Actually making money on Airbnb is the biggest challenge that most hosts face. Many hosts never seem to be able to increase their revenue.
Fortunately, it is possible to significantly improve your Airbnb income, but it will take a lot of hard work, creativity, and sacrifice. If you are not willing to invest time, money and hard work, it’s unlikely your Airbnb revenue will grow.
If you’re looking for ways to get more out of your rental, check out these 10 ideas to boost your Airbnb earnings.
Carry out improvements
Even simple touch-ups – like a fresh coat of paint or better appliances – can make your place more appealing to guests. Bigger changes such as new floors and improved disabled accessibility can make a place more appealing to book.
Offer experiences in your city
Hosts can create unique experiences based on their passions or interests. For example, introducing out of town foodies to your town’s restaurant scene. Successful experience hosts can generate more great reviews and of course, more cash!
Accommodate more people in your listing
You could add a functional sleeper sofa in your living room and easily have space for two more people. This would allow you to increase the price per night significantly.
Make sure that you have an adequate source of financing
There are tools, such as Payfully, which allow you to cash out your future Airbnb bookings whenever you want – meaning you don’t need to wait for your guest to check-in to get paid. Payfully enables you to get the cash to invest in your property and to deal with any unexpected expenses.
Become a co-host and help others managing their listings
This will require more time and extra effort, but it’s definitely worth it! All co-hosts receive a commission, so it’s a nifty source of extra income.
Hire an Airbnb management company
If hosting is not your full-time job, you could use a professional Airbnb management service to take care of the finer details. Such companies deal with all aspects of guest handling and even enable you to book out your units when you are out of town.
List all year round
Many hosts make the mistake of only listing their properties at certain times of the year. Try to keep your units listed all the time for the best chance at full occupancy, even when it’s the low season.
Make your listings kid and pet-friendly
Many people like to travel with the whole family – children and pets included. Making it easy for them to find suitable properties from the outset can lead to winning you more bookings – and more revenue as a result.
Use a professional Airbnb cleaning service
Guests will always prefer a place that is adequately and professionally cleaned. Even one negative review saying cleaning wasn’t up to scratch can damage future bookings. Hiring a professional cleaner will make sure no spots are missed, and your ratings stay top!
Cater to business travelers
Business travel is one of the fastest growing segments on Airbnb, and it’s great because it’s year round – not affected by the seasonality of your location. Taking a few steps to attract business travelers, such as adding high-speed internet, can quickly increase your number of bookings.
Increasing your Airbnb income is far from impossible, but it will take time and a few adjustments. The hosts who make the most money are those with the patience and persistence to succeed, and those who devote as much as energy to their business as possible.
About the Author
Payfully is a platform that allows hosts to get paid faster. Payfully offers hosts the possibility to get paid in advance, instead of waiting for the guest to check-in. Users will then invest these funds back into their properties in order to achieve better reviews, more bookings and of course, higher income!