THE RISE OF SHORT-TERM LETTING

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Everybody knows Airbnb

Airbnb is a phrase which rolls of the tongue- a part of the common everyday lexicon today. What was once a strange and foreign concept is now pretty commonplace and a modern business success story. What started out, as many great ideas do, with two friends sitting around spit-balling ideas has morphed into a formidable global player who has the big hotel groups shaking in their boots. Why? That a good question; how could a fledgling start-up manage to rattle the cage of the centuries-old, hospitality heavyweights? Before you ponder further on Airbnb’s meteoric rise, the facts.

Airbnb across the globe

There are more than 191 countries and regions with Airbnb listings which translates into over 100 000 cities and over 7 million accommodation listings globally which then means on average, at any one time over 2 million people are staying on Airbnb per night. Staggering to say the least, especially for a start-up that has only just reached its 11th year. This start-up has forever changed the global hospitality and tourism industry on both ends. Virtually anyone who has a property can list it on Airbnb making this one of the most accessible tourism assets in the world. Airbnb has not only created opportunities for new experiences in travel but it has also created new income streams for the average Joe. Like Uber, Airbnb do not own any inventory yet, they are raking in the cash. Very clever. What’s even more clever is you, the property owner, can start raking the cash in too.

Make money from your home

Listing your property in Airbnb starts with one fundamental element- you have to own the property in order to become a ‘host’, as they call it. Next, get online and add your listing on the Airbnb portal- you’ll have to answer a few questions about your place as well and it seems, the more detail you can provide the better. Photographs work wonders too. Although you have the ideal opportunity to make some extra money off your property, you will also face competition so, do your best to represent your listing as accurately, and favourably, as possible. Next you’ll have to select the dates for when your place is available for rent- bear in mind to do this as early as possible. The more organised you are, the better your chances. When it comes to pricing, keep it competitive and do your research- find out what similar listings are asking. Lastly, you’ll have to name your listing and you’ll only have 35 characters to do this. Think of this at the outfit you’d wear to a job interview; a good first impression is very important and people will be quick to scroll past if you don’t grab them in the first few seconds.

Airbnb is one of the modern success stories and a tale of epic proportions; the proverbial backyard garage success story. This great success has resulted in plans to list the company in 2020, which is a positive promise of things to come.