10 Short Term Rental Tips To Be a Successful Owner

Simone Higgins is the owner of MDS International and our guest blogger. She will be sharing short-term rental tips to help you be a successful property owner.

Airbnb and other short-term rental businesses are becoming increasingly popular. It is seen as a highly profitable business and is said to be even more lucrative than traditional rental properties. 

Don’t believe me? Consider this. According to AlltheRooms, Airbnb has 12.7 million listings as of December 2021. In addition to that, 356.9 million nights were booked and $48.9 billion was generated in gross revenues worldwide. 

Airbnb isn’t even the only short-term rental option available to you. 

Looking to invest in Airbnb or short-term rental? Here are ten short-term rental tips to guide women going into the business.

1. Pay For Training

Seek credible training programs to help you learn more about the business and inspire your progress. This can be accessed in the form of videos or podcasts that share expert advice and tips about Airbnb investments on YouTube. I received coaching with the Noelle Randall Coaching program, which boosted my expertise in the Airbnb and short-term rental business.

2. Become a Student Again

Whether you have some background in real estate or are getting into the business for the very first time, it is essential that you approach the investment opportunity as a student ready to learn the best practices for success. 

Women often make up the majority of residential real estate agents; however, it is crucial to read and learn more about Airbnb and short-term rental. If you are not a fan of reading a lot, you can download audiobook apps to assist.

You’ll also need to learn about other business-related things such as bookkeeping and getting grants. 

3. Listen to Your Coach

While you might be a little iffy about going out there with your own Airbnb or short-term rental business, it is good to listen to those you trust to provide the proper guidance, such as your coach. A real estate coach can share vital lessons about things like cash flow, business credit, how to scale quickly, and more topics that will guide your journey to success.

4. Make the Phone Calls

Focus on your goals and reach out to the necessary persons to make your business a reality. This includes getting homes or apartments for rent, e.g., your home or a second home belonging to your friend or parents.

5. Convert Your Prospect into a Client

Understand the market in the area so you can best serve potential customers. Find out who your potential customers are so you can know who to market to. After you understand the market, present yourself as a professional company and communicate the value to your customers. 

You can understand the market by doing market research. Find out what prospective clients are looking for in a property. You can also read comments left on other listings. What did people like? What didn’t they like? Make a note of these things. 

6. Form Partnerships

Get a partner or team with similar objectives in mind for a successful business. This includes team members at all levels, from cleaning staff to business partners. Forming partnerships is important in every aspect of business, don’t underestimate it. 

7. Furnish Your Airbnb

Make an effort to secure good-quality furniture and supplies for your spaces. This will help to boost customer experience and satisfaction for those renting. You can purchase these items with your business credit, without affecting your personal credit. You should have a separate bank account and line of credit for your business anyway. Don’t comingle funds. 

8. List the Airbnb

Put your business out there! List the apartments or homes for rent in the relevant spaces that potential customers can access i.e. Airbnb, VRBO, and your own website.

Once you put your listing out there, don’t forget to market it. If you’re using social media to attract prospective clients, stay consistent and always point your prospective clients to your listing.

 If you have your own website, use keywords and other SEO techniques to increase your chances of getting organic traffic. 

9. Build Business Credit

Place your business in the right position to get financing by building your business credit. In other words, make your business bankable. 

Building your credit is especially important if you want to fulfill various plans, such as including more homes or apartments.

10. Repeat and Continue

Once you’ve found that success strategy that works for you, you can repeat the various steps, particularly steps 4,5, 7, 8, and 9.

Conclusion

I hope my short-term rental tips make you feel more confident and equipped to be a successful property owner. Starting an Airbnb or short-term rental business might seem complicated. However, you can create a company that will bring great returns for your investment with ease by following the above tips.

About the Author 

Simone Higgins is the owner of MDS International. She has been on her entrepreneurship journey for about 12 years. However, she started taking it seriously 4 years ago. She continues to learn on a daily basis and believes the key to success is mentorship. Along with her Airbnb business, I’m developing a Real Estate Coaching Program and would love to help other like-minded entrepreneurs on their business journey.

You can follow Simone on Instagram and YouTube.