8 Things to Know When Starting an Airbnb Business

Airbnb is becoming one of the most popular businesses in the world, and currently, there are more than four million hosts, more than 150 million users, and almost half a billion guests. As you already know, with this platform, you can book accommodation all over the world, and you will be getting much bigger and better space, with lower costs when compared to traditional hotels. It is a practical choice no matter if you are visiting a city for a few days, or even for months. You’ve probably already been using this platform as a guest, and if you want to become a host and start making profits, you should continue reading because here, we are going to talk about some things that you need to know when starting an Airbnb business.

1. Create a new account

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The first thing that you have to do if you want to list your home is to create an account on the platform. As you probably know, this is free for you to do, and the steps are pretty straightforward and easy. You need to add your email and keep in mind that you will be getting all the notifications there, so if it is not already connected with your phone, do it as soon as possible. You will also need to add your number so that you can be found and contacted with ease.

2. Add the info required

Once you have your account set up and confirmed, you will need to add details of your home. For this process, you will need to add all the information regarding what you are offering to your guests, size, number of bedrooms and bathrooms, as well as location and other important info. You should also take good pictures of your home and attach them so that guests can know what they are choosing to book. In this part, you can also list the responsibilities for the guests, as well as things that you are not allowing, for example, smoking, parties, or pets.

3. Understand what your responsibilities are

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You need to understand what your responsibilities as a host are, and for this part, you can either go through the information already up on the platform’s site, or you can talk to other hosts. You need to provide a safe place for your guests, that they feel comfortable in, you need to provide privacy, as well as a clean and sanitized house. These are the bare minimum things that are expected from every host, and there are so many other things that you need to do to make your listing more attractive than others in your area.

4. List your place

Once you have everything added and taken care of, you need to list your place. The process is once again really easy and simple, and don’t forget that you will need to connect it to your bank account or credit card so that the funds are transferred to you as soon as the booking is finished. You can always edit the details as you go, but make sure things are set up before you list them. You should also consider creating a guide, as well as a rulebook and expectations information so that guests have a better understanding of what is expected of them.

5. Make sure your place is prepared

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Keeping your place clean and tidy is a must if you want to attract guests, and you need to make sure that everything is working properly. You don’t want to end up with complaints because the water heater was broken or because there was an issue with cleanness.

This can be difficult for new owners, luckily, there are services such as helloguest.co.uk that help out host to keep the place in the best possible condition and continue attracting customers.

6. If needed, get the licenses

Keep in mind that depending on where you live you may need to get licenses to become a host. The same goes for filing taxes and getting a business permit. In some countries, only one of these is needed, while in others, you may need to file requests and get permission to sublet your property. Check the regulations in your country before you list your place so you don’t end up in trouble.

7. Get insurance

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Know that you have to have insurance on your property, because if it gets damaged, yes, you will get extra money from Airbnb, but more often than not, the guests will not be charged as much as the damage they made. You will need to bother with courts, claims, and even international laws. So, to avoid big issues and to avoid waiting for months and even years before you get your money back, you should get insurance for your place. This way, no matter what happens, you will be able to stay in business.

8. Define what your budget is going to be

Another thing you need to pay attention to is your budget. You will need to plan for the monthly expenses, as well as things that you want to improve in the house. When you get a management service, you will be able to forget about all the responsibilities you have, except bills and additional costs. So, plan on how much you are going to put into the place, what you want to remodel and improve, and how much you plan on keeping for yourself if the place is booked all through the month.

Don’t forget to create a business plan, and list your Airbnb booking in other places to make sure that it is visible and that people can notice it. Share the link to the listing on social media, and learn who your potential customers are. Always be ready to make changes and improve the stay so that you get a better rating and with time, get more customers. Don’t forget that you need to add a reasonable price for your stay, and with time, as you improve the place, you can increase the costs. The worst mistake you can make is adding too big costs right from the start and driving people away. Sometimes it is best to charge a bit less than the others in the same category to get more and more guests to stay in your home.