Earn More As An Airbnb Host In 2020: 9 Goals for the New Year
A New Year — and a new decade — is here. Remember what you were doing 20 years ago? (Hint: you were waiting for Y2K to hit). It’s fun to reminisce, but you’ll also want to set your intentions for the year ahead.
Personal New Year resolutions are easy to set, (lose weight, exercise more, get organized… You know the drill!) but harder to keep. Business resolutions can be hard to both set and follow. That’s why we’ve put together this list of nine key resolutions for Airbnb hosts to earn more in 2020.
Set Your Goals For The New Year
Goals are not the same as resolutions. A Resolution is a firm decision to do or not to do something. A goal is the object of your ambition or effort; an aim or desired result. Goals should be specific, actionable, measurable and have a time frame for milestones and completion. Track your progress toward them throughout the year. Your goals for the new year could include:
- Increasing your occupancy by X%
- Growing overall income by X%
- Achieving Superhost status by [DATE]
- Add X number of properties to manage
- Quit your job and run your Airbnb business full time by [DATE]
Here’s our list of nine goals to help you earn more as an Airbnb host in 2020:
1. Do A New Year Deep Clean Up
There’s no need to wait for the Spring to do a deep clean of your property.
The New Year travel period ends around January 7. If your location isn’t in demand at this time, do a deep clean of your property to start the new decade fresh.
If you don’t want to do the cleaning yourself, hire a professional and request a deep cleaning. This should include things like dusting and cleaning inside cabinets and cupboards, cleaning carpets, washing curtains and comforters… All the things which don’t get covered with regular cleaning.
2. Refresh Your Profile
Like cleaning your property, a profile refresh is a good way to start the New Year. Make sure all fields in your profile have up-to-date information. Check for any spelling and grammar mistakes you might have missed before.
Include an up-to-date and friendly profile picture. Using outdated pictures of yourself can make guests feel uneasy or misled. Catfishing isn’t just an issue in the online dating world!
And most importantly, don’t forget to smile!
3. Update Your Welcome Pack
Just like your profile, your welcome pack is another item that may need a revamp. Check your welcome pack is up-to-date. Make sure that instructions for any new appliances or gadgets have been included. Update any local information, such as public transport schedules or local contact numbers. Be sure to include any new restaurants, shops and events in your area!
4. Get To Know Your Property Again
If you’ve been hosting for a while, you’ve probably automated and outsourced many of your hosting tasks. When was the last time you visited your property? When did you last stay for a couple of days? The January low season is the perfect time to get reacquainted with your property. Staying overnight will put you ‘in the shoes’ of your guests. You may discover issues that can be resolved, such as drafts, a dripping tap, or noisy neighbors.
5. Join The Community
Getting social is a great personal resolution. By getting social in the Airbnb community you can improve both your personal and professional networks. Host meet-ups are a great way to meet new people. You can pick up some good tips, and potentially meet people to co-host with. You can find host events on the Airbnb community site and through sites like MeetUp.
6. Review Your Pricing Calendar For The Year
If you’re manually managing your pricing, now is the time to review your calendar from 2019. When did you have low occupancy? When did you fill up your bookings? Review and analyze your pricing calendar for patterns and trends.
Now set your pricing calendar for 2020. Take into account any events in your local area, and note these in your calendar. Check out our pricing guide for more helpful tips on how to earn more from your property. Or, if this task seems daunting, you may wish to use a pricing automation tool to help in 2020.
7. Refer Your Friends
Did you know you can refer friends to host with Airbnb? You can earn some amazing referral bonuses when you recommend a friend to host with Airbnb. It’s a little extra cash in your pocket to start the New Year and tackle other goals.
8. Invest In Your Business to Earn More
Many people start hosting at the lowest level possible to make some extra money. But once you’ve established a regular income, it pays to put some money back into your business.
Make 2020 the year you invest in your business and take it to the next level. You may want to invest in outsourcing tools that free up time for business expansion. Professional photography is another investment that can pay dividends in increased bookings. Or invest in a revamp of your property, whether that’s a fresh coat of paint, a new mattress or a complete redesign. It’s up to you.
9. Take The Plunge!
If you’ve been reading my blogs and thinking about hosting now is the time to do it. Be brave and make the jump into hosting on Airbnb this year! Check out our guide for new Airbnb Hosts to get started!
Are you interested in learning how to build your rental arbitrage empire? You can subscribe to my blog and learn tips and insights throughout the year.