2017-03-08 00:00:00How to Make More MoneyEnglishGrow your Airbnb listing's potential with these tips for how to make the most money. It's not just about being clean.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Woman-Tidies-Her-Living-Room-In-Preparation-For-An-AirBnB-Guest-That-Is-Set-To-Arrive-Later-That-Day.jpghttps://quickbooks.intuit.com/ca/resources/money/make-more-on-airbnb/Make (More) Money on Airbnb

Make (More) Money on Airbnb

3 min read

The easiest way to make more money on Airbnb is having the right property and listing it at the right price. Be sure to look at all the listings in your area and make sure your pricing is competitive for the size and location. Additionally, don’t invest a lot into your listing and increase your price expecting to get rentals if you aren’t in a safe, popular, or convenient location.

Do the Bare Minimum

Another basic of Airbnb that you need to follow is making sure your house is always cleaned before and after a new tenant, particularly with clean bedding and a spotless bathroom. You don’t want bare walls. Instead, your décor choices need to aesthetically in-line. Perhaps invest in a couch cover if your couch looks like it could be found curbside.

Best Airbnb Photography for More Renters

Your description and photos matter. Both shouldn’t mislead a renter and should be an honest portrayal of your listing. If you have a lousy listing or photos, chances are, the listing won’t appeal to many people. At the bare minimum, your photos should make the space look as big as possible and the décor comfortable. Airbnb offers free professional photography to hosts in many cities, but it’s usually hosts who are active, so if you’re just starting out, consider hiring a professional or researching some photography tips for Airbnb listings. Make sure the listing description highlights the positive aspects of your neighborhood including transportation, restaurants, and nightlife.

Be a Good Host

Some renters want to be able to get to know their host and some are the opposite. The best way to find out what your renters expect is to ask them. Upon confirmation, provide recommendations about the neighborhood. If you know what they are coming to town for, try to provide a few suggestions specific to their trip. Once they are settled, check in to make sure they have everything they need.

Best Amenities for Airbnb

Think about the best hotel you’ve stayed at and try to replicate it. The best listings focus on the comforts of home and more. These help encourage positive reviews and increase income potential:

  • Wi-Fi and backup chargers for electronics
  • Coupons and take-out menus for delivery options
  • Extra electrical outlets and an alarm clock
  • Guest storage such as luggage rack, hangers, and empty drawers
  • Iron and ironing board
  • Toiletries
  • Coffee and a coffee maker, tea bags, creamer, sweetener, sugar, and mugs
  • Upgraded body wash, soap, face soap, shampoo, and conditioner
  • Clean towels
  • Snack staples such as bottled water, breakfast bars, popcorn, and chocolates or mints for pillows
  • Air fresheners
  • Deck of cards and board games
  • Corkscrew and wine bottle opener

Understand the Laws and Risks

Some provinces require landlord approval if you are renting your rental, or subletting, on Airbnb. Property managers with multiple properties renting nightly using Airbnb, as opposed to monthly or annually, could make more revenue. However, being a full-time Airbnb landlord is a controversial topic globally, and you might want to look into the specific laws and regulations in your province. Also, check to make sure your neighbors are OK with it first. Once guests complete a stay, ask them for reviews and to share your listing with any friends that come through town. Be sure to thank them for picking you, and ask if they have any suggestions for improving the listing. Properly budget your investment versus the return by using free tools such as the QuickBooks Self-Employed App.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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