The American Dream. It is a phrase that has been tossed around since the era of Ellis Island. In other countries, the dream to live large, without being tied to a desk rings loud and true. In today’s bustling global economy this dream has never been stronger. Like any dream, the challenge is grasping it tightly so that you can make it come true.
Look Behind The Curtain
Real Estate is a commodity like no other. Since the days of Pangaea to the 21st century, the world has relied on the power of real estate. Thanks to travel innovations, reaching new pieces of land has never been easier. However, far too few people are actually capitalizing on the full potential of their real estate investments.
Since its jump to fame in 2013, Airbnb has helped homeowners capitalize on the hospitality market. It has reinvented the idea of short-term property management and created the foundation that homeowners need to risk renovating the in-law suite to host travelers on their adventures. Of course, not every homeowner has had success with Airbnb. The reason for failure is often a lack of understanding the who, what, where, when, and how of Airbnb property management.
To help you avoid failure, let’s take a look behind the curtain so that you can become the metaphorical wizard who is capable of not only being a Superhost, but attracting those crucial five star reviews that keep you at 100 percent occupancy and higher than average nightly rates.
The Who: Understanding Your Guests
Airbnb guests come in all shapes and sizes (so to speak). The one thing that every guest has in common, aside from using the travel site, is that they are looking for an experience that can’t be found in a hotel. They have done their research. They have looked at countless listings. They have chosen to stay in your listing. Now, it is your job to understand who they are by asking the right types of questions. Why are they coming to town? Is there anything that they are set on doing while they visit? Do they want to interact with you (the Airbnb property manager) during their stay, or do they want to be left alone? Think of yourself as a concierge service whose only goal is to exceed all expectations.
The What: Your Listing
We live in a world that loves filters. However, when we look up from the screen, we better see something that resembles the photos. In other words, your listing must shine both online and in person. It’s great if it photographs well; it’s detrimental if the photos are so touched-up that the real thing looks drab in person. Like going on a date with someone from an online site, you want your listing to look even better in person.
The Where: Your City, Town, Country, and Geographical Point On The Map
Your listing should be designed for your travelers. Why are they coming to your city, town, country, and more specifically your tiny geographical point on the world map? If you don’t know why they are visiting, then you can’t make your hosting experience exceed their expectations. It’s like going to a beach house only to discover that there isn’t a cooler or towels for the beach. In layman’s terms, if you don’t know why people are coming to your area of the world, then you won’t be able to make a listing that gives them exactly what they need.
The When: What’s So Special About This Time Of Year?
People travel at different times of the year for different reasons. The when of their travels is just as important as the who, what, and where. If you want to make a full-time salary as a part-time Airbnb property manager, then you need to think about the time of year. For example, if people are traveling for the holidays, then you might decorate the listing to represent the festive time of year. Conversely, if people are traveling because the fall leaves have come out, and they are looking forward to capturing beautiful photos, then you might make a local guide about the best photo opportunities.
The How: A Roadmap To Success
The final component of making a full-time salary through part-time an Airbnb property management service is to create your unique roadmap to success. As you might have guessed, your roadmap will depend on the who, what, where, and when of each guest. By making every stay customized to the unique needs of your guests, you can give them the attention that they deserve and the experience that they crave. The result will be a successful listing that makes your own version of the American Dream come true.