There are many aspects to take into account when purchasing an investment property. If you're looking to benefit from listing on Airbnb there are a couple of things to keep in mind. We sat down with Elena and Tyrone from our Homeowners Team at Hometime to tell us a bit more about their experience with homeowners looking to list their properties on Airbnb. Together, we made a list of properties that are best suited for Airbnb and aspects of properties that aren't suited for Airbnb.
Properties that work
Properties suited for business and leisure travel
The world has seen a drastic change to the new normal during 2020 and some travel trends are here to stay. As remote work is embraced by all sectors around the world, travellers are now looking to book longer stays and may decide to work from their Airbnb. Urban properties with an outside area like a small garden, deck or balcony are in high demand. Guests now spend more time indoors working and like to take breaks and spend downtime in the outdoors.
On the other hand, properties that were once only booked for vacations with families are now considering adding a small office or workspace for remote workers. This brings us to our next point.
Have a target guest in mind before buying a property. Are you catering to families in holiday markets, looking for working couples in urban areas or are you close to a hospital, university or airport?
While not all properties feature a treehouse or outdoor fire pit, a unique feature goes a long way when guests scroll through Airbnb to find a place to stay. Travellers no longer look for an Airbnb as simply a place to stay, they want to enjoy an experience and feel like they're a part of the local culture. Small touches can achieve this by hanging artwork by a local artist, a window with a view of a famous landmark, a bottle of wine from a local winery or direct access to a beach or bustling street. It's important to honour the location of the property by bringing in local elements of the surroundings.
Available Space and Amenities
Allow your Airbnb guests enough space to go about their day comfortably. Bigger groups often prefer having more than one bathroom instead of having to share with one another. The same goes for bedrooms and living spaces; if a home sleeps 6 people it’s best to have 6 seats at the dining table and 6 spaces to sit in the living room.
A safe space to park a vehicle is a very important factor especially for families travelling to vacation markets. The parking space doesn't have to be connected to the property although it is a bonus. Alternatively, guests are happy to park safely in the street within walking distance.
Wifi is a must
Uncapped wifi has been a key selling point for a couple of years but with recent changes in work culture around the world, it has become a non-negotiable for many travellers. Wifi provides Millennials and Gen Z with an opportunity to stay connected and share their travel experiences with friends and family. Remote work travellers need wifi to continue working and are now seen increasing their length of stay to enjoy the vacation lifestyle when not working.
Properties that don’t work
Poor quality properties
Professional photos are one of the most important selling points for future guests booking your Airbnb. Ensure that the property has been well-maintained before listing on Airbnb. It’s important to stand out from the competition there are often many options for guests to choose from. Introduce a pop of colour and interesting textures to a room to liven up photos. If you do purchase a property that needs a bit of love, give yourself enough time to revamp before listing.
Properties that are stocked with essentials like complete sets of crockery, glasses, cooking utensils and bathroom supplies may also receive glowing Airbnb reviews.
Guests are on the lookout for a private space to stay when booking Airbnb's around the world. Ideal properties will be available exclusively to guests with privacy from the homeowners or other guests. Shared room listings are rarely booked for lengthy periods. Although the first Airbnb’s mostly listed shared rooms, the needs of holidaymakers have changed in today’s climate.
Non-child-friendly spaces in a holiday area
Family travellers require homes suited for all ages from infants (0-2 years) to children (3-12 years). If you're listing your property as a family-style vacation option it's important to ensure stairs aren't open and balconies have balustrades. Features like glass coffee tables, loose rugs, expensive sculptures that can be knocked over and open fireplaces are also to be avoided.
If you're considering buying your first property it's best to consult with a local estate agent. They have local knowledge of the area and will be able to guide you in the right direction when it comes to vacation seasons and areas that see the most travellers. If you already have a property and would like to find out more about listing on Airbnb and property management, reach out to us at Hometime for a free consultation session.