Buying a property to rent out on Airbnb is a great investment idea. The platform is hugely popular and is always growing. Since it has a lot of differences from renting out to tenants, there are a lot of advantages. You can make a lot more of a profit margin when renting out to short-term renters.
There is always a way to make more money when you have an investment property working as an Airbnb. Finding those ways is always a good idea since you never know when the economy is going to take a dive. In this article, we will give you several tips to help you make more money as an Airbnb owner.
1 – Airbnb experiences
People are not traveling just to tick boxes off of their bucket lists. They are looking for experiences when they go somewhere. They want something authentic that adds to the excitement of being somewhere away from home. This is an opportunity for an Airbnb owner to gain some extra money by providing that experience.
For instance, you can add cooking lessons that feature the cuisine from the area where your property is. If you bought some real estate in Texas then you could offer some lessons in making barbecue or Tex-Mex recipes. A traveler coming to your property in Maine is probably looking to make lobster rolls.
There is also the opportunity to offer guided tours of the area. If you are a local then you know the spots that a tourist would love to visit that aren’t in the guidebooks.
These are just a couple of examples that you could do to make more money. You just have to list it on the site and you will get your guests paying more.
2 – Upgrade the property
When your property has some features that set it apart from the others in the area you can make much more money. These upgrades can even be a selling point that makes more people want to book so you have more consistent bookings. In addition, you can ask for a higher per night price.
A perfect example is having a spa bathroom that features things like a hot tub, smart toilet, and a massage table. You could even have a room set aside to set up a small gym or yoga room on the property.
3 – Offer transportation
Hotels often make a lot of their money from offering transfers from the airport or train station. You should definitely be doing the same. Instead of your guests needing to call an Uber or taxi, you can make their lives easier by taking them to where they need to go and picking them up when they arrive.
The price will depend on the distance to the pickup spot as well as how many people there are and the number of bags they have. This is all standard when a hotel does it and gives you the opportunity to increase the price.