Airbnb has disrupted the travel and hotel industry in a way that nobody could have seen coming. It turned regular people into hotel impresarios overnight. Suddenly, anybody could start making a fortune from their property and even invest more to keep the money coming in.
This isn’t to say that it is easy to make it big when you decide to put your property up on the platform, but there are many ways for it to happen. You need a solid plan and hard work, but once it gets rolling, you will surely be successful.
If you live in a big city, then you are already halfway there as there is a lot of interest in your area, which makes it easier to find guests. However, there is also a lot of competition. To help you figure out how to beat the competition, just follow the steps below.
Find a niche
There are two types of people that use Airbnb. Those that simply want a place to lie their head at night for a good price and those that want a luxurious experience without paying as much as a hotel would charge.
There is a lot of in-between too, but you need to figure out where you fall on that spectrum regarding what you offer.
For instance, if you want to outdo the competition and offer some really high-end experiences, then buying new luxury apartments in downtown LA will put you in the latter category and will affect your strategy.
You can also find some small, cheap fixer-uppers close to the downtown that you can buy and offer them for more reasonable prices with different amenities for the price.
Research the competition
To get an idea of the baseline where you need to start with the price and amenities you include, you have to see what the competition is doing. Get an idea of what people are offering so you can see what it is that you need to beat.
You can price lower than them to get more guests, but you may price yourself out of the competition. For instance, if you see that the prices are all high, but they add in certain additions like a stocked fridge or a bicycle to use, you can ask for the same price and beat them on add-on experiences.
Being flexible on the price can help you, but try not to go too low, or your place may come across as cheap and not worth it compared to the competition.
You need to stand out from the crowd, so you should try to find a way to incorporate something unique into your property. Something that people often really like is a spa bathroom to give them a luxurious experience, so renovating one to fit this experience is a good start.
Another way to stand out is to offer a unique Airbnb Experience. If your property is in New Orleans, for instance, you could offer Cajun cooking lessons as an experience for a nice addon.