Taking over the rental market quickly almost as soon as it was launched, Airbnb expanded its operations to Cambodia in the early 2010s. Quickly, homeowners and property investors alike saw a massive opportunity to increase their income by renting out their space, room, or property that they’re not using. This short-term accommodation for guests and travelers is primarily an independent community that has settled in over 150 countries and has opened more than 12.7 million listings for spaces and homes.
In entering the Airbnb industry, you need to invest or own the right property at the right location that will attract the right market; people who are either on business trip in Phnom Penh or on a vacation in Siem Reap. To achieve the best result, this article will guide you through getting started in Airbnb and how it operates, continue reading below!
How to get started in Airbnb
Whether you want to offset your mortgage by gaining an extra income or simply want to increase your profits, one of the best things you can do is try your hand in Airbnb. This works especially if you have a property or a room that you’re not using. So if you want to set up your own Airbnb business, here are the steps you can follow:
Check it Airbnb is possible
Before preparing your property or space to accommodate potential guests, you first need to confirm if putting your place for rent is possible. If you own the property, you can ask your Homeowners Association (HOA) if there are limitations you need to know about or if they restrict it. If you rent, either check your lease or contact your agent if it’s possible to sublet or lease out an extra room.
Prepare your property
Once you’ve confirmed Airbnb is possible, the next step is to prepare your property for guests. Consider the theme and ambience that you want for the guest as well as the interests of the target clients. Besides that, consider other things you need to prepare for like enhancing the security of the home, stocking the basics of having guests like towels, tissues, and more.
Determine the price
The next thing you need to do is determine the price of your property while considering the facilities you have, features, and location. However, you also need to consider the prices of other Airbnb listings with similar features, in the same area as you, and the Airbnb host fee. This is 3% of the booking’s subtotal and could be higher if you are an Airbnb Plus host.
Post the listing
Once you’ve determined the price, the next step is to list your space in the market. Whie this is generally an easy thing to do, describing your property and what makes it different from others is something you need to pore over before putting it up there. Make sure you highlight the features of your home but don’t exaggerate and ensure you take clear and great photos of it from most angles so your potential clients can see it.
Find a co-host
Generally, hosting an Airbnb takes a lot of work especially if you have numerous properties since there’s a lot to consider. For example, communicating with guests before and during their stay regarding requests, concerns, or even repairs. Urgent issues also need to be addressed and you might need to be there for the check in process. If you can’t do it alone, it’s best if you hire some help or get a co-host that can do half the tasks with you.
Other ways to start an Airbnb
Not everyone has an extra space, room, or property to rent out to potential guests but this doesn’t mean you can’t make a profit using Airbnb. Check out the few creative ways you can start an Airbnb below:
Set up Airbnb experiences
One of the easiest options for you is to set up an Airbnb experience. Since most people who use Airbnb are travelers, on vacation, or simply checking out a location for the first time, they want to see and experience more of what the city offers. In this case, offering activities that can’t be found anywhere else like cave diving or simply something fun like a caricature class, will help make their experience better. So make sure to find an activity that you can offer and list it on Airbnb experience now!
Be a property manager
A good way to be in the Airbnb business is to become a property manager. For example, leading real estate company IPS Cambodia has numerous listings of Airbnbs. If you were a property manager, you can ensure everything goes well with the properties listed and be tasked with managing and maintaining it.
Be an affiliate
Another option is to become an affiliate of Airbnb where you simply refer friends and relatives who have properties they want to list on the site. You get a sizable commission if your referral indicated that you were the one who referred them to the site.