Whether you just got your first apartment or already have several properties...
...the best returns in short-term rentals are reserved for those with a true entrepreneurial spirit.
The GOOD news ? You don't need prior real estate experience to manage your properties like a REAL pro.
And by following these 5 behaviors, you're sure to stand out:
1 - Look for the "right" properties 🏠
As an entrepreneur, you need to approach your housing choices by finding properties that are EXACTLY what you want to achieve.
For example, a one-bedroom apartment in the middle of downtown may fit one renter's strategy, but will be completely opposite of another's strategy.
And you will have to face one of the biggest challenges of an entrepreneur:
Knowing how to say NO
So how do you know if a property is right for you and your strategy?
Simply rely on data that can help you make decisions (surface area, past profitability of the property, location etc...)...
... IN RELATION to your objectives. This leads us immediately to point number 2:
2 - Create a solid roadmap with goals 🎯
If you don't have a compass, you will NOT know where to go.
While it's important to trust your instincts, you are an entrepreneur and need to have a roadmap with clear and specific goals.
Here is an example of a roadmap :
- What is your goal in this business : Get 20 properties ? Generate 10.000€ of turnover per month?
- What is your deadline to reach this goal: in 6 months, 1 year, 2 years?
- How do you intend to achieve this goal: Rent-to-rent, Properties Management , buying your own property?
In short, relying on data is the best way to become a true professional in the short-term rental industry.
Treating your Airbnb like a REAL entrepreneur means knowing when to listen to your instincts and when to listen to data in order to make more profitable decisions.
3 - Monitor the local AND national market 🌍
By keeping an eye on the market, you can proactively optimize your listings.
Indeed, the short-term rental market is highly impacted by local (weather, cultural events, etc...) and national (holidays, economic context etc...) events.
But what you may not know is how quickly these changes can impact your own homes
If you anticipate them, it can be the JACKPOT.
But if you don't, you can be left behind and miss out on bookings.
So running an Airbnb business involves an ongoing approach to monitoring your markets so you can proactively optimize your listings.
Some tips: activate some Google alerts, follow the groups in your city and talk to your peers, etc...
Whatever approach you choose, keeping an eye on the market (and possibly getting ahead of it) will help you become a thought leader in the short-term rental industry.
4 - Keep the competition in sight 👁️
“Keep your friends close, but keep your enemies closer.”
Well okay, it's a bit of a stretch to use the word “enemy”, but you get the idea:
To succeed on Airbnb, you need to know the competition's listings as well as your own.
(Some tools allow you to quickly analyze essential data such as the number of stays, the occupancy rate, etc.)
The main thing is to have quick access to useful information to be able to act on your own ads if needed.
Get into the habit of analyzing your competitors at least once a week on your couch for example, and if necessary modify your listings, and you'll be on the right track to success in your short-term rental business.
5 - Find a balance between costs and results 📈
The best entrepreneurs know this: you need to act on things that get results
In other words, don't be a perfectionist in the small details.
The best short-term rental contractors know that not every action really pays off, and you need to find a certain balance.
For example, proper decorating can really increase your Airbnb's occupancy and revenue.
Certain amenities can also do this, especially if there are amenities that guests can't live without, like a good coffee machine.
But before you jump into buying totally frivolous things like a home-cinema sounding system or baby equipment, study the data to make sure this investment will pay off.
In fact, all you have to do is focus on what YOUR customers (and potential customers) want and make the improvements that will give you the best value.
By following these tips, you can run your Airbnb like a pro and provide a quality experience to your guests while maximizing your revenue.
Remember, the success of your business depends on your ability to provide quality service and meet the needs of guests.
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For the rest of you, happy sales... 🚀