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Airbnb Property Investment Essentials: The Insider’s Guide to Renovating for Profit (HK 2021)

Airbnb Property Investment Essentials: The Insider’s Guide to Renovating for Profit (HK 2021)
//This blog is updated in 2021//

Can Airbnb hosting be profitable? This is perhaps the question that interests every host when he decides to join this powerful network. Airbnb is getting more and more popular when it comes to choosing the lodge for the vacations. Tastes of the lodgers really differ. What one finds perfect might be unbearable for the other. So how to cater all of them and become an ideal host? Here are some  hosting tips that might help you to get more bookings in 2020.

welcoming-guests

Don’t Try to Cater Everyone

A one-size-fits-all approach doesn’t work when it comes to Airbnb. Otherwise, you will simply turn into a generic hotel. The whole idea of Airbnb is about creating a unique experience for the guests. Unique is more than simply good. And “good” is rather an abstract notion. Everyone has his or her own understanding of good and bad design ideas. So you need to have some starting point. Instead of trying to please everyone, try to define your core audience. See who is your main targeted group. Take into consideration of which group uses Airbnb services the most (Family? Couples? Young travellers? Students?) and specific to you location, which group is higher in demand (Commercial and office areas mainly attract expats or business travellers). This might seem difficult at first sight, but your Airbnb income totally depends on your ability to analyze, to draw conclusions and to apply this information. Especially, if it is not just the way of earning money but you really care about your Airbnb rates and quality of your services.

So, in defining your ideal guests you can predict what are their needs and what requirements they are likely to have. This would be your starting point for the home renovation. Adjusting the design and interior to the needs of your target audience is your key to success. However, this does not need to be a big change. Just because your target guests are university students, does not mean you need to subdivide your big apartment to small sections. You can find ways to make appropriate adjustments accordingly. For example, if you are planning to host backpackers, you should add more couches. Also, make sure that there is enough private space for each of your guests. Although backpackers are usually traveling in small groups, everyone appreciates a little bit of privacy. If the majority of your lodgers are businessmen on business trips, you should take care of the working space for them. Just get into your guest’s shoes and think of what he or she might need for a comfortable stay. Something as simple as having an iron can be ann very accommodating feature for businessmen.

Airbnb Property Investment Essentials: The Insider’s Guide to Renovating for Profit
Contact Designer: Cheung Krystal@archiparti

Follow the Rule of three C’s

Scott Shatford in his book “The Airbnb Expert’s Playbook” introduces the rule of three C’s, which can make your property better and increase your Airbnb bookings. The rule is “Classic decor, in a Clean space, free of Clutter”. Let’s discuss each part in details.

Classic Decor

This shouldn’t necessarily be a classic decor in the direct meaning of this word. First of all, you need to tackle the question of the interior design and decor reasonably. A good idea is to stick to some theme in your design. It allows creating an atmospheric and nameable look of your apartment as well as cohesiveness, which is more appealing and aesthetic. You can use beach or rustic motives, create an apartment in urban style, enliven it with different textures and put colorful accents. The only rule is that all the elements should stick together and be uniform. We would advise you to abstain from using some ultra modern tendencies in your design. Although, there might be some admirers of such an approach they are not that numerous. The majority opts for clean classic decor.

Clean Space

Keeping your apartment clean goes without saying. Even if the guest leaves everything in a tidy manner and you don’t see any dust under the bed, everything should be cleaned after the guest has left. It is never pleasant when you have an uncleaned apartment for your guests. Note that some hosts charge an additional cleaning fee. This is up to you, but bare in mind that it should be clearly stated in your listing. Also, know that additional charges in the overall bills could drive away those who prioritise a smaller budget. However, don’t get too fanatic about the cleanness. There are always those who find your apartment not clean enough and want it to be cleaner.

cleaning

Clutter-free Space

Try to get rid of all unnecessary clutter. You might have a cherished collection of porcelain figures, but Airbnb apartment is not the proper place for it. If your Airbnb is a residential part of your house when it’s not rented, remove all personal items such as family photos toiletries and so on. Don’t try to store things in the apartment that you are opening for other guests. No matter what design style you choose it is very easy to overdo with the decor. Always remember that guests love open spaces. If there are too many design elements your space looks cluttered and smaller than it is.

Airbnb Property Investment Essentials: The Insider’s Guide to Renovating for Profit
Contact Designer: Wang Xiaomeng@archiparti

Pay Attention to the Details

However, the details make the difference. Usually, the smallest details form the strongest impression. Whether this impression is good or bad depends on you. You can personalize your interior and make it feel homier adding some pleasant little detail here and there. A bunch of flowers on the coffee table, toiletries in the bathroom, a vase with fruits in the kitchen. You don’t have to spend a fortune on all these things. However, they can create a personal connection between you and your guest. People appreciate a personal approach and a little bit of sympathy. That is why they prefer an Airbnb host to a hotel room. These thoughtful touches can help you get better reviews with a happier guest.

You can also gain the reputation of a regardful host by taking care of all these trifles the travellers do not notice unless they lack them. Provide sufficient electrical outlets, extension cords, and iPhone chargers, connector adapters whatever. Such insignificant at first sight details form the overall impression of you as a host.

welcome-basket

Set Reasonable Prices

This is a tricky question as long as every host has the right to set the price he finds appropriate. Airbnb prices vary a lot. However, remember Airbnb is not a hotel. So don’t price yourself like one. At the end of the day, staying at the hotel seems safer for the guest. There are only two main reasons why they can opt for Airbnb: a unique experience and the money they can save. Pricing yourself like a hotel you eliminate one of these two reasons. Now take a reality check: is the experience that you can provide that unique and can you represent it in such a way that the guest chooses your property? With the being said, don’t be afraid to make your listing for a higher price when the time is right. For example, when demand is high because there is a famous concert around your area, you can put the price a little higher and still manage to get bookings. The price really depends, so carefully analyse what works best for your listing.

Think about Amenities You Can Offer

There are lots of things that will be appreciated by your potential guests and tip the scales in your favor and attract more bookings. Just think of some additional advantages you can provide your guests with. It is never a bad idea to showcase your strong suits. Always highlight such things in your listing to make them noticeable. So, what can be considered as such amenities?

  • Private bathroom
  • Access to the full kitchen
  • On-site or nearby parking
  • Fireplace
  • Air conditioning
  • Workout equipment
  • Wi-Fi

Don’t hesitate to add to this list anything that can distinguish you from other hosts. Just mentioning such things in your profile can significantly increase your Airbnb bookings.

Airbnb Property Investment Essentials: The Insider’s Guide to Renovating for Profit
Contact Designer: Wu Chin-Feng@archiparti

Sell the Experience

One last tip to make you a successful Airbnb host. After all, Airbnb is a business with its market and competitors. As we all know, marketing means a lot nowadays. Basically, marketing builds our image of the brand, doesn’t it? A great proposition and poor marketing equal small demand. To increase your Airbnb bookings you need not only to have a great proposition, but also to know how to sell yourself. Focus on strengths and minimise the weaknesses of your apartment. While creating your Airbnb listing try to emphasise on the experience your guests can get rather than on property details. The same fact can be dished up in different ways. You must admit that there is a great difference between these two statements: “There is a large well-equipped kitchen” and “Buying the freshest food from the nearby farmers’ market you can make an unforgettable meal in the large well-equipped kitchen”. Keep these small but important notes in mind for your listing.

Airbnb Property Investment Essentials: The Insider’s Guide to Renovating for Profit
Contact Designer: Conceptual Studio@archiparti

The truth is that most of the places are not that unique. There are lots of similar options on the list to choose from. Looking for a lodge to stay people want to imagine how they would feel and what they would do there. Describing in your listing what they can experience you make them dig into the atmosphere of their vacation, which significantly increases your chances to be booked.

farmers-market

Winding Up

If you are an Airbnb host and want to get more bookings and to increase your income perhaps, the first thing you should start with is a little renovation. This can significantly increase your status as a competitive Airbnb host. You need to adjust your space for your guests’ needs. Choose a theme for your apartment and stick to it. Add some details to put the accents. However, it is important not to overdo here. Otherwise, your apartment may look cramped and cluttered. You are free to set whatever price you want. But still, keep in mind that pricing yourself like a hotel you are likely to tip the scales in the favor of the latter. Be reasonable with your price accordingly in different situations as well. And, of course, you should take care of the way you present yourself. Listing is very important in the decision-making process of your guests, so make it stand out! Describe the experience your guests can get choosing your property instead of just enumerating the advantages of staying with you. This simple trick can significantly increase your Airbnb bookings and make you a successful host.

Airbnb Property Investment Essentials: The Insider’s Guide to Renovating for Profit
Contact Designer: Wong Zac@archiparti

Read also : 4 Simple Steps to Increase Airbnb Bookings and Maximize Profits INSTANTLY!

If you would like to further discuss with one of our project consultants, please contact us and get free quotes

Topics: Airbnb Hosting Tips, successful airbnb host

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