A Lot of people has try to Airbnb hosting and renting our their property as their side hustle. According to recent survey of 1000 people, about 54% of them are consider to rent their own home through a service like Airbnb and 82% of them believe it as a good money strategy.
The Covid-19 pandemic has changed the way travelers view when traveling. Most of them would want to travel with a safe guarantee of safety. And Airbnb, which offers private lodging, is of course now becoming more attractive to travelers while on vacation.
Becoming airbnb hosting can certainly be a promising investment in the long term. But before you get started, there are a lot of things you should know to take the first step. Read more below.
What is Airbnb?
Airbnb is an online marketplace that has taken a unique approach to lodging. Airbnb connects people who offer their home as a place to stay to people looking to live in a specific location.
On Airbnb, you can find places to vacation with family, friends, or places to rent for an extended period of time. Renting an Airbnb is a great way to explore the city of your dreams in the midst of a pandemic. This is because Airbnb offers a whole house for you to live in, making it more private and safe from outside contacts that are not necessarily safe for health. This can also be an alternative way for those of you who don’t want to stay at a hotel in 2022
Airbnb is also a good cash register for property owners. They can rent out their home, market it on the airbnb platform, and host guests. However, starting a Airbnb hosting business is not easy. There are many things that you have to pay attention to, prepare for, and face to get the maximum benefit. Read on below to find out more.
Can Anyone Become an Airbnb Owner?
The answer is YES! anyone can become an Airbnb host.
Though you can’t wait to earn a good cash flow to your bank account, becoming an airbnb host is not easy. In some area, you’ll must have permission before you build your own Airbnb rental business. So make sure that you get a proper permission.
According to villa-bali article’s, foreigner cannot own land in Indonesia. Foreigner are only allow to rent out the land over period and after the time is over, the land will be returned to the owner. There are more several things of legalities that you should know, which you can take a look at this article.
Legalities process is important if you want to start Airbnb business in Bali. Take as much as information that you needed because this will save you from headache in the future.
Why is Airbnb in Bali is a Good Investment?
Research data finds that one of the world’s foremost airbnb landlords earns $15.4 million in one year. This result was obtained by renting out 504 rental properties in Bali.
This is not surprising considering that rental properties like Airbnb are booming and high-demand in Bali. According to AirDNA data, landowners in Bali earn an average of US$41,000 in income per year .
Airbnb is no longer just a community platform connecting property owners and tenants. Globally, it is known that as many as 35 percent of hosts on Airbnb are owned by property management companies.
The property management company provides a wise solution for landlords who cannot manage their own property. Bukit Vista is an airbnb property manager who has managed 206+ properties in Bali and Jogja for 10 years. As an airbnb manager, the team will assist you in listing, receiving, pricing strategy, optimizing listings to appear in the top rankings, to hosting guests when you are away or living abroad.
What You Need To Know Before Hosting an Airbnb
Hosting on Airbnb is a very profitable investment. You can also do it wherever you are and are not bound by office hours.
If you’re going to be a host on Airbnb it’s a good idea to understand the realities before you welcome your first guest. Here are some important details that experts say to keep in mind.
Prepare planning and initial costs
The first thing you need to do to start investing in Airbnb is to set up your property. Like a hotel, you need to prepare some facilities for guests.
There are several facilities that Bukit Vista recommends for you to prepare:
- Smart TV
- Kitchen appliances
In addition to facilities, giving a touch of decoration and new furniture is also necessary for an airbnb investment. This is useful for giving a unique, comfortable, and aesthetic impression for guests.
Your guests may share their vacation photos at your property on social media. Your property will certainly get exposure for free and more people will know about your property. So, do a strategic initial plan for your property investment in order to provide good benefits for you and your guests.
Choose The Right Property
Before you start your Airbnb business, choose a right location highly important, especially for vacation rental property. There are several factor you need to consider such which city, which neighbourhood or which type of property that will make the most money. The more strategic places and property you choose, the more bookings you will get.
To make a wise decision, you need to do market research and competitive analysis. Market research is an analysis to helps you finding customer for your business. While competitive analysis is helps you to differentiate your property and make them unique. If you combine these two analysis, you can take more benefits to expand your Airbnb business.
Make Dynamic Pricing
Another airbnb hosting tips that you should know before starting airbnb business is changing your prices in daily basis. Make a dynamic pricing is really important. Here’s why.
There’s things happen that could affect the supply and demand of your property’s locations. For example, when the pandemic was happening, the demand in almost all of tourist areas is decreasing significantly. Plus, there is traveling restriction applied in certain country for guest to travel abroad. When this happened you might have to lower your prices
But when the demand is high during high season, you can double it make it a month. But you also need to analysis your competitor prices as well to not lose the potential bookings. Make a pricing strategy might cause you a headache with a requirement of two until three times analysis and took you a ton of hours. You can save your time by talking to an expert and ask them how to create the best pricing startegy.
Do you want to consult with an expert to help you create a better pricing strategy? Book now here to consult with our expert for free.
Ask For Reviews
Once you already run your business, make sure to always ask for reviews from guest. Reviews is very important for your property. It helps you to get more bookings.
The benefits of reviews is to increase the rating for your property. The greater the rating that you have, the more bookings that you’ll have. Reviews from previous guest also will helps potential guest to know the overview of your property and build their trust.
Reviews also helps your property to appear in the top ranking. It shows that host with favorable reviews are more prioritized in search results by Airbnb
After you read those 4 things you should know before starting your Airbnb business, now it’s time to take your pen and make your plan. Managing Airbnb business might be a little hussle, but with consistency and right strategy, you will get the result.
Don’t lose any potential that your property has to get more bookings. More than 170 luxury villas, guest house and homestay has enhance their bookings rate with the help of Bukit Vista.
Bukit Vista is a one-way solution for owner to find the best and innovative strategy to optimize their property. Learn more about services HERE
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