Are you ready to finally start that Airbnb business you’ve been daydreaming about?
Maybe you’re most excited about making a great real estate investment next year. Or you’re finally ready to turn an existing property into a money-making machine. Or maybe you love hospitality and can’t wait to host your very own guests.
Whatever the case, you need to make sure you’re setting your Airbnb up for success. Instead of reinventing the wheel and making tons of common mistakes, use the 10 tips in this post to successfully start your first Airbnb next year!
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- 10 Tips to Successfully Start an Airbnb in 2023
- 1. Know your market
- 2. Estimate your profitability
- 3. Plan for the essentials
- 4. Know what it’s really like to host guests
- 5. Set up a stellar listing
- 6. Don’t manually calculate your Airbnb pricing
- 7. Plan for property maintenance
- 8. Know that a perfect 5-star rating isn’t everything
- 9. Learn how to earn even more revenue
- 10. Stay in the know on Airbnb updates
10 Tips to Successfully Start an Airbnb in 2023
1. Know your market
How do you know where your Airbnb should be located? What’s the best market for Airbnbs? Where can you earn the most revenue?
If you try to answer these questions on your own, you could spend tens of hours researching and never even identify a location you feel confident in.
Thankfully, AirDNA makes finding the right location for your Airbnb super easy. AirDNA instantly calculates the expected short-term rental revenue, nightly rate, and occupancy rate of any location you type in. If you want to maximize your revenue, this data is crucial before starting your Airbnb. The best part? It’s totally free.
That said, before investing in any property, you’ve got to know the market on a much deeper level. With AirDNA’s monthly subscription, you can dive deep into market data like monthly revenue breakdowns, seasonality, and your competitors’ performance. AirDNA’s low-cost monthly subscription is well worth it for the confidence you’ll get before spending even a dollar (make that hundreds of thousands of dollars) on starting an Airbnb.
Airbnb hosting tip: This is also the best time to learn about any short-term rental regulations in the locations you’re considering.
2. Estimate your profitability
However, just understanding the market isn’t enough to make a sound real estate investment. Before making an offer on any specific property, you need to know if it would actually be profitable as an Airbnb. My free Airbnb profitability calculator will tell you just that.
This profitability calculator is exactly what I use to determine whether or not a potential investment property would be profitable as an Airbnb. Based on specific inputs you’ll plug in, this free downloadable instantly calculates three crucial financial metrics you need to make an informed investment decision.
With my Airbnb calculator, you can quickly assess whether or not a property would be profitable before you even spend time touring it.
Considering buying your first Airbnb property?
3. Plan for the essentials
While starting your first Airbnb creates a lot of uncertainty, one thing’s for sure: planning, finding, and setting up all of your furniture and supplies is a ton of work. At the same time, these items have a huge impact on how many bookings and 5-star reviews you earn, so getting them right is crucial.
Make setting up your property a breeze by using my free room-by-room Airbnb checklist. With this free downloadable, you’ll instantly get access to over 100 essential items you need to start your Airbnb!
Getting ready to start your first Airbnb?
4. Know what it’s really like to host guests
I hate to admit it, but Airbnb nightmares do happen. I learned this the hard way with my second guest ever who threw a party, trashed my property, and upset my neighbors.
After all the hard work I put into renovating the property and making it a wonderful place for guests, it was really disappointing to see how badly this group mistreated it.
I’m not telling you this to scare you. I’ve only ever had guests like this once; the vast majority of guests are great. But, a huge part of being an Airbnb host is interacting with guests (in fact, it’s by far the most time-consuming aspect of running an Airbnb). So, you’ve got to know what you’re truly signing up for.
5. Set up a stellar listing
Another thing that might surprise you as a first-time Airbnb host is how much work goes into crafting a listing that converts potential guests into bookings. And that the work doesn’t stop after your listing with Airbnb goes live.
Make sure you’re maximizing your Airbnb revenue by avoiding these 10 common Airbnb listing mistakes.
6. Don’t manually calculate your Airbnb pricing
Nailing your pricing on Airbnb is actually one of the hardest aspects of running a profitable Airbnb business. Using the wrong automated pricing tools can cause you to lose tens of thousands of dollars in potential revenue (speaking from experience). On the other hand, manually calculating your nightly rate takes hours and is ultimately not effective, since you’re working with very limited information.
7. Plan for property maintenance
Once you start short-term rental hosting, one thing that might surprise you is how much property maintenance you need to do. And when you first visit your property, you might be shocked by how many issues guests haven’t told you about.
You’ll quickly realize how important it is to regularly visit the property yourself because proactive property maintenance can turn a potential disaster into a minor hiccup. Regular property maintenance makes hosting more enjoyable, helps you get more 5-star reviews, and gets you closer to earning Airbnb Superhost status.
8. Know that a perfect 5-star rating isn’t everything
Not long after starting your first Airbnb, you might find yourself stressed about your reviews and overall star rating. After all, you just poured tons of time, energy, and money into creating a perfect Airbnb. The thought of getting a less-than-perfect review is heartbreaking!
And you’re right to worry. Reviews are very important to guests. The better your reviews, the more bookings you’ll get. But getting a perfect 5-star rating isn’t everything (nor is it realistic; and telling yourself it is will just result in you hating hosting).
9. Learn how to earn even more revenue
In my first month as an Airbnb host, I earned close to $19,000 in gross revenue!
To make that happen, I came up with five clever tactics (and they all work so well that I still use them today!). In this blog post, I’m spilling the five (secret) ways you can make more money with your Airbnb business.
BONUS tip: Earn an extra $40 on your first booking by creating your listing through this link. Note: Your first booking must be within 90 days of creating your listing, so only use this link when you’re close to launching your Airbnb!
10. Stay in the know on Airbnb updates
Airbnb is constantly optimizing its platform, so to keep making your Airbnb as profitable as possible, you’ve got to stay in the know on the most recent updates.
Congrats!! You’re well on your way to starting a super successful Airbnb this year. Now that you have all the tips in this post, you’re well prepared to start a profitable Airbnb and avoid tons of common Airbnb hosting mistakes.
Considering buying your first Airbnb property?
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Why do you want to start an Airbnb this year? Let me know in the comments!
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