January 27, 2020 | Posted by: Venus Zoleta | Personal Finance
January 27, 2020
Owning a condo unit as an investment? Bought a home that you won’t occupy yet?
Experts advise that property owners in Metro Manila rent out their homes, apartments, and condos for short periods. It opens up plenty of leasing opportunities from app-based services like the Airbnb app.
According to property consultancy Colliers International Philippines, there’s a huge demand for short-term leasing from foreign and domestic travelers, millennials who are open to Airbnb’s shared economy model, and OFWs who are on a brief vacation in the Philippines.
Some Filipinos indeed make money through Airbnb hosting. Listing a condo unit on the Airbnb app can earn you as much as PHP 50,000 a month.
Turning your real estate investment into a steady income stream? Here are tips for beginners on how to earn positive reviews and boost ratings to get more bookings and earn a higher income in the future.
Before you list your property on Airbnb, check any rules that apply to short-term leases with your condo management or homeowner’s association. You don’t want to be hassled with penalties and the stress of arguing over something that should have been ironed out from the get-go.
Some Airbnb hosts share that a couple of property developers ban short-term listings, while others allow them and just require filling out a move in/out form or sending them an email notice for every guest.
Get your Airbnb profile verified. This proves to prospective guests that you aren’t a scammer. Verifications include uploading your valid ID and providing links to your social media profiles (Facebook, LinkedIn, etc.).
On Airbnb, don’t just provide the interior specs of your property. Emphasize the location, too.
Is it located near the beach? Does it offer a stunning view of the sea, mountains, or city? Is it near malls, restaurants, or the airport? Even foreigners who frequently travel to the Philippines are familiar with prominent landmarks here. Travelers love accessibility. So include such information in the property’s title and description on the Airbnb app.
The first things that people see on the Airbnb app are the photos of properties—they make that lasting first impression. So use professional-quality pictures of your home.
If you’ll take the photos yourself, use a DSLR camera or a smartphone with excellent camera specs.
Or consider getting a pro photographer. Airbnb offers a photography service for a fee, which can boost your profile’s verification. When you avail of this service, Airbnb will send over a photographer to your place to take pictures. Be sure that your property is clean and neat on the scheduled day of the shoot.
Is your property far from being picture-perfect? Don’t Photoshop your images! You’ll be setting unrealistic expectations to potential guests that way, which might lead to bad reviews about your listing. Don’t worry because you’ll still attract many travelers on a budget who are just looking for a decent place to sleep.
How much to charge your guests? As a first-time Airbnb host, it helps to start low. Check how much your competitors are charging in your location and beat them. This might even mean offering your home initially at a price below its market value .
Once you get more bookings and great reviews over time, you can increase your price. Check your competitors’ prices from time to time, too. You may also check Airbnb’s recommendations for price and discount just for reference. Some Airbnb hosts find the price suggestions too low for their properties’ actual value.
Airbnb awards a Superhost status  to hosts who achieve the following:
To be considered an excellent Airbnb host, you should provide the best experience and be responsive, active, and reliable.
Once your Airbnb profile is up, always check your host account or email for any message from a potential guest. Whether it’s an inquiry or a booking request, reply quickly and never make your prospects wait!
Avoid canceling confirmed reservations, too, except for any reason acceptable to Airbnb .
Got your first booking? Congratulations! Now give your guests the most pleasant experience possible.
You don’t want to stress yourself out doing last-minute preparations. Here’s a checklist to help you ensure that everything’s in place the moment guests arrive at your property:
Even a small act of appreciation for your guests makes them feel valued and encourages them to book your property again in the future. Go the extra mile—it will pay dividends on your earnings from Airbnb.
Here are different ways to thank guests for their business:
All set? As an Airbnb host, you’re making money from your investment, so it definitely helps to have an entrepreneurial mindset. Good luck on your Airbnb hosting!