How to Boost Your Annual Income as a Rental Property Owner

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One of the most time-tested methods for making money in heaps is to become a rental property owner. Once you get your own slice of the pie, there’s no limit to what can be achieved as you grow your very own rental property business.

However, as great as that all sounds, only the savviest rental property owners make serious money. On the other side of the fence are the lazy rental property owners who thought that the money would magically come rolling in after investing in their first property.

Sadly, this isn’t how things work, and like most things in life, you get out what you put into your rental property. Assuming you chose a property in a good location that attracts guests throughout the year or during high season in a particular locale, this article is here to help you boost your income by setting your property apart from the others.

In the following passages, you’ll discover valuable tips that’ll instantly boost the allure of your property in the eyes of potential guests.

Create an Airbnb Host Account

In case you’ve been living on a different planet the last several years, you might not have heard of Airbnb. Firstly, Airbnb is the place to list your property to get as many eyes on it as possible as soon as possible.

When creating your listing, it’s imperative to be as concise yet thorough as possible when developing your description. Put yourself in the shoes of a potential guest and decide which items are the most important to add to your description. Ask yourself, What items will get people the most excited to stay at my place?

Essentially, you’re selling the experience, not the amenities unless they’re key selling points. Since Airbnb gives you the option to check off all the amenities at your property, it’s easy for guests to know exactly what your property offers.

Hire a Professional Photographer

One of the biggest mistakes made by lazy rental property owners is thinking that they’re professional photographers. Don’t be one of those owners. Instead, hire a professional photographer to do the job right for a one-time fee that’s tax-deductible.

By taking this critical step, you know for sure that your potential guests are seeing your property in the best light and from every possible angle. And since Airbnb and other popular rental Airbnb competitors such as Booking.com, Expedia, and Agoda, host your photos, don’t be afraid to include as many photos as possible.

Give Your Guests a Real Sense of Security

One of the things that every traveler worries about is securing their personal possessions while on vacation. The solution is to invest in a good jewelry safe with sturdy mounting hardware. By taking this step, you show guests that you take their security more seriously than the next person.

Plus, it’s wise to show your safe in your photos and mention it in your description. Because when selling your rental property, it’s the details that count. You never know, a guest could be torn between your place and another, and a secure safe might be what sells your property before your competitor’s.

Offer a Self Check-In Method

Another one of the absolute best ways to set your property apart from the others is to offer self check-in. This step is especially important if you list your property on Airbnb because guests will see that your property offers self check-in.

Similar to installing a good safe, offering self check-in is another way to beat your competitors who don’t offer it. For self check-in to work, you’ll want to invest in a smart door lock, outdoor key lockbox or digital keypad access.

Lastly, again, it’s important to put yourself in your guests’ shoes when considering this tip. Since one of the most stressful parts of renting an Airbnb is coordinating a smooth check-in process, self check-in is one of the best ways to quell your guests’ anxiety and earn 5-star reviews that’ll keep guests coming back.

Don’t Get Left Behind

If you have yet to update your rental property listing or take the necessary steps to make your listing pop, there’s no better time than now to get it done. In the coming months, international travel will start again, and once it does, you want to have your listing polished.

By taking initiative, you’ll be well positioned to profit from the impending travel boom and set yourself up for increased annual profits for years to come. Particularly, if you have yet to list your property on Airbnb, now is the best possible time.

The travel wave will help you to get the reviews you need to solidify yourself as a trustworthy rental property owner with a listing that attracts guests on autopilot.

Ultimately, your bank account is just waiting to receive all those juicy profits on the horizon.