You’ve probably stayed at an Airbnb at some point. Maybe you’ve even been a host on the platform and in your home. No matter what your interaction with the home-sharing platform, most of us have wondered, at some point, if we could profit by using the platform to share our own home or property with others. According to Lazaro Vento, you definitely can. The longtime super host created Million Dollar Airbnb, a coaching course that, he says, will help you earn several million dollars once you put his expertise and lessons into action.
The lessons include strategies, tips, and tricks for students to master. These include insurance, automation, crafting property websites, and much more.
Interestingly, Airbnb has been one of the few industries that haven’t been negatively impacted by COVID-19. Thanks to an increase in remote work and a decrease in airline ticket prices, more and more people have temporarily relocated to their dream city – or country – for extended periods.
So, according to Vento, this is a strike-while-the-iron’s-hot situation. There is much money to make through Airbnb, whether you start with renting out a bedroom or have an entire home ready to go.
Though it may be scary to think about investing in an Airbnb-specific property, Vento says that, with his team behind you offering excellent advice, it’s easy to get the money-making formula just right. Here, Vento has shared his top three tips for building your own empire with Airbnb.
1. Research, Research, and More Research
Thorough investigations into the property market near you – or in up-and-coming neighborhoods where you hope to invest. These can include checking real estate websites to see rental prices, scheduling walk-throughs with landlords, and even befriending real estate professionals of all kinds to make a place for yourself in their networks and communities.
This step takes time and dedication, but so does buying a home for yourself, doesn’t it? You have to be sure to get this purchase right, or few people will want to rent your property. Vento recommends looking for Airbnb-ready features, rather than installing them yourself.
These can include separate entryways, large driveways, additional parking, accessible showers, and well-laid-out kitchens. Homes with several smaller bedrooms, as opposed to one large master suite, are also a smart buy, in his opinion, since they can be rented to a few groups at once or rented to a large group that can enjoy plenty of privacy.
After securing this first property, the subsequent properties will come more easily for a few reasons. The first is that you will be generally more knowledgeable about the market. The second is that, if you made any mistakes the first time, you’ll avoid them the second time. And, the third reason is that landlords, real estate agents, and mortgage brokers will take you more seriously once you have a portfolio of owned properties to show them.
2. It’s All About Your Network
Creating and nurturing your network of professional contacts is also of high importance. In addition to real estate professionals, try to specifically connect with other Airbnb hosts in your area. These people will be a quick reference when you have questions or tricky situations and they will also be the people you celebrate with when things go well.
This network of people can help you in myriad ways. They can recommend handymen, property managers or cleaning services. They might be able to step in and assist with your guests if you go out of town. Of course, you should do the same for them.
They also work as a touchstone for hearing about guest trends, requests, upcoming neighborhoods, local recommendations for your guests and they can provide their opinion on any new property you consider.
3. Become a Superhost
So, now that you have your network and your properties, it’s time to make them as attractive as possible to renters. Buy high-quality – and stain-proof – furniture that’s comfortable and versatile. Pull-out sofa beds, end tables that can be rearranged for various purposes, and small lamps that can be moved are great ideas. And great Wi-Fi is an absolute must.
It’s also of the highest importance that your listing perfectly matches your property and sounds alluring. Vento suggests hiring a pro photographer to take pictures of your properties, and if you don’t write well, engaging a freelance writer to write your property descriptions. These small outlays will pay off in dividends since they’ll attract high-quality guests to your listings.
About Lazaro Vento
Lazaro Vento is a real estate entrepreneur, Airbnb expert, and founder of Brickell Cigars. He rose from poverty to generate a seven-figure income in Airbnb property leasing and management and offers courses and seminars on building a real estate empire. To learn more visit https://linktr.ee/brickellcigars
