12 Ways to ADD VALUE & MAKE MONEY on Airbnb
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If you want to move to the next level in managing Airbnb properties, this video outlines 12 different services that you can offer to add value and grow your business.
This video is really valuable in terms of how you can start charging more and add potential income streams for the properties that you are already managing.
There are basically three levels of services that we can offer to property owners for Airbnb management.
The first one is what I call “add-ons”. These are going to be one-time services that you can do to increase revenue through the listing.Property setup is an example of this where you are setting up the property initially or helping the owner to upgrade the property for a one-time or hourly fee.
Another example is property staging for photos, or getting the property ready for a photographer to take pictures. That complements photography and getting the photos taken, which is another revenue source. These are really important – if you don’t have incredible photos for your listing, you are leaving a lot of money on the table.
Another way to add value is by doing the listing setup. That means fully creating the listing description, having it integrated on different platforms and things like that. You can either charge for that or use it as an incentive for clients that are on the fence, i.e. “We will waive the listing setup fee if you sign up now.”
There are then two different levels of recurring services that you can offer.
One is going to be your pre-check-in services. These will be done virtually and don’t require you to be managing properties locally. One service will be looking at the pricing, actually setting and optimizing the pricing of the listing to make sure you’re getting top value but not going too high and losing bookings.
There is also what we call SEO, which is referring to actual on-platform SEO. This is making your property perform better in the search rankings on rental platforms like Airbnb, etc.
Another service is guest communication and responding to guest messages. Some of it you can automate with software and some you can do yourself. Guest check-in is making sure they have all of the information they need to get checked-in, not necessarily being at the property, but giving them the guest guide book and teaching them what they need to know.
I recommend that you do do the pre-check-in stuff regardless of whether you are managing properties remotely or locally. This is adding huge value to your clients. It will improve the property’s returns and it’s going to reduce your workload. A property owner, at that point, will only need to handle things from guest check-in to check-out.
You typically will not charge the standard 20% for that, it will be more like 10%. However, it can be done fully remotely and is a more scalable business.
The last four services you can offer are going to be post check-ins, meaning what happens after a guest checks into the property. This is where you’re going to have to manage properties locally, as it will be easier to do quality control when you start out.
One service is going to be guest communication. This is answering questions that guests have during their stay. Another part will be guest check-out, making sure that the guests have checked out on time, have all the details and know what to do and then organizing the cleaning for them.
Now, getting the right cleaning team setup, and giving them all the tools and systems that they need to be able to operate effectively is not an easy task, not to mention organizing them. That can be a headache that you are removing from your property owners.
The last one is the odd maintenance issue that will come up. If you have a good system and know what to do when different problems arise, that is a great thing to take off the owner’s plate and add value.
So you can be consistently earning 20-30% per month in management fees by taking on these different things and delivering massive value. Even though they are paying you for that, their properties are performing better because you have helped them with their pricing, SEO, etc, so they are earning more.
If you want to see how you can implement all this and grow your business, check out the link to the free training above.
What's up guys, my name is James and in today's video, I want to break down for you more than 12 ways that you can make money on Airbnb I want to break down 12 different services that we can offer as Airbnb property managers that will help to add more value to our clients. And these are 12 different ways that you can monetize your business.
And so this is a really, really valuable video for you if you are thinking about managing properties on Airbnb, or you're already managing some properties on Airbnb. And you want to get an idea of how you can take things to this to the next level, how you can start charging more how you can potentially get some additional income streams from different properties that you're managing. And overall, just level up your business and make sure that you're not leaving any money on the table.
So I'm gonna pull over here we want to check out I'm gonna pull up on the screen here and show you there's basically three different levels of services that we can offer to property owners for Airbnb management now
The first one is what I call on the far left here the of the diagram. The first one is what I like to call add ons. So these are going to be the one time services that you can do as an add on to your property owner, that's going to number one drive value for them, you can see that each one of these, we'll walk through this for them property setup, that's where you're basically helping to set up the property initially, or if it's already set up, it's already operating, helping them to upgrade the property itself, whether that's adding some more amenities, upgrading maybe the linens, upgrading some of the furniture.
That's a service that you can take care of for them, that's going to help them to drive more revenue through the listing, because you can help them to focus on what's actually going to drive the dollar value of their bookings, what's going to make a really big difference in the number of bookings they get and how much they can charge for listing and not go wasting money on some 4k TV or some hot tub that's not actually going to generate the more income.
So you'll know for that property, which ones are going to drive revenue. If you don't if you're not already experienced and again, there's a link down below. To our free training where I walk through step by step how to build this business, we're going to go into more detail about how to make properties perform.
And if you understand that sort of stuff, then you'll be able to draw really quickly, what things are going to make a property stand out and what things are going to be giving you a really good ROI to invest in like Netflix, whether that's for some properties, a hot tub is going to be a really good investment, things like that. So property setup is the first way that we can drive a lot more value to our property owners because it'll increase their returns on the property. And we can obviously charge for that.
So we can charge either a one time fee, or we can charge an hourly fee in order to go and actually take care of finding the right furniture or the right amenities, sourcing them, getting them set up with the property. That's something you can charge whatever amount you want for depending on the size of the property. Obviously, if you try to charge $20,000 to a small property, it's bringing in $5,000 a month. It's not gonna happen.
But I have had we have had literally $75,000 setup packages so my students have had with you know, big properties that need it. So that's a really great income source, their property staging goes right along with that. So if you want to do less than just setting up, you don't want to go through a full like refurnishing. But you want to stage the property for the photos. Get it really looking really nice to get a photographer to come in there.
And then that complements photography really well, which is the next one, and getting the photos taken. Again, those two things are going to drive a ton of value. You'll see like in any of these videos, where I talk about on the channel, how to make your listing perform. The top thing that I talked about is photography. If you don't have phenomenal photos for your listing, if one of your properties that you manage doesn't have phenomenal photos, then there's a ton of money being left on the table.
That's the number one thing that you can do to improve your results on Airbnb is get better photos. And that means having the property staged for the photos and having the right photographer go in there with the right set of systems. Again, if you want to learn more about exactly what systems those are, get all my step by step breakdowns that's covered in the free Train down below. But that's going to be a really big one.
And you can charge an additional one time fee for that. Typically you're going to be about three to $500 for the staging, and then you're going to be anywhere from two to $500 for the photography, that part of that is going to go to the photographer and then part of that it's just going to be in your pocket as an additional up charge. listings setup. That's another one.
That's a great way actually one of the one of the big things that we do to get clients to take action right away when we first meet with them, as you say, hey, look, to set up your listing, it's going to take about six to eight hours because that's actually what it takes to get a listing properly set up to fully create the listing description, get it integrated on all the different platforms, like all that stuff, it takes time It really does.
And so we can either charge for that, we can charge a couple hundred dollars for that get like $500 for that or we can give you an incentive that this is a great way to get clients to make a decision quickly with you and not you know be waiting sitting on the fence with you to say We'll we'll waive that listing setup fee, if you decide to take action today.
So that way they can save some money you're gonna go and again, provide a huge amount of value because you're going and doing all this work, getting the listing set up, not just getting it set up, but getting it set up and optimized so that you've got a perfect listing description, the right headline, the right photos, the right pricing, all that stuff.
And you can either do that as an additional income stream, or use it as an incentive, like we do sometimes to get people to make a decision right away when they are a good fit with us. So those are those add on services. Now, those are one time services. So by their nature, they're gonna happen like one time, you might want to get the property like do a property set up, kind of do some furniture updates once every year maybe.
But largely, these are going to be one time expenses and so they're going to be one time revenue for you one time income for you and your business, which is nice, but then really what you want is going to be recurring revenue. It's happening every single month. And so this kind of breaks down into two different levels of servers that you can offer. Now, the one is going to be your Pre checking services. So these are going to be the things that you do virtually, that you do remotely.
And that don't require you to actually be managing properties locally, it's very simple. And these are things that you can very much build an online only business from. Now I do recommend focusing on on a single location on a single niche, so you can really understand that well and deliver more value to them.
But your things like pricing, so that's gonna be actually setting and optimizing the pricing of the listing to make sure that you're constantly getting the top dollar value, not leaving any money on the table, but not setting your prices too high that you're going to lose out on bookings. There's really a lot of science behind that. There's a strategy to that a lot of people don't do it properly. So you can help your property owners with proper pricing.
You can do what we call SEO. But I don't mean traditional SEO, I don't mean ranking your property on Google. I mean, like actual on platform SEO. So there's things that you can do to make your property perform better in the search rankings on platforms like Airbnb booking.com homeaway vrb o to make sure that you're on the first page of search results when someone is looking for a property.
Rather than being buried 234 or five pages into the search results, there's a number of different tricks that you can use to make sure that your property stands out, and then it rises to the top of the search results for people. That's what we call Airbnb SEO. So that's something you can do. The other ones guest communication, just responding to guest messages.
Now, there's ways that you can automate that with software, there's some that you can do yourself you want to that's gonna be really helpful. Again, just knowing what to say how to say it, that's a slightly skilled skill to have. It's not something that just anyone can do.
And so certainly, anyone can just answer questions but you have to know how to how to really conduct yourself appropriately to really be more of a concierge be helpful to guests actually answer their questions politely and and actually have what it takes to close them and get them to actually book the property. When they're inquiring in that pre booking stage.
That's going to be best communication, and then guests check in just make sure they have all the information I don't mean actual at the property, getting them checked into the property. I mean, just getting them like all the information they need to get checked in giving them the guest guide book teaching them you know everything you need to know answering their questions about how to access stuff within the property, that's going to be like your pre checking work.
And now that is something that if you want to know like, I know I'm not going into detail right now on all the exact step by steps for each one of those. If you want to learn more the details on that again, that's available in the free training link below. No head note no tricks, no hidden anything. Not Hicks. I didn't mean to say that. No, no hidden agenda, no tricks, anything like that.
Like it literally is a free training that you can go and get all this stuff and get all this knowledge for yourself. So if you haven't already checked that out, and I highly recommend that you do. It's an all new train that we put together that highlights all this different stuff that we're talking about here. And exactly how to do it, how to charge for it exactly what what you do there.
The pre check and stuff If we kind of get back on track here, the pre check and stuff is something that I recommend that you do whether you're managing properties remotely, or managing properties locally. So if you're managing properties remotely, you're going to be able to do all that stuff online very easily, it's still going to generate a high amount of value for your customers.
Because if you have someone optimizing your pricing, if you have someone optimizing your search engine optimization on the platforms, you have someone doing the guest communication for you, if you have someone taking care of getting the guests all the information they need, that's going to do two things.
It's going to number one, it's going to improve your returns, right because your SEO, your pricing that's going to improve your results on Airbnb, it's also going to reduce your headache because at that point, you as a property owner are only really taking care of the guests like from the guest check in to the guest checkout. Everything before that it's like guests just get handed to you on a silver platter with everything they need.
And largely most guests aren't going to have questions throughout their stay made maybe one or two kind of thing. And so if it's done right, then that removes a lot of headache from the property owner as well a lot of worry, and a whole bunch of the workload. And that's something that you can do from literally anywhere in the world, which is really nice.
You can do that remotely, you can do it from abroad, it's really very much an internet business at that point. So that's a really nice cool thing about it. Now, you're typically not going to be able to charge a full 20% management fee for that, you're typically going to be more in the range of 10, maybe 15% for a management service like that.
But obviously there's a trade off there because you are running a much more scalable business because you're not dealing with cleaners, you're not dealing with guest check ins you're not dealing with like guests communication once they actually get into the property. Even just eliminating the the the cleaning team and the gopher from your list of things to manage. It just makes the business a lot more scalable. As you can imagine.
You now can scale to 20 properties, 30 properties 40 properties and still have it be like you and one virtual assistant, maybe two or three Systems doing guest communication at the higher end of that, but it just makes the business a lot easier to grow. So you can what you lose out for on your margin, you can't charge a full 20%.
In most cases, like I said, you're charging 10 or 15. Most of the time, you more than make up for in the ability to scale because it's quite easy to make up for that when you can just go and manage two properties rather than managing one property. So that's that, that's gonna be your pre check and stuff. Those are four additional ways that you can add value and earn more from your listings.
The last four are going to be post check ins is everything that happens after the guest actually checks into the property. And this is where I recommend that you're going to be this is where you're going to be having managing properties locally. I recommend just staying local to you at this point, because it's going to be a lot easier to do quality control when you're first starting out.
Now, by all means I do have students that I've worked with that have started completely remotely in a different country than where they actually live is where they're managing properties. And they have an on the ground clean team. They have it on the ground gopher They have built relationships with those people and the businesses running and it's going well. However, it is more challenging than doing it locally.
Because if you're 20 minutes away from your property, then if anything goes wrong in the first couple listings that you manage, when you're first getting your feet getting started in the business, you can very quickly and easily go and just fix anything yourself, you need to now long term no matter what you always want to build the business in such a way that long term, you can step away from it and you can go and travel, you can go do what you want.
However, don't expect that the day the day you first start in business, you're going to be making $5,000 a month and be completely location independent, completely remote. You don't have to touch anything. Like that's just not real. Anyone that sells you that dream that you're gonna be making $5,000 a month, a day from now and you're not hearing me totally hands off from the business and just money rolling in and filling up your bank account.
That's a pile of crap. Like that's just not real, right. You have to deliver value. And in order to automate a business's operations, you have to first do them yourself. You have First really massive them. And then you have to have the systems in place to be able to automate those. Now obviously, you can skip a lot of that initial process of figuring out yourself by learning from an expert who's already done it. That's why I do what I do.
But then needless to say, you do have to have systems in place, you do have to put the right people in place in your business in order to walk away from it and be really hands off. Again, if you want to learn all those systems, then check out the link down below to the free training.
But the last four there are going to be guest communication. This is a guest communication post check in so this is when you're answering questions that guests may have about their stay about the property that they've now checked into. This could be anything ranging from Hey, how do I what's the easiest way to get downtown from here? What is the easiest way to get to Xyz location? How do I use the thermostat? Can you remind me what the Wi Fi password is all this different stuff that they may ask during their stay?
Like I said before, the reality is that this is largely going to be if you're doing a good job giving guess what They need prior to them checking in giving them all the information, all the answers to their questions, a lot of the time, this is going to be very minimal, but that's going to be part of it.
The other one is going to be guest Checkout, just make sure that get checked out on time, they have all their checkout details, they know what to do, where to leave the keys, how to leave the property, all that stuff, the next one's gonna be cleaning, this is a huge one that you can, you can remove a ton of headache from property owners by just organizing the cleaning for them.
Like I said, this is something that you can very easily do, especially if you are managing properties local to you, and that you just have a clean team setup. Now getting a clean team setup, having the finding the right cleaning team, getting them set up giving them all the tools and systems that they need to be able to operate effectively is not an easy task.
It's something that you can very much do, you can you can easily do it if you have the right systems, and I'll explain to you like this. Imagine if you just went out right now and like let's say that you haven't watched any of my other videos about this and that you went out and you tried to find a cleaning team. Good, chances are, you'd make a few mistakes, right?
He wouldn't know exactly what to be looking for, you would know how to qualify them, you wouldn't know how to make sure they do a good job every time without you going by to the property and checking on them. And that's where most hosts are coming out this from, like most hosts are really going into this pretty blind. And they're just going out and trying to find the right person, but they don't really know who the right person is.
And they try to make sure that that person does a great job consistently, but they don't know any other way to make sure of that other than going by to the property themselves to do it. So that's the level of headache that you're removing from your guests, right from your from your house rather from the property owners that you're working with.
That's a level of headache that you're taking off their plate, but you don't do it by taking all that headache and just giving it onto yourself, that would be silly. You do it by having the right systems to be able to find the right person the first time given the systems they need so they can manage themselves, give them the tools that they can schedule themselves.
You don't have to tell them when to go they just check the calendar and go there and you can really systemize and automate that whole process. But still take a whole bunch of headache off of the backs of your property owners that you're working with.
The last one is maintenance. Similar similar kind of situation, the odd time maintenance is going to come up with the property and not for the property owner is going to cause a lot of headache, they're probably not going to know what to do, who to call, if you have a good system for this a good set of slps we call them standard operating procedures, meaning that you know exactly what to do, when to do it, how to deal with the different problems that arise, then it's very much just boom, boom, boom, it gets done.
It's off the property owners plate. And now you start entering the world where if you're offering all this, you can be charging the one time setup expenses for your one time fees, you can be making a good amount of income from that every time you bring on a new property. And then you're consistently earning 20% 30% per month in management fees because you're providing all of this that we've talked about here.
You're delivering massive value because you're taking all the headache off the property owners plate, they no longer have to do anything day to day with the property. They literally just sit back and watch the money. Come in. They're paying for that, obviously, they're hiring you to do that service. But all the headache is off of their plate now. And they are performing a lot better than before, because you've helped them to improve their pricing, improve their SEO, all that stuff.
So now that's a huge win for them, you're providing a lot of value. And that's where you can easily charge at least 20% for your management fees, a lot of times up to about 30% for your management fees. So that's basically a breakdown of the 12 different ways that you can deliver value to your customers in this business and how you can make money.
And as you can see, there's a couple different configurations here. On the one hand, you can make an extra amount of money every single month, when you bring on new properties, you've got that one time fees coming in, and that's great. That's going to give you some sustainability in your business.
It makes it very scalable as well because you can make money every time you bring on a new property under management, you're not paying out of pocket like you would with other models like rental arbitrage. Then you've got your pre checking stuff.
So that's a really great way to deliver a lot of bang for your buck a lot of punch with a few servers. courses that are relatively easy for you to implement, you can go and you can do these remotely, you can manage properties all over the world be doing it all from the internet all from your laptop and be still delivering a lot of value and still earning consistent monthly recurring income from your business.
And then you've got the last group of them the for post checking services, where if you want to offer the highest level of service to your clients, and you want to offer something that's really going to take absolutely everything off of their plate and help them to increase the increase their returns. Now you can start charging premium dollar premium 20% 30% management fees for your services.
So hopefully, that's given you a good kind of overview of everything. Hopefully, that gives you some insight into the different ways that we can make money in this business. Again, if you want the step by step training, if you want us to really hold your hand and walk you through exactly how to implement all this and how to grow your business in record time.
So you don't have to fumble around trying to get your legs you can literally just pick up properties and start managing them and do this really quickly and not waste any time with it. Then just check out the link down below, like I said, that's a free training that I literally spent years developing all the systems, all the strategies that are involved in that free training, putting them all into a condensed, you know, quick training for you that's really going to go over all the different fundamentals, all the different systems, and really cover in as much detail as I possibly can within that training.
Then just again, check out the link down below register, get yourself a spot in there, and I'll see you inside that. Other than that, if you liked this video, if you got value from it, if it helped clarify this industry, this business model for you, then just give this video quick like hit the like button in the bottom right hand corner there. It helps you in a lot with the YouTube algorithm. So if you could do that, I would really appreciate it.
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