Etiqueta: profits on Airbnb

Renting your property on Airbnb can be a great way to generate additional income. However, to maximize your profits and ensure a positive experience for both you and your guests, it is essential to keep a few key aspects in mind. We share a guide with the best tips to make your Airbnb adventure a success.

1. 1. Know Local Regulations

Before you start renting your property on Airbnb, it’s crucial to find out about local regulations. In Mexico, regulations may vary depending on the location. In popular tourist locations such as Oaxaca de Juárez and the coastal region of Huatulco, it is important to register with the local Tourism Secretariat. Fines for non-compliance can vary, but in some cases they can reach up to 50,000 pesos.

1. 2. Prepare your Property

The presentation of your property is vital. According to a study by the Mexican Association of Real Estate Professionals (AMPI), properties in Oaxaca that are well maintained and decorated can increase their rental rates by 15-25%. Make sure your space is clean, well-maintained, and equipped with all the basic amenities. Consider investing in modern and cozy decoration to make your property more attractive.

1. 3. Professional Photographs

Photos are the first impression potential guests will have of your property. In Mexico, listings with professional photos can generate up to 50% more revenue than those without high-quality photos, according to Airbnb data. Hire a professional photographer to capture your space in the best light and from the most favorable angles.

1. 4. Write an Attractive Description

Your description should be clear, honest and attractive. Listings in Mexico with detailed and accurate descriptions are 25% more likely to be booked, according to Airbnb data. Highlight the best features of your property and the neighborhood, such as proximity to tourist attractions, restaurants, and public transportation.

1. 5. Establish Competitive Prices

Research the prices of similar properties in your area to set a competitive rate. In Oaxaca, rates can vary significantly depending on location. For example, in Oaxaca de Juárez, hosts can charge between 800 and 2,000 pesos per night, while on the coast of Huatulco prices can range between 1,500 and 4,500 pesos per night. Use Airbnb tools like Smart Pricing, which automatically adjusts your rates based on demand.

1. 6. Offer an Exceptional Experience

Success on Airbnb is based on positive reviews. According to a study by Airbnb Mexico, listings with an average rating of 4.8 stars or higher are 70% more likely to be booked. Be an approachable host and respond quickly to any queries. In addition, it offers small details such as a city guide, welcome snacks or personalized recommendations.

1. 7. Optimize your listing

Regularly update your listing with new photos and descriptions. Keep an up-to-date calendar to avoid double bookings. According to data from Airbnb Mexico, hosts who update their listing at least once a month have 15% more reservations. Additionally, respond to all reviews, both positive and negative, in a professional and courteous manner.

1. 8. Promote your Property

Take advantage of social networks to promote your property. Share photos and testimonials from satisfied guests on platforms like Instagram and Facebook. In Mexico, and specifically in Oaxaca, 60% of travelers use social networks to plan their trips, according to a study by the Mexican Internet Association (AMIPCI).

1. 9. Use Management Tools

There are several tools and software that can help you manage your property efficiently. Tools like Guesty or Hostaway can automate tasks like communicating with guests, managing reservations, and coordinating with housekeeping staff. According to Airbnb data, hosts in Oaxaca who use these tools report a 30% reduction in management time.

1. 10. Maintenance and Security

Perform regular maintenance on your property to ensure everything is working properly. Install smoke and carbon monoxide detectors and provide emergency information to your guests. In Oaxaca, well-maintained properties are 18% more likely to receive positive reviews, which translates into more bookings.

In conclusion, renting your property on Airbnb can be a very good source of income if you do it correctly. By following these tips, you can maximize your profits and offer a memorable experience to your guests. Remember that the key is preparation, attention to detail and commitment to excellence in service.

If managing properties is not your thing, at SILMÉXICO we have the property management and administration service. Come to our experts who will gladly provide you with information about fees and service specifications!