When it comes to renting out properties, there are two main options one can go for. The first is a long-term, traditional rental option and the second option is a short-term rental strategy. Airbnb rentals belong to the latter and are a great choice for investment since they help you to earn money quickly.
According to data analysis, Airbnb rentals have 2.9 million hosts, with 14,000 hosts joining every month in 2021. But simply investing in a random property will fetch you nothing substantial; you need to invest wisely.
So how do you search for an Airbnb rental property that allows you good income? This guide is here to give you a few tips and tricks!
1. Use a Heatmap
Sounds strange, right? While many of us know what a heatmap is, we haven’t really used them in the context of real estate investments.
A heatmap is nothing but data with numbers shown in different colors for indicating different ranges and percentages. When investors look for lucrative property deals, they usually go for the ones that have low price listings and high rent opportunities.
So a heatmap, like Mashvisor’s, helps you to locate various properties according to lowest and highest list prices as well as rents. These maps also help you calculate the cash on cash return as a return on your investments.
2. Make use of other appropriate tools
Another very useful tool to calculate your potential income is the AirDNA rentalizer. This rentalizer helps you to calculate how much revenue you would earn if your property would have been listed on Airbnb. This data is based on the occupancy rate as well as the earnings from the local market statistics.
When you see what price points are affecting properties similar to yours, you can optimize accordingly. This way, you’ll have an advantage as compared to other hosts since the data is generated directly from the Airbnb source.
3. Capitalize on Airbnb SEO
If you have a listing ready, you can use tools to manipulate the search engine. Airbnb SEO helps your listing to stay at the top of the search results on Airbnb’s pages.
One very useful SEO tool is Rankbreeze. Using this app will ensure that your property is easily noticed by others on Airbnb. You can also adjust your listings or improve them over time.
In case you’re confused about what to write, Rankbreeze’s copyright function is there to help you out. It’ll advise you on how to make your captions search-friendly so that your listings become even more attractive!
4. Decide on the kind of guests
One of the most important factors while searching for a good rental property is to decide on the type of guests or tenants you would like. This will also help you to narrow down the location. If you wish to attract large groups of families or friends, a vacation house is ideal for you.
But if you want solo guests or travelers, you can go for small apartments to rent. No matter what you choose, you have to ensure a high occupancy rate at all times to make your property stand out.
Many Airbnb guests complain about the customer service, but you’ll have to prove them wrong by providing them with an experience of a lifetime.
5. Identify a location
After you decide on the type you guests you would want on your property, you have to identify the appropriate location to fetch tourists and interested customers.
Start searching the locations and neighborhoods using websites like Mashvisor. The property you want to invest in should ideally be close to tourist attractions and have transport facilities.
In case your property isn’t near buses or subway systems, make sure to be truthful and tell your guests about it. Make your property absolutely irresistible in this case, so that your guests are unable to refuse it.
Over to you…
The main challenge in searching for a good property is not only the search itself but also in making sure the property is attractive and appealing. You’ll have to be alert and know how to use search tools effectively to gain maximum income from them.
When you understand your needs and align them with the current market trends, your property will automatically stand out. Try to understand the basics of investment thoroughly before making a hasty purchase so that your investment does not end up in disappointment.