With lowering flight prices and an increasing opportunity fortravel, there is an ever-growing demand for short-term accommodation. Capital cities such as London are thriving when it comes to holiday property rentals. Unfortunately, most Airbnb properties aren’t optimising their listings, missing out on maximising their potential yield. Regardless of property size, landlords can optimise their properties by working with Airbnb property management companies to improve their customers’ experience and boost return on investment.
Can I Rent Out My property?
Nine times out of ten, the answer is yes. Airbnb is full of a variety of different hosts. Whether you have a spare room, a whole house or multiple properties; you can boost your income by renting out your space.
If you don’t own your property, its vital that you gain the permission from your landlord to allow you to sublet the property. Be honest and upfront, otherwise be prepared to face the negative consequences.
Renting your property on Airbnb can be one of the most powerful sources of additional income. Access new streams of revenue by optimising your listing during peak seasons, consider school holidays, festivals and local concerts.
3 Ways To Increase Your Airbnb Income
1. Tailor your listing to parties and event
It’s important to optimise your listing, tailoring specific elements towards different types of audiences. Most landlords presume that more income is generated from guests’ booking for longer periods of time. Whilst this can be lucrative, it isn’t always the case. Promoting your property towards specific events and parties can allow you to charge a higher price and tailor their your property to improve their experience. Guests often don’t have enough room to host large dinner parties or meetings, consider how your property could be utilised and tailor your property to suite your customers needs.
As a landlord, you should keep up to date with local calendars and events. This will allow you to boost your prices during these busy seasons. Consider listing your property as separate rooms to increase yield. You can boost your Airbnb income through group or evening bookings that need your space for a shorter period of time.
2. Interior design
Your property has a lot of potential, it’s important to harness this. The furniture, spacing and lighting in your property has a huge impact on the price you can charge at your property rental.
Creating an open, clean and light space will ensure your property looks inviting, securing more bookings. Highlighting your properties unique features, whether its quirky furniture or open balconies, will catch your audience’s attention. Showcasing these features will allow you to increase the price of your property, returning a higher yield on your investment.
3. Personal touches
First impressions count in every situation. You can give your guests a better experience with your property rental, improving relationships and boosting reviews. If your guests have a 5-star experience, they are more likely to reflect this in their review. This can lead to repeat business or high-quality referrals.
Giving your guests a personal experience starts with communication. Staying in touch with your guests when they need you most is important to ensure they have everything they need to feel comfortable in your home. In-person key exchanges is important, this shows guests you care about their stay; introducing them to the property and surrounding area.
Scan over our infographic below to find out more about listing your property on Airbnb, European tourist hotspots and interesting figures around increasing your yield with Airbnb property management.
End-to-end Property Management Services
There are a whole range of services to support you and your property rental. Hostmaker offer full property management services that can boost your income by up to 30%. They take care of everything from photography, listing optimisation, 24/7 guest communication and interior design. Book your property assessment today and see what you should be charging for your property rental.