By | Amy Sloane | Freelance Writer
If you’re interested in creating multiple streams of income, this is a wise interest to take seriously. When you’re not solely dependent on one income stream, it provides more flexibility and freedom from a financial perspective. When you’re building multiple streams of income, many financial advisors will recommend real estate. If you’d like to turn your Airbnb into a secondary stream of income, implement the following tips.
1. Offer Great Rates
When people head to the website to book a rental, most are looking for the best deal they can possibly get. When you’re first getting started, you’ll want to consider the rates of the listings. Keep your listing competitive by offering attractive rates. If your rates are too low, you might not get any bookings because people will be skeptical. As you continue to get more bookings, you can raise your rates to keep your property profitable. When you have lots of reviews, this is a great way to validate the reason for the higher nightly rate.
2. Collect Great Reviews
Encourage your guests to leave reviews. When you have a lot of reviews, you’ll increase your chances of getting lots of traffic and visibility. While you want your guests to organically leave great reviews, make sure you go above and beyond to make sure their stay is wonderful. In addition to providing great service, create reminders or incentives to help them leave great reviews. Create a welcome card. In addition to welcoming them to your rental, remind them to leave a great review. Add the WiFi code and any other essential information. As they check out of the rental, send a thank you message as well as another reminder to leave a review. Don’t be pushy. However, be clear.
3. Provide Excellence in Hospitality
Your approach to hospitality can either make or break your income potential. Start with cleanliness. Cleanliness is a really big deal. People fall in love with their eyes first. Make sure the rental looks beautiful. If you don’t have an eye for interior design, ask a friend to help you. You can also find an interior decorator to help you make changes within a specific budget. An all-white theme will work wonderfully for bedrooms, linens, and more. Consider how hotels approach interior design and take it from there. Hospitality also includes being available for any issues the guests experience during their stay. Whether the AC isn’t working or the ironing board isn’t opening properly, be willing to provide solutions. If your guests staying in a hotel, they’d definitely call the front desk for help. Until you assign someone the responsibility, you are the “front desk operator” of your rental property.
4. Invest in Your Education
When you’re looking to build a strong secondary income stream with Airbnb rentals, invest in your education. There is a range when it pertains to improving your business approach. Take an Airbnb course in order to learn how to streamline your process and improve your profitability factor. Learn how to find cleaning personnel, quality furniture, and other amenities to improve your process. Read books and articles to perfect your negotiating skills when you’re working with contractors and more. As you learn more about improving your business strategies, you’ll be able to apply them to your next income stream and the respective strategies.
5. Offer Amazing Amenities
Amenities really matter when you’re creating the perfect ambiance for an Airbnb. Think about all of the qualities that can turn a house into a home. Provide as many of those features as you can while remaining profitable. A coffee/tea bar is an excellent addition. Provide an array of healthy snacks and junk food. Keep bottled water available as well as a filtration system. You can trust this labeled bottled water for the high quality bottled water. In addition to WiFi, make sure there’s access to a television. Extra amenities like a towel heater for the bathrooms, fresh flowers, and discount codes for delivery services will make a guest feel even more special and luxurious.
As you work through these tips, take time to notice the ones that work the best. As you tweak and perfect your techniques, it’ll be easier to maintain a system that’s seamless, effortless, and profitable. Before long, it won’t be hard to keep your Airbnb rental booked at all times.