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May 30, 2023

Upscaling your Airbnb Business

by Alices Home

Upscaling your Airbnb Business

Alices Home
May 30, 2023

Table of Contents

Savvy hosts may decide they want to experience more success and scale their Airbnb business by adding more Airbnb properties.

There is no rule that you need to stop at just one Airbnb property.

Whilst the administration increases in total, if you have a system that works for one, you can simply repeat your formula and start successful multiple Airbnb businesses.

Sit down with your financial advisor and make a business plan. It should include how to fund the properties in the first place, as well as how each individual property will scale and add to the entire business.

Beyond the initial plan, here are some more hints that will add to your success.

Start with just one property and discover a strategy that works

Being host to an Airbnb property is by no means an investment strategy that you can purchase and then leave. Start with just one property, rather than six, and find out what works best for you.

Airbnb business

Short term property managers will take on the whole project for you, from marketing the property to booking guests, and organising cleaning between guests, all up to Airbnb standards.

However, as with every service, this comes with a fee that you may not be willing, or able, to part with.

In that case, you will be responsible for everything yourself.  It’s worthwhile to remember that many hosts have described the process as being a full-time job. So, imagine if you have more than just one property.

There is another strategy that meets you in the middle; a virtual platform that takes care of the required processes remotely.

Myvirtualcohost.com is inexpensive and provides you with an expert team of virtual cohosts to manage your property including guest support, housekeeping and maintenance, and platform disputes. 

If you are an owner of multiple Airbnb properties, this virtual option may make the most sense.

Understand the location you plan to invest in and what sort of properties are preferred

Understanding the real estate value of a location is just one part of the puzzle. You also need to understand an area’s relationship to tourist traffic, or short-term tenants.

It is impossible to market a property where you don’t understand the dynamics of holiday traffic.

Asking a local real estate agent is a great idea-

What sort of demand is there among tenants looking for short term leases?

What does the local tourism board say about the area?

Companies like AirDNA regularly provide reports of the most popular Airbnb areas in each country, including how many other Airbnb properties are in this location and how many nights out of the year they are booked.

Once you understand the location and its holiday traffic, you can invest in Airbnb actually anywhere. For some hosts, it’s important the property is physically close to them so they can view the property and meet the guests.

Or they may like to purchase a property in their own favourite holiday destination, so they can stay in it themselves. When they have more than one Airbnb property, they will have greater choices where to holiday.

Understanding the flow of holiday traffic is just part of the equation. In order to direct your property purchase, you need to also understand what type of properties are in demand in that area.

For example, in an inner-city location, most visitors may be singles visiting for business. In that case, there is no point in purchasing a four-bedroom family house. However, in the coastal areas, holiday traffic will be families and they will appreciate a larger space.

Scaling with Airbnb to add multiple properties can be a winning formula, as long as you have a well-thought-out plan in place and can find success with just one property.

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