How to Start a Profitable Airbnb Business in 2024

According to Macrotrends, Airbnb revenue for the past 12 months (March 2023 – March 2024) was $10.241 billion, which is a 17.6% increase year over year. This is proof that the Airbnb industry is booming.

Being one of the leading and sustainable streams of income, many people have grown interested in listing their spare apartment. Although there are others who offer Airbnb for different reasons.

But, before you dive in, let’s be real – being an Airbnb host isn’t as simple as it might seem. It’s not just a side gig; it’s a commitment of time, effort, and a bit of investment.

This is a guide to getting started and making sure you are set for your exciting journey into the world of Airbnb hosting. So, buckle up, and let’s get started!

Airbnb is not just a website for booking accommodations; it’s a platform that allows you to become a host and open your doors to travelers within your area and worldwide. 🌍 You can imagine the joy of meeting new people (the right people though 😉), sharing your space 🏡, and making their stay memorable. ✨

While working on a client’s website (different niche), he mentioned his interest in venturing into Airbnb and asked if his place was suitable. I responded, “No space is too small or too unique to list on Airbnb. There’s a guest for every space; you just need to set clear expectations by honestly and accurately describing your place’s features.” He took the advice, started hosting, and is now doing well with bookings.

Ready to list? Creating your Airbnb account is a breeze. Head to the website or app, follow the straightforward sign-up process, and voila – you’re an official Airbnb host!

Tip: You should use a profile picture that would represent you as a person

Accurately highlighting the distinctive features of your listing, such as notable amenities, environment, distance to notable places etc can significantly boost yout chance of getting booked and stand out from others.

The importance of a great gallery cannot be overemphasized. High-quality images are important to showcase quality listing. Provide clear, well-lit images of the exterior, backyard, notable features, living areas, bedrooms, bathrooms, and kitchen. This makes it more attractive to potential guests.

Setting your price on Airbnb is entirely up to you. A major consideration should be the prices of similar apartments in your area. Others include: 

• Property Features: Evaluate the amenities and unique characteristics of your property, such as a pool, high-speed Wi-Fi, parking, or a well-equipped kitchen.
• Maintenance Fees: Account for the costs of regular maintenance, cleaning, utilities, and restocking supplies.
• Seasonal and Holiday Pricing: Adjust your rates based on seasonal demand and during holidays or local events when travel activity typically increases.
• Taxes and Fees: Include local taxes, service fees, and any additional costs associated with running a short-term rental. etc

Timely and friendly communication is very important in creating and maintaining a great start with your guests. Respond promptly to inquiries, welcome messages, and be ready to assist your guests. A positive and open line of communication sets the tone for a great stay.

You’ve set up your Airbnb listing, optimized your space, and you’re ready to welcome guests. But how do you ensure your listing stands out? It’s time to amplify your visibility.

Take advantage of the power of social media to build your Airbnb presence. Share your links on platforms like Facebook, Instagram, Twitter etc. Use captivating featured image and a link to your listing to generate interest.

Don’t underestimate the influence of your network. You can ask your friends, family, and colleagues to share your Airbnb listing and landing page. Their networks could extend your reach to potential guests you might not have reached.

A landing page is essential for directing traffic and providing potential guests with a dedicated description of your listing, capture emails for promotional purposes, and build your brand outside Airbnb. This builds engagement, establishes credibility, and increases bookings by providing a tailored experience for visitors interested in your property.