Ok the secrets out… Airbnb can now be used to make a living. The multi-million pound start-up is expanding rapidly and people all over the world are opening their eyes to this fun alternative to hotels – giving home-owners the opportunity to make serious money from their home. All you need is an empty property or even an empty room in your property and you could be making more money than your 9 – 5 job while lying on a beach in Thailand. One thing we have noticed since running this company is that many people could be earning a hell of a lot more with just a few simple changes. While it is true that location and size are probably 2 of the most important factors in maximising earnings, not everyone can afford to go and buy a mansion in Mayfair so we are going to look into some things which you can do to your current property to make more money.
Ok, ok, ok… I know what you’re gonna say “If they wanted a hotel they would get one” and you’d be right. HOWEVER we see time and time again that the properties which are rented out most regularly are the ones which are modern, clutter-free and spotlessly clean. Don’t get me wrong most guests do love a place with character and charm however you must get the balance right between it looking unique and it just looking unappealing. While many people use Airbnb to get that homely feel and to live like a local – a large percentage of guests also use it as it’s better value than a hotel. In order to compete with the hotel price, people will expect your home to compete with a hotel in appearance. This can even be as simple as including a photo of some freshly folded white towels with a couple of small soap bars on top. This is never more important than when it comes to the bed, it needs to look as close to a hotel bed as possible. Clean, white, ironed sheets only. We see time and time again properties which have old sofas, tired old kitchens, old fashioned wallpaper, discoloured bedsheets etc etc and it just doesn’t appeal to the market share of guests. If you’re just putting your place on Airbnb for a week while you go on holiday fine, but if you’re serious about making money from this you need to spend some money updating your furniture, flooring, wallpaper, bathroom etc. This could be the difference between making £60 a day or £160 a day.
It’s common to see your rentals go through the roof simply because you have gotten professional photos done instead of using ones taken on your iPhone 4. Airbnb does offer a free professional photography service which I would highly recommend you use if you’re thinking of using Airbnb in the long term. Otherwise if you use an Airbnb Management service they should offer you some professional photos using a high-end digital camera. The difference a good camera can make is massive. By using a wide angle lens too it makes your place look more spacious. If you have outside space make sure you’re photographing in good weather!
This isn’t a quick fix however this is something which many people will look for and often will happily pay more for if the feedback is good. Make sure your description is honest, your house is clean and your communication is spot-on. If you don’t have time to clean the pace properly get a cleaner, if you don’t have time to chat to your guests 24/7 get a property management company. Whatever you do make sure you don’t get bad reviews as this will really harm your listing.
One simple way of getting more money is by catering to more guests! Get a sofa-bed instead of a normal sofa this way you’re appealing to a wider market. Get a pop-up mattress in the spare room. This is a really simple way of increasing revenue.
Last but not least is location. While it’s impossible to move your house to a better location (unless your house is a caravan) you can sell your location!! Maybe it’s not the most desirable location in London but it may have a cool Banksy down the road, or they might be a famous film which was made at the end of your road. One of the reasons people use Airbnb is to stay in places you can’t get a hotel. Maybe you live in an up and coming area of London which doesn’t have any decent hotels in yet. Whatever it is – sell your area! If the transport links are good then sell them. Maybe it is in zone 4 but you can get the tube from the end of your road and get to Kings Cross in 20 minutes flat. Don’t be shy of your area – maybe it’s not ideal but people are prepared to negotiate on some things if the price is right and your home ticks all the other boxes.
T: 0203 488 1038
Eazy Management LTD
160 City Road