s chances of standing out. Don’t skip filling out some information that you don’t think is relevant. Likewise, don’t miss out on highlighting your amenities, no matter how big or how small they are.

5. Be a Guest at Your Own Property

In an interview with Wil Slickers, he stated, “when I was in the military, the number one thing I was taught was to pay attention to the details.” This is imperative when running an Airbnb.

Some of your rental’s little quirks may not seem like a big deal to you. Say, the shower is actually hot when it’s on cold and cold when it’s on hot. It’s your home, and you know the workarounds — but your Airbnb guests likely won’t. They may get confused and frustrated. That’s why these little details really matter.

“Just pay attention, take note, experience your property as if you were a guest yourself.”

– Wil Slickers

Have your friends and family stay, and offer your first couple of guests a discounted rate. That way, they’re encouraged to leave a good review — and you’ll be able to learn from their experience. Not every guest is the same, not every host is the same, and not every home is the same. Make sure you understand that this is a “practice makes perfect” industry.

Whatever You Do, Just Get Started

That apartment above your garage, that second home — list it on Airbnb and make continual improvements to your listing, the rental itself, and the experience you provide.

“I guarantee you that if you always keep learning, if you always keep practicing, then you’re going to have a successful short-term rental business.”

– Wil Slickers

Consider the hotel industry. What experience are you going to get from a hotel every time you stay? Consistency. Think of your Airbnb rental as a one-unit hotel. Make sure there are enough linens, towels, and toiletries. Ensure cleanliness is held to the highest standards. Provide excellent customer service.

In summary, enjoy the process, always keep learning, keep yourself accountable — and just get started. Remember: practice makes perfect.

The post Where Can I Learn More Airbnb Hosting Tips? appeared first on Turno.