DECIDING TO LIST YOUR PLACE ON AIRBNB
People decide to enter the “Airbnb game” for a variety of different reasons…
Knowing what type of host you wish to be is important.
It will influence how much time you invest in the “Airbnb game”, the way you develop your pricing and marketing strategies, the guests you decide to accept or decline, and the likelihood of succeeding in hitting your individual goals and objectives.
Before diving headfirst into Airbnb, have a brief think about what your personal motivation for hosting is and what you would like to get out of it.
The Airbnb ‘Investor’
Not all short-term property rental markets are created equal. Some receive lots of travelers, whilst others receive far less. Some have high property costs or rent whilst others are much cheaper.
If your intention is to find a property for the specific purpose of making money on Airbnb, it’ll be worth your while to hit the pause button momentarily and do some basic independent research before signing on the dotted line.
There are a number of tools out there to assist hosts in selecting investment properties optimized for making money on Airbnb.
You may wish to check out Airdna’s market reports, investment explorer and predictive pricing tools. These will help you gain competitive intelligence you’ll want to consider when looking for an investment property or trying to optimize one you already own.
You’ll want to compare the rental performance, supply and demand of different properties in different markets; as well as understand the prices and occupancy rates those properties are able to command throughout different times of the year.
Investing without doing your due diligence or without being aided by data-rich insights to guide your decision-making process represents a naïve leap of faith and will rarely result in the most profitable outcome that’s available to you.