Quotations by Symon He
Third-party short term rental data providers such as AirDNA.co, MashVisor.com, and AllTheRooms.com all collect market data for most Airbnb markets, often with hundreds or thousands of comparable listings. Although they're not free, the data they provide for a modest fee is well worth the accuracy you get and the savings in time and effort. The markets that provide you the biggest discrepancy between short term rental rates and traditional long term rental rates, the stronger the Airbnb demand in that market. Hot markets can see a revenue ratio differences of 2:1 or even 3:1 whereas in cold markets, you can see ratios closer to 1:1. [2023] - Symon He
According to Earnest.com, the average Airbnb host earned approximately $924 per month from hosting. However, because a small fraction of hosts earned disproportionately higher income than their peers, the median earning for hosts was much lower. Only half of Airbnb hosts earned more than $440 per month. About one in two Airbnb hosts earns less than $500 per month and nearly three in every four earns less than $1,000 per month. Only one in ten hosts will earn $2,000 ore more per month. The profit potential of your Airbnb listing is primarily determined by the property's exact location. [2023] - Symon He
Must-have furniture, appliances, and other amenities to list a property on Airbnb: * Bed * Nice towels and sheets: provide more than one towel per guest * Coffee maker * Toaster * Fully stocked kitchen: frying pan, spatula, utensils, proper cutlery, plates, and cups * Refrigerator * Oven, stovetop, or microwave * Drinkable water * Wi-Fi * Toilet paper, paper towels, and tissues * A shower curtain, bathmat, properly working sinks, and running hot water. Nice-to-haves: * Bedside table with a lamp * Plants * Sharp knives * Salt, pepper, and basic condiments * Dishwasher * Air conditioning * Smart TVs * Higher-end coffee maker * Wine glasses * Water filter * Toaster oven * Universal phone chargers * Speakers * Games [2023] - Symon He
Most guests booking an Airbnb want to connect their computers or Netflix account if they're going to watch TV at all. Generally , they're still fine with local television or basic cable if those are the only options. Even if you have basic cable which is oftentimes still unnecessary, people typically prefer a smart TV or HDMI cable that they can use to connect their computer to the TV and stream their favorite shows. In terms of furniture and appliances, obscure items that are a complete waste include anything from a panini press to a pancake griddle. Having a frying pan and stove is sufficient. [2023] - Symon He
Airbnb does have a $1 million host protection policy called AirCover for Hosts, that protects you as a host and covers any damages that occur on your property as the result of a guest staying there. The policy can cover you as a host for anything from damages (including pet damages), to messes that required additional cleaning, and even income loss. If a guest does cause damage, you have 3 lines of defenses: 1) Your guest's security deposit; 2) Airbnb's liability policy; 3) Your own personal insurance plan. [2023] - Symon He
Airbnb search engine optimization (SEO) is about adapting your listing to help it improve in the search rankings. The most important factor is your listing's bookability, or in other words how likely it's to be reserved by guests. To improve your SEO, make sure you do the following: 1) Turn on instant Book. 2) Respond quickly to guests' questions. 3) Have a well-structured, complete listing: Add more photos to your listing so guests are more likely to book and don't have as many questions for you. Keep a detailed and well-organized listing description that answers all the questions that potential guests may have. 3) Have your listing priced effectively. 4) Have you friends and family wish list your listing. [2023] - Symon He
Airbnb Headline Formulas: 1) [Adjective] [House Type] with [Valuable Amenities]: Spacious Apt with PARKING & Queen Beds; 2) [Adjective] [House Type] [Proximity] [Popular Destination] + [Amenity]: Charming Cottage 1 Min Walk to Lake + JET SKIS; 3) [Adjective] [House Type] great for [Type of Experience]: Private Guest House Great for Quiet Getaway. [2023] - Symon He
Airbnb only provides a nearby radius, which doesn't provide anything specific to guests concerning how far the property is from where they want to go. Telling them what locations attractions, and amenities are close by is super useful information. For example, in your listing, say "5 min walk to subway line 1" or "10 min car ride to amusement park." Organize your listing description into different sections with headings to signify different rooms and use bulleted lists. It never hurts to include more details rather than less. [2023] - Symon He
Airbnb requires guests to explicitly agree to whatever you put in your house rules. Here are some house rules you may want to include in your listing: 1) No parties allowed. 2) No extra guests allowed. 3) No smoking. 4) Quiet hours (such as "Quiet hours after 10 p.m."). Only add house rules that you actually plan to enforcing. Rules such as "Please remove your shoes upon entering" are worth mentioning to guests, but the house rules section isn't the place to have them. You can message your guests before their stay for this type of request. [2023] - Symon He
Airbnb offers a wide range of cancellation policies to fit each individual host. We recommend you set a strict cancellation policy. If you set a more flexible or moderate cancellation policy, then you enable people to opt out of their visit even after booking. This policy means that your returns and your guests are less locked in. Understand that with a more flexible cancellation policy, you pay an opportunity cost. If guests decide to cancel one month from their visit when they booked three months before their visit, then for those two months when they had your place booked, no one else was seeing it. [2023] - Symon He
Your security deposit should basically be enough to cover any reasonable damages at your property. That means you avoid going through yours or Airbnb's liability insurance. For your average property you don't want to set your security deposit less than $150 to $200. [2023] - Symon He
When guests are searching on Airbnb, the first two features they see are a listing's cover photo and its headline. Those two elements, along with the price, are guests' only reference points when they click through to your listing. Many factors impact whether or not guests book your property, but your cover photo is one of the top factors because it essentially forms a guest's first impression. We recommend you use a professional photographer for all your listing photos. Search online for Airbnb or real estate photographers in your area. You can expect to pay anywhere from $50 to $300 depending on the area you live in, and the turnaround time on receiving your completed photos should be no longer than 1-2 weeks. We recommend 25 photos as an absolute minimum. However, oftentimes we recommend upward of 40 photos. Schedule your photoshoot in the daylight. [2023] - Symon He
Gather at least 6 (preferable a dozen or more) similar Airbnb listings and record weekday (Sundays to Thursdays) and weekend (Fridays and Saturdays) rates for 4, 8, and 12 weeks. Taking the average weekday and weekend rates for these similar listings gives you a good baseline pricing. During your ramping-up period (typically the first 2-4 months after an Airbnb listing goes live), start at 20% lower than your baseline pricing. Wait for 1 week and see if your listing is mostly booked 2 weeks out (aim for 80%+ occupancy). If not, drop pricing by another 10% every week until you're booked 4 weeks out. If more than 4 weeks are booked within the first week, then raise prices by 10% every week until you're fully booked for the next 4 weeks or until reaching baseline pricing. After you reach the baseline pricing, sign up for 3rd-party dynamic pricing software to monitor and adjust pricing going forward automatically. [2023] - Symon He
The prime booking window for airline tickets is somewhere between 20 to 120 days, with the best rates occurring around the 80 to 90 days from the flight. Airbnb pricing has a similar dynamic when you optimize for temporarily during dates with unusually high travel demand, such as when your city has a special event that draws a sudden influx of travelers. Unlike the airline industry however, you won't typically see a large price hike for Airbnb bookings within the final 2 weeks prior to a special event. As the event approaches, you should reduce your pricing to ensure a booking rather than risk having an empty listing during an otherwise busy weekend. For pricing your Airbnb during special events, start high and then steadily reduce your pricing as the date of the event approaches. [2023] - Symon He
Airbnb currently charges most hosts a flat 3% of the gross bookings and most guests about 13% of the subtotal (the nightly rate plus cleaning fee and any additional fees) in North America. In other parts of the world, the host and guest fees range from 3-5% and up to 20%, respectively. Many hosts who tried but eventually stopped using Airbnb's Smart Pricing after they discovered that their listings were at times charging 40% lower than their optimal prices. Unlike Airbnb's Smart Pricing tool, 3rd-party dynamic pricing tools don't earn a service fee from the guests. The typical fee for 3rd-party pricing provider is 1% of gross bookings. [2023] - Symon He
According to iGMS, a leading vacation rental software, 59% of Airbnb listings have a security deposit. We suggest you identify a dozen of the most comparable listings in your market and note the security deposit levels they set. Start with at most the median rate. Keep your security deposit at no more than 25% of your average total booking. For example, if the average booking for our listing is 3 evenings at $150, then 25% of $450 is $112.50. For most listings, the ideal level is generally between $100 to $600 per booking, where the $600 levels are typically reserved for listings with average bookings well over $2,000. [2023] - Symon He
With the Airbnb essentials, such as toilet paper, soap (for hands and body), shampoo, towels, linens, and pillows, you must always have enough for your guests for the length of their stay. They don't need to be expensive or come from recognized brands. For high-touch items, such as towels, pillows, and bedsheets, prioritize comfort over costs. A slightly higher replacement cost is well worth it if you end up receiving positive receives from guests. Get the fastest internet connection available to your property and purchases the fastest, multiband Wi-Fi router you can afford. Slow Wi-Fi alone can turn an otherwise 5-star guest stay into a 1-star review. [2023] - Symon He
We asked hosts from around the world what their best and most worthwhile Airbnb purchases were. Feel free to incorporate them into your Airbnb budget: * Increasing your listings maximum occupancy by replacing a normal couch with a sleeper sofa bed * Using automated dynamic pricing from providers, such as Wheelhouse (usewheelhouse.com) * Using messaging and calendar automation tools, such as SmartBNB (smartbnb.io) * Adding protective covers for mattresses and furniture (protect against spills, accidents, and bedbugs that require costly replacements or downtime for decontamination) * Having luggage stands [2023] - Symon He
A smart lock is a lock that can be operated remotely and in most cases can be unlocked by guests via a mobile app or custom numeric code. Some smart locks such as the August lock (august.com) even integrate with your Airbnb account so that when guest books your property it automatically creates and registers them as a guest. Having a contingency plan in place is important in case something does go wrong. If you're going to use a smart lock or electronic coded lock on your door, we recommend having a lockbox somewhere else on the property as a backup option. [2023] - Symon He
Most hosts are going to lean toward a small property management company that manages between 5 and 70 properties. This type of company is probably a good fit for anyone who has less than 20 properties that need managed. [2023] - Symon He