There are a lot of different paths to financial freedom but one of the most tried-and-true is property ownership – and now, more than ever.
The first step, of course, is to own a property that you can rent out that is cash-flow positive. If you have a loft above a garage or an in-law suite in your garden (or the space to build one), perfect! If not, consider what type of AirBnB property you would be best suited to run – a cabin at a local ski resort? A waterfront property with lovely views? Executive stop-overs close to the city centre? Consider the profit potential, location and accessibility, and make sure to scope out the competition.
Once you have your property and the guests are starting to trickle in, there are a few things you can do to add value to your property and charge more per stay:
• Create an experience for guests: Be more than just a bed to sleep in and you will have guests flocking to you. Create a unique experience with fun things like having a mural painted on a blank wall for Instagram photos, a large hammock in the garden to relax in, a hot tub with a view, and other memorable draws.
• Add amenities: This doesn’t need to be costly. Small, thoughtful touches like a well-stocked cabinet with coffee and tea, hotel-size toiletries, a USD multi-charger, an iron, a hair dryer, and other must-haves add significant value. Don’t forget to advertise them!
• Make entertainment accessible: A Netflix subscription will go a long way to keeping your guests entertained while they relax. Board games, books, magazines, and a sound system are always good bets, too.
• Add a self-check in option: Many customers filter for this option so, if you don’t have it, you’ll be missing out. It requires installing a smart lock or a lock box, and a little bit of extra communication.
• Be creative: You can always list creative alternatives like a well-set up camper van or Airstream in your garden, a luxurious treehouse, or a converted boxcar – all of which are currently listed and usually fully-booked on Airbnb!
Remember to double check and follow all local guidelines and laws regarding short-term rentals before listing your property. Many places, for example, require a business license to operate an AirBnB.