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Maximize Your Airbnb Money

Got an Airbnb? Want to maximize your income and start doing as well as some of the top performers? Here are some ways to get the maximum rental dollar out of your property.

If you have an Airbnb and you need more money out of it, it may not be as hard as you think to boost your income. Here are some simple suggestions.

Keep It Spick & Span

First off, you need to keep your Airbnb as clean as possible. This means hiring a good external cleaning service and not trying to take on the task yourself in order to save money. Fortunately, you can recoup much of this cost by charging it back to your guests as a cleaning fee.

Hiring a maid service is not enough though, you need to check up on the work they do. Not every cleaning service will have the high standards that you have set for yourself and your rental property. From time to time, you should double check the work they do and let them know that you will continue to do so. That will hopefully keep them honest.

In this day and age, cleanliness is one of the most important things that you can do to increase your revenue. A clean rental is one that will be well reviewed and that will boost your income dramatically.

Stay Up To Date With Maintenance

No matter how clean your Airbnb is, people will be put off if you do not stay up with the maintenance.

Keeping the paint up to date is one of the easiest things to do, but it also the most neglected. Have your rental painted and make sure to choose a color that is easily obtained. Choose an off the shelf color instead of a custom one will allow you to always be able to purchase more paint in order to do touch ups. With a sea of renters coming in and out of your hopefully successful rental, you will need lots of it.

Also, be sure to pay attention to all of the little maintenance details. Keep the tub caulked, replace cracked wall outlet covers, and make sure the cabinet drawers move smoothly. Little things like this can affect the impression of renters on your Airbnb and as you know, it is all about the rankings.

While you are at it, consider more significant updates. Those 1970’s appliances are not retro, they are just plain old. Every dollar spent on renovations will eventually come back to you.

Add More Amenities

The benefit of an Airbnb to many people is the creature comforts. Sure a hotel has you beat on customer service, but they can not compare to your ability to make it feel like home. This is where you need to shine to make the most money.

Add little things like a good cooking set, a gas grill, free wifi and satellite television. Also consider more expensive items that could pay for themselves in short order. A spa or hot tub will certainly make your Airbnb stand out, as would an in unit washer or dryer. The more reason you give people to want to be in your rental, the more popular it will become.

Up The Sleeping Capacity

The more people you can sleep, the more valuable your Airbnb will be. While there is a reasonable limit to how many people can sleep in a rental, there are things that you can do to increase capacity.

A one bedroom condo, for example, does not have to only be able to sleep two. Add a set of bunk beds in the hallway and you have doubled your capacity and made a perfect unit for a small family vacationing. Another option is a sleeper sofa or sleeper chair. While not the most comfortable bed choice, it does the job of increasing capacity making your rental a viable option for larger groups.

Promote Your Listing

There is a world of opportunity to share your rental on social media for free. Take advantage of Facebook, Instagram, Pinterest and every other outlet that you can.

Self promotion works especially well if you are promoting a rental in a popular tourist destination such as Clearwater or New York City, but it can be effective just about anyhwere. Just figure out what your unique selling point is and capture it on photo or video. Do this effectively and consistently and you can drive up demand for your Airbnb. Once demand is up, rental rates will follow.

Know What’s Going On

Instead of being an absentee Airbnb owner, make sure that you know what is going on in the city of your rental. Is there a trade show or convention coming to town? Any even that quickly books up hotel rooms will do the same thing for Airbnb rentals.

Identify events and times of the year where traffic spikes and be sure to set your rental rates accordingly. Don’t leave money on the table by being unaware. Even a small event can drive up your rental costs by hundreds. 200 dollars here and 300 dollars there will add up big by the end of the year.

Posted by
James Car

James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.