There are many people these days buying up Tennessee real estate and turning it into an Airbnb rental. In certain areas, it is guaranteed to make money and give a very quick return. There are places that attract a lot of tourists or business travelers that need a place to stay for just a few days.
When you buy an Airbnb property and go for short-term renters you can make far more than with traditional long-term renters. As long as you pick the right area, that is. Even when you seemingly have everything working in your favor, there are still ways that you can increase your earnings. In this article, we will go over several ways that you can maximize your earnings when you own an Airbnb property.
1 – Airbnb Experiences
There are some people that are simply looking for a place to lay their head on a pillow for a night and then move on. They are only there for a short time and aren’t interested in spending much time at the property.
There are others that are looking to maximize the experience and part of that is possible at the property itself. There are Airbnb Experiences that are extras that some people are looking to do and are willing to pay extra for them. For instance, you could offer things like a movie and pizza night and show some films on a projector that will give them an incentive to stay and pay.
There are other people offering things like cooking classes that they either host themselves or will bring the guests to somebody who does. Offering guided tours of the area where your property is located is also a way to generate extra income. These come at an additional cost, of course.
2 – Upgrade the property
The nicer the amenities at the property, the more money some people will pay. Even the people who are only planning to sleep there will sometimes pay extra for things like an adjustable bed or skylight that make it a more comfortable stay.
For everybody else, you can add things like a whirlpool hot tub for the bathroom or a massage shower to give them a spa-like experience.
Parking is also a big plus and some places don’t have spaces for the renter’s car. Even if you buy a space off the property where they can park for free will be appreciated so you can charge more.
3 – Offer airport or train pickup
Every hotel charges a transfer fee to get their guests from the airport to the property. You should be offering the same service instead of just leaving it up to the renter to find their way to you.
Hotels generally overcharge for this service so if you are reasonable on the charge then you will have people pay you. It should be less expensive than an Uber, however, so make sure to settle on the right price that makes it worth it.
