If you have ever glanced around your property and wondered at all the possibilities that it represents, you are not alone. Many other entrepreneurs have been where you are and thought what you are thinking, sensing that there is something more that they could do with their properties. There is something more that you can do with your property, making the most of your unused space. As of 2018, the short-term rental industry exceeded $168 billion in value, and this trend has held strong. The value of the industry will keep growing for the foreseeable future.
Not too long ago, there were relatively few options for property owners who wanted to generate revenue from their investments. They could sell their properties at a profit, or they could lease out their properties in six- and twelve-month increments. Short-term rentals were the exclusive purview of beaches and other resort areas, the places where people went on vacation. All of that has changed, of course, and short-term rentals have become the norm thanks to Airbnb.
So, how do you get on board with this shift? How do you transform your property into a passive income stream through short-term rentals. To optimize your chance at success and avoid some of the most common pitfalls in this area, consider these five points:
- Present your property in an attractive way in your listing.
More than 260 million users have booked stays through Airbnb, but there are also millions and millions of listings on the platform. You cannot expect to fill your occupancy slots just by putting your listing online. Instead, you need to put some effort into optimizing your listing, presenting your property in the best possible light. You want to build excitement around your property!
- Understand what your guests want out of your property.
Feedback should inform your decision-making process, so this is something that will change over time. As you come to understand what your guests want more clearly, you can make significant changes in your offerings, developing your property so that it is something that guests want to come back to over and over.
- Learn what is working in your area.
There are steps that you need to take to tailor your property to your area, and showing up alone will not be enough. If you want to conquer your local real estate market and find your advantage over your competitors, you need to model yourself off the property owners who have already figured everything out.
- Commit yourself to continuous improvement.
No matter how successful you may be transforming your property into a passive income stream through short-term rentals, you can still do more. There will always be improvements that you can make and steps that you can take to expand and grow, earning even more income from your property.
Stop thinking about transforming your property, and do it today.