Let’s face it: If you’re an Airbnb host, you likely face stiff competition that is only getting worse. There are almost thousands of listings in Denver alone.
As the sharing economy grows, so do the number of short-term-rental listings nationwide. Case in point: hosting isn’t getting any easier, and if you rest on your laurels, your business will slowly profit less and less as more supply hits the market.
That is unless you stay on top of your game and do everything you can to differentiate yourself from the competition. Better reviews equals more bookings equals more money. Your Airbnb property is not your average rental. It is a hospitality business that requires thought and careful attention to detail.
It isn’t rocket science, but most people overlook key aspects of hosting. This results in leaving money on the table. And no one wants that.
Here are some tips and suggestions that will help you earn five-star guest reviews and more money. We use these strategies every day while managing our properties, and in my opinion, they work!
5 Ways to Earn Rave Reviews on Airbnb and Maximize Your Income
1. Be Responsive
This may be the most important thing you can do to improve your revenue and attract more bookings. Many guests don’t look solely at your listing, they shop around and send out multiple inquiries at a time. These guests are looking for instant gratification. They aren’t willing to wait hours or days for a response.
Aim to reply in five minutes or less. Guests will thank you for your quick reply!
2. Be Proactive (Not Reactive)
Thinking ahead is paramount to running a short-term rental business, even if you only have one property in your portfolio. If you are reactive and not proactive, you’ll quickly find that you end up spending hours running around town fulfilling guest requests. Plan ahead, and you’ll prevent emergencies before they happen.
In general, I’ve found that most guests don’t want to interact with the host. They don’t want to meet you to get the key, text you for more toilet paper, or have you drop by to say hello. Make sure to stock your home with all guest consumables, batteries, spare keys, (etc.) so that you never have to make a mid-stay visit because you forgot something.
Which brings me to my next point…
3. Go the Extra Mile (Running Over Pots and Pans on Christmas)
Sometimes you can’t plan for everything. Recently, on Christmas Eve, a guest messaged me at 7 p.m. to say that all of the pots and pans were broken inside the house, rendering them unable to cook a family meal that night. We had no idea this had happened. Honestly, we thought the kitchen was fully stocked.
Instead of apologizing and offering a discount (losing money), I ran to Target and hand delivered them a brand new set of pots, pans, and kitchen utensils. One of the rare cases when I like to personally visit the property is when guest issues arise. There was little we could have done to have avoided this issue in advance, but the extra effort truly wowed the guest and made their stay.
More importantly, it helped us avoid a bad review and cleared the way for more bookings in the future!
Keep reading the article “5 Ways to Earn Rave Reviews on Airbnb (& Maximize Your Income!)” here:
Subscribe to the BiggerPockets Channel for the best real estate investing education online!
Become a member of the BiggerPockets community of real estate investors – https://www.biggerpocekts.com