Today, Airbnb has a more than $70 billion market cap. It’s one of the newest and fastest-growing companies of its kind. The company transformed the lodging industry in the same way that Uber transformed taxis and transportation.
You can take part in this new landscape and get some skin in the game by becoming an investor. If you’ve ever thought about how to get into Airbnb as an investor or host, you’re in luck.
Below we have the information you need to get started in Airbnb as a business.
Understand What the Gig Involves
Before anything, understand the business model and obligation you’re signing up for. Airbnb is an excellent investment opportunity. By hosting a room or home that you own, you get another stream of income.
Airbnb gives you more flexibility than monthly rentals, and you can flexibly book your listing throughout the entire calendar year. Depending on the location, getting into Airbnb can be a serious income driver that upgrades your quality of life.
Turning a vacation rental into an Airbnb can help you learn about real estate, running a business, marketing, and customer service all in one. To be a successful Airbnb host, you might need to be available on-call at any time, should study the market, and be willing to invest in repairs and upgrades at any time.
Find your First Airbnb Property
Now that you know the benefits and what’s required, it’s time to find your first Airbnb property. For many people, the easiest way to start is by hosting a room in your home.
This can be an existing guest bedroom, a refinished basement, or a converted garage, pool house, or other room or structure. You might also go for the biggest bang for the buck and purchase a multi-unit property. This gives you the biggest return on investment (ROI) since you can host several combinations of guests.
Put together a credit report and six months of bank statements and seek a loan or line of credit. Use your financing to buy a new property or renovate a current one.
Hire the Best Airbnb Property Management
Next, hire the help of a property management company. These pros understand how to start an Airbnb and are available for all your questions and concerns.
A property management company can handle your marketing, customer service, booking, and accounting. Make sure that you also hire cleaning services for Airbnb properties.
Let these professionals run the daily workings of your Airbnb while you collect the revenue.
Prepare and Market Your Property
Finally, figure out how much you want to charge guests and market your property. Your prices will depend on the location, time of year, and other factors.
Consistently research pricing strategies and figure out what works best. Market your listing on social media outlets and make it SEO-friendly to get the most visibility.
Learn How to Get into Airbnb
If you learn how to get into Airbnb, the sky is the limit with your investment potential. It’s one of the most flexible, can’t-miss types of investments that will only grow in usefulness and popularity.
Interested in learning more about Airbnb and other forms of real estate investing? Check out our other articles to get up to speed.