07 Jan The Ultimate List of Airbnb Tools and Resources
List of Airbnb Tools
Becoming a successful property entrepreneur is about working smart, not hard. There are many tools out there to help you, but some work better than others.
Here is my ultimate list of Airbnb tools and resources. These tools have helped me automate my backend operations and I hope it’ll do the same for you.
My top 3 Airbnb tools are:
- Beyond Pricing
Airdna tracks the blocked, not booked and reserved market data on over 10 million listings globally. It analyzes data a ton of data points from Airbnb, it is able to provide you with revenue predictions.
Airdna breaks down global data in over 80,000 markets to provide strategic analysis which you can benefit from.
Please note, there’s no 100% certainty in any type of business. You have to take a leap of faith if you want to cross the chasm from an employee to an entrepreneur.
I always use the Airdna Investment explorer tool when I’m looking at new locations. This Airbnb tool allows me to drill down into a detailed analysis of areas I am less familiar with to understand if this could be a profitable location for business.
The Marketminder tool lets me look at local occupancy rates, length of stay, and average daily rates to ensure that I hit the sweet spot with my pricing.
Airdna is one of the Airbnb tools I can’t live without. It takes the guesswork out of scouting new locations, pricing and forecasting occupancy rates and I find it invaluable.
I recently wrote a blog post about the importance of keeping on top of tax. Tax evasion is a federal crime in the U.S. and it’s important not to get caught out, even if you only rent out a single property.
Any landlord that rents out a property for more than 14 days in a year is required to submit a tax return. For this, I rely heavily on TurboTax.
TurboTax is a tax preparation software that has multiple functions.
At it’s simplest it will help you file federal and state tax returns with 100% accuracy. Tax can be a minefield but TurboTax allows you to look at industry-specific tax deductions. In your case, you can deduct your rent as a business cost if you’re doing Airbnb Arbitrage.
The reporting system is simple and easy to use and there is a one-to-one on-demand system, which means if you get stuck you can talk to a human rather than stare in angst at a computer screen.
With this Airbnb tool, I feel completely confident that my returns are correct and up to date.
In addition by using its daily expense tracking system, I manage my accounts on a monthly basis rather than leaving my tax returns to a gargantuan task at the end of the year.
With Beyond Pricing you can be sure that you have priced your property competitively and profitably every time.
Beyond Pricing takes the guesswork out of costing your Airbnb by using a dynamic pricing algorithm. Using real-time data, the system will update prices on your website once a day by looking at seasonality and local events.
Using these three tools will change the way you do business forever. They are designed to streamline the way you work and ensure you channel your efforts in the right direction.
Go ahead and check them out now!
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