Why start an Airbnb business?

If you run the clock back to 2007 in San Francisco, you might see three broke men looking for a way to make a little extra cash. Since they knew that a big design conference was coming to town, they hatched on the idea of renting out air mattresses in their home for $80 a night. What started that night over ten years ago is known today as Airbnb, and it is now worth over $25 billion. If you are thinking of listing your property on Airbnb, then there are some things you will want to consider.

Select Your Target Audience

Designers coming to town was the target audience for that first adventure of renting their apartment for the night. The trio went on to rent again in 2008 to try to attract people attending the iconic SXSW Festival in Austin, Texas, and at the Democratic National Convention in Denver where hotel rooms were in short supply.

If you are going to put your property on the market as an Airbnb property (or have us co-host it for you), then you need to identify your target audience just like the three founders did when starting the company. If you are thinking of renting a room in your home, then maybe the perfect target audience for you is a traveling student. Alternatively, if you have a large vacation home, then your target audience may be large families or student groups. Garage and attic apartments located near festival grounds or ballparks often make the perfect place for guests visiting those venues to stay.

Technology

One of the largest struggles the founders had to overcome when starting Airbnb was technology. There was not a great platform easily adapted for the purpose. Today, those operating successful Airbnb properties have all types of technology that they can use including guest messaging services, calendar synchronization programs, and pricing tools. The toughest part is usually figuring out which system is right for the individual owner.

Marketing

After the three failed attempts to start Airbnb, the developers finally got it going in the right direction. Then, they spent four months traveling across New York taking photos of Airbnb properties choosing to stay in every one of them listed with the company. The struggle to market a property has become even harder today, as the number of properties has grown to over 3 million listings. One way to make sure that your target audience sees your listing is to work with an Airbnb property management company like Investor Forms. We will help you get professional photography of your unit highlighting the elements that will interest your targeted audience the most. Also, we write property descriptions that will attract your audience to your unit.

Know Your Competition

Stop for a moment and think about all the types of places that a person can stay near the property that you own. While the most obvious choices for guests visiting the community may be hotels, you may discover that there are already Airbnb properties in the area. Additionally, depending on your target audience, they may choose to stay in youth hostels where available. Once you identify your competition, then think how you can set your space apart from other choices that your target audience might consider.

The competition in many communities is very tight right now, especially if you are a new Airbnb property. The best solution is to let the professionals at Investor Forms guide you in the decision making process. We have the experience to help you decide who your target audience is and what will attract them to your property.