Your head has been in the short-term rental business? You have probably gone through Airbnb and said to yourself, I can do this. The good news is that it does not take months of planning to launch a profitable short-term rental. When you do it the right way, you can make your property inhabiting and having guests within 30 days.
Sounds ambitious? It absolutely is. However, it can be fully achieved provided you have a strategic roadmap. And now, how to make it happen, we should break down.
Week One: Find Your Property and Nail Down the Basics
Any successful short-term rental is based on the property. You are ahead of the game, if you already have a space, be it a spare room, a basement apartment or an investment property.
The location is very important in the short-term rental business. Search in places of heavy tourist interest, business travel center, or college and hospital neighborhoods. Check out current listings in your target region to determine competitors and prices. Are the properties fully booked or are there vacancies? This study will inform you that you are venturing into a hot market or saturated market.
After you have zeroed in on your property, understand the local by-laws. Keenly follow up on whether the town requires specific permits or licenses; on the other hand, some other towns have restrictions on renting. By planning ahead, one can save time, inconvenience, and a hefty fine.
Week Two: Transform a Room into a Space Guests Will Love
Your place should be special in a sea of listings, and it begins with the creation of a place that will be friendly, homely and Instagram worthy. It does not require a huge budget but it requires intent.
The base necessities can be a nice bed, good bedding, blackout curtains to get a good sleep, high-speed internet connection, and a well-equipped kitchen. Imagine what you would want even when you are traveling. Charging stations by the bed? A full-length mirror? A luggage rack? Such little gestures matter so much.
When starting from the ground up or furnishing many rooms from scratch, it is a good idea to think about airbnb furniture package. They are curated collections that are specifically created to be rented out in the short run and help you save hours of wandering around in shops at a time and still have your place look coherent.
You should not forget the emotional appeal of your space. Include some local art, greenery or a few books and board games. Prepare a welcome basket with snacks, a handwritten note and recommendations of restaurants in the area. Such considerations make a simple rental a good experience–and good experiences bring in five star reviews.
Week Three: Master the Marketing and Listing Game
You have got your property ready. It is high time to present it to the prospective guests. The development of the effective listing is a science and an art.
Photography can not be negotiated. Bad quality phone photographs are not going to be enough on a competitive market. When you simply cannot hire a professional photographer, you can invest some time in basic lessons: shoot in the golden hour, clean up all surfaces, use natural light, and shoot wide shots. Snap pictures of all the rooms, such as frequently neglected locations, like bathroom and outdoor space.
The description of your listing must be a story. Rather than describing facilities, describe the experience. Imagine you are drinking your morning coffee on a private balcony and are enjoying the sunrise over downtown “beats” has a balcony” every time. Be clear on what is special in your place.
The issue of pricing strategy is also important. You will want to keep your prices slightly below market rate in your first few bookings to get momentum and get those all-important first reviews. After you have some five star ratings you can slowly raise your nightly rate.
Make sure that your property is listed on more than one site, such as Airbnb, but also Vrbo and Booking.com. Both platforms possess an audience and the more you can diversify the better your visibility and booking capacity.
Week Four: Set Up Systems for Smooth Operations
In the final week leading up to launch, bring in systems to keep things manageable. Attractive as the market may be, a failure to handle the running of it will keep a property from maximizing its potential.
Determine your approach to communication with guests. Would you do it on your own or are you going to get a co-host? Design templates of messages which are common: booking confirmations, check-in instructions, check-out warnings and the answers to frequently asked questions. This saves on time and provides uniformity.
Standardize a cleaning procedure. Cleaning yourself or paying someone to do it, develop a comprehensive list that will include all the rooms and chores. Shopping cleaning supplies, fresh linens, and toiletries in high volume will help to avoid a last-minute rush.
Look at the financial aspect also. You can consult with the financial planners who know how to make the most of the taxes and long-run profitability by referencing to the short-term rental income. They have the ability to recommend on how to follow the expenses, deductions, and how you can set up your rental as a business assuming it is reasonable.
Establish a pricing calendar that includes local events, holidays and seasonal demand. This can be automated by using dynamic pricing tools that will adjust your prices according to the demand to maximize revenue.
The Launch Day and Beyond
On the day of launch, you should do a last minute check as though you were the guest checking in. Are the premises clean, functional and accommodating? Are the check-in instructions very clear?
Guest feedback is particularly important once you have made a few new bookings. What do they rave about? What questions do they ask? Take this information in order to continuously improve your space and your systems.
It is only the beginning after the first 30 days. Developing a profitable short term rental is doing things that result in positive guest experiences that are consistent and result in great reviews, repeat bookings and referrals through word of mouth.
Your 30-Day Challenge Awaits
It will take a few months to launch a profitable short-term rental, and it will take less than 30 days of focused effort and hustle. The trick is to divide it into small weekly tasks and keep in mind that the aim is not to be perfect, but to start working.
The vacation rental market is only expanding and hosts who develop outstanding experiences have a place there. It would take less than a month before your property starts receiving visitors. The query is: are you willing to make the step?
What is keeping you behind with starting your short-term rental? Post your ideas in the comment box!
