If your approach for real estate investing involves putting your rental property on AirBnB instead of setting up a long-term rental arrangement, you’ve probably wondered what you can do to make the most money. Here are 6 tips to help you get started or scale your AirBnB properties to achieve maximum profits:
- Early Check-In and Late Check-Out Option
- Investing Into Your Eye-Catching Listing
- Create a Guest Guidebook Curated with Local Experiences
- Create Packages
- Building an Infrastructure of Systems, Processes and Automations
- Building Your Brand
In this video I’m going to go over six different ways that you can increase the net profit of your Airbnb and or short-term rentals if you are on VRBO or other hosting platforms but to get started and to dive right in one of the ways that we’ve been able to increase the net profit by over 10 each and every single property is having an early check-in and also a late checkout option where if they arrive at your property let’s say at 11 and you don’t have to check in until 3 PM.
You can have a message automatically sent to them the day of preferably early in the morning where they can pay an extra 50 100 150 you obviously come up with whatever price that is for them to check in early or if they message you and say hey we’re here we’ve arrived are we able to get into the property early yes you can for an x amount of dollar fee now.
It’s not to take every single penny you can from the guest but they understand that that is valuable same exact situation especially on the checkout this is where we’ve been able to convert over 70 percent of our guests with our listings is let’s say they’re checking out on a Sunday and they have to get out of the property by 11 but they’re hungover right.
They went out and they partied they went to an event the night before and they wake up late you can have an automated message sent over to them Sunday morning on their checkout to give them an extra two three four hours to stay in the property the second piece of advice when it comes to increasing the net profit is investing into your listing time and time again.
I’ve seen especially with our consulting members check out the link below to learn more on how we can help you get started in scale real estate portfolio every single time they have a listing go live they drop it into our private chat and everyone analyzes it to give feedback on the title on the search engine optimization in other words the SEO to do your best even if it’s a brand new property to get yours on the first, second, third page of Airbnb and the other hosting platforms and that ultimately comes down to investing your time your energy and even money into your listing.
So hiring professional photographers hiring people to go build out a website for you so that goes into the third piece of advice on increasing the net profit is creating a guest guidebook a guest guidebook is going to provide the guest with all the amenities all of the check in and check out instructions that is going to save you not only time it also is going to likely make you money because you’re going to see how your property is different versus your competitors they look at the listing and then they see that guest guidebook.
They can see the location of where your property is all the amenities around their recommendations of things to do in that area they’re likely going to book your listing and your property versus somebody else the fourth way to increase the net profit of your listing is creating what I call packages let’s say somebody is coming to stay at your property and they’re going to propose to their significant other right or it’s their anniversary or there is a really cool event in town right.
You can have different packages where maybe you have unique things for them such as extra towels and lotions and soaps that they can use to go take a hot bath champagne maybe you send chocolate covered strawberries things that resorts and hotels do you can do the same thing with your Airbnb so whether you come up with that or whether you hire somebody local.
I think that is a great thing to implement because especially if somebody’s coming there for a special occasion you can treat them with a five-star experience all while monetizing that and even saving them time from having to go do that themselves once they arrive the fifth way is building out an infrastructure on the back end with your systems processes and automation specifically tailored around gathering the guest email information.
Now the reason why you want to do that is number one when they check in you have their information whether you send this through an SMS text message whether you send this through an email but ultimately what you want to do is you want to share with them who you are what you do and pushing them to hypothetically a website that you have built out so they can go directly to you for other properties.
You may have already or maybe for rebooking in the future right you’re getting them familiar with who you are what you do and then you can have an infrastructure built out using active campaign or MailChimp there’s all these different resources you can use on setting up email sequences when they check in a week after they leave your property and then months on end where you’re reminding them who you are what you do your property and or properties and they can go directly to you in order to have what’s called a direct booking.
In other words the key here is increasing the lifetime value of your guest why not have them come book with you each and every single year if that’s where they’re going to see their family for the holidays right or for a special occasion and that can save you a percent of what they would be already spending as a guest and or what you would already be paying out to third parties through the hosting platforms.
That’s gonna make you tens of thousands of dollars if not hundreds if not millions of dollars over your lifetime by them booking directly to you or if you’re like me and zero percent of our company there’s other things that we do right so they could easily come to our property and then eventually become a consulting member right because they see who we are what we do they go to my YouTube channel here they go to my social media and you can increase what is called the lifetime value of your guest and the final tip is building your brand right where attention goes money flows.
So if you guys have people in your network you’re already building up an incredible portfolio you have to let the world know who you are what you do and I’ve had multiple bookings through just social media alone stating hey look check it out if you’re in Columbus here’s my Airbnb’s and I literally just save it in the highlights of my Instagram and people can go there and see and then I’ll just have them go through my team right.
A direct booking it saves them money and then I’ll usually send them a nice little gift once they arrive and I’ve already seen people book multiple times and that gets you another five-star review that gets you another testimonial that you can share so building your brand is everything and people don’t know who you are and what you do right then you’re never going to get attention people are never going to know who you are like and trust you to continue to do business with you.
So if you guys are looking to start and scale an Airbnb portfolio I’m very confident you can implement one if not all of these six strategies that we’ve been able to build not only a seven figure portfolio but also squeeze every single drop out of the limit in order to monetize our guests providing with the best experience and also increase the value of our portfolio see you guys here in the next video.