Easiest Way to MAKE MORE MONEY from your Airbnbs

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What's up guys, it's James here and in today's video, I'm going to talk to you about the two easiest ways that you can make more money from your Airbnb properties, whether you are buying properties and you're investing in properties, your properties that you own, and you've got on Airbnb or other short term rental platforms, or if you are managing other people's properties, and you're managing them earning a full time income, whatever building a business managing other people's properties. on Airbnb, I'm going to teach you two easiest ways that you can improve the performance of those listings and make more money. Now before I do that, I want to recommend that you check out the links in the description down below, we've got two incredible free trainings that you're definitely going to want to check out. One of them if any of you guys are here, because you want to buy properties on Airbnb, or you're already investing in properties on Airbnb, and you want to ramp up their performance, you want to keep investing and get the best ROI you possibly can check out the link in the description down below for a free training and how to replace your income from buying and investing in properties. For short term rental buying vacation homes is really really cool training. It's a brand new one that we just put together, and I highly recommend you check it out. Now the other thing that I would recommend is if you are interested in managing other people's properties on Airbnb, and you want to earn a full time income doing that, without having to buy any real estate, no need to buy property, rent property, furnish it and nothing like that, then I highly recommend you check out our other free training that's also linked in the description that's gonna walk you through how you can earn a full time income managing other people's properties on Airbnb, this video is gonna be very complimentary to both those trainings, I highly recommend that you check them out. Now with that out of the way, let's go ahead and talk about my two recommendations for the best easiest two ways that you can improve the performance of your listings, get them the top 5% performance, maybe even top 1% performance on all Airbnb properties in your area. And ultimately make a way bigger return on your investment may go a bigger return on your management properties just overall make way more money on your properties. Now, method number one is so easy that absolutely anyone can do it, it really does not take much. And its interior design and furnishing and specifically adding key amenities. Now there's something to be said for really improving you know the the basics of photography, just the overall aesthetic, your property, if your property is lagging behind in those areas, that would be where I'd start just getting the right interior design done getting the right amenities added in there and getting the right photos for your listing getting a professional photographer in. But I'm going to assume for this video that if you're watching here, you already have those boxes checked. And so you want to go a little bit further and really use an advanced tactic to optimize the performance of your property. Now this first one's not really going to be advanced. It's just honestly super basic. But very few people think about it, I find that most people don't actually take the time to do this. So I'm going to share it. And the second one I'm going to share it's a little bit more of an advanced strategy that I highly recommend using. So this first one is really about adding key amenities. So this isn't about furnishing this isn't about decor, this isn't about photography. This is about asking yourself, what are the things that my guests would absolutely love that would add more value to them, that would cause them to book my place over other fields, places that would cause them to pay more per night for my place. And that would cause them to rave about my place to other potential guests if they were talking about it. And so this can vary depending on the type of property that you have. I'll give you a couple examples of one that I recently implemented on a cottage property that's a really great vacation destination for a lot of people that just want to do a bit of a getaway, you know, weekend getaway that's kind of the quintessential weekend getaway is what this property is. It's two hours outside of the major city of Toronto, Ontario, Canada, it's right beside the lake, it's a really great place to go and relax for a weekend or week during the summer. And during the winter, it's a great place to go to just escape and get out into nature out of the big city. Now, what do people want when they're there? Well, that's quite different from what people want. If, for example, you have a property that is in the downtown core, and it's catering towards business travelers, if you're getting towards business travelers, they're maybe going to want high speed internet and maybe a Netflix account, things like that coffee for us. They want entertainment and relaxation. Those are the two big things. They don't want to be bored while they're there. But they want to be able to relax really effectively. So some nice Adirondack chairs, like some nice relaxing chairs out back some really nice amenities like for example, a hot tub and a sauna. Those are things that we added to the property. So whether you own the property, and you're going to go and invest in buying those yourselves, or whether you manage the property and want to recommend that your owner go and make that investment so they can get a return on investment and you can make more money managing either one you're gonna want to consider. Now it doesn't have to be as big ticket as a hot tub or a sauna. You can also get the same sort of effect with just a few $100 by buying things like for example for our property. We bought $200 worth of board games, that's really fun for us, especially in the winter. We also spend another couple $100 On some kayaks, a bike, a ping pong table. Those are all really great. Also outdoor games. So we've got Spikeball, we got cornhole, we got bocce ball. All these really cool games that again, we only had to spend a few $100 on. And now it adds a lot of value to prospective guests. Another great example is we bought a little movie theater set, we went out and got a used projector, and we got a soundbar. That was about $600. All in. And now we've got this great big huge projection screen that's projecting onto a wall in the basement, a great soundbar. So you've got a little movie theater setup down there. So these are some amenities that we added. Because we asked ourselves the question, what would guess what, what would guess be willing to pay more for now the really nice thing about this is that it was pretty easy, because I am a target customer. You know, I live in a big city and I want to get away and do kind of a weekend getaway from time to time. And when I do that, I want to relax in a hot tub. I want to hang out in a sauna. You know, I want to be able to play ping pong, I want to be able to go and play board games with my buddies, I want to be able to relax and watch a movie with my girlfriend. I want to be able to do things like that. So I just thought, hey, what would I be looking for what would make me stumble across a listing and go, dang, that is the spot I want to book that's going to be an awesome place to stay. And then we just really turned our place into that. Now we went pretty extensive, we went and spent about $15,000. Between the hot tub and the sauna, we spent some more money probably about $3,000 On the other miscellaneous stuff that we added to the Property two or $3,000 there. But I can tell you for sure it drastically increased the performance of our listing. When we initially ran the projections, our best case scenario was looking like about 70 to $80,000. For the entire year, our worst case was about 50. Our best case was 80. And now we just crossed over $90,000. And the crazy thing is that properties only been live for about three and a half months now on Airbnb. So that means that we're projecting we're going to bring in between 100 and $120,000 over the course of the year on Airbnb and short term rental. Just because we went and made those incredible add ons, we're outperforming virtually every other hosts in the area, because we went and made sure that the property is optimized for the type of guests that we're looking for. And we're charging really high nightly rate and still getting booked up. So that is tip number one. And tip number two is a little bit more advanced. This is something that everyone can do. Whereas the more advanced strategy, if you want more details on it, you want more of the tool and resource views because there are some tools that you need to have in order to optimize for this. And then again, check out the resources in the description down below, check out the link. So it's free trainings, we're also actually going to be giving you away some free tools in those trainings. So I highly recommend you check them out, make the most of them there so that you can learn and get all the tools and strategies that you need. But really, the second strategy is all about pricing optimization. And what that means is really just dialing in your price. So you can maximize the balance between your nightly rate and your occupancy rate to maximize your overall returns and sort of squeeze every single dollar out of your property that you possibly can. Ultimately what you want to be doing is not going to your place overbooked because you have too low nightly rates, but not having your place be under booked. Because your nightly rates are too high, you really need to dial things in. In order to do that there's certain KPIs you need to know. So for example, a KPI just a key performance indicator, essentially, it's a goal. And there's metrics that you're going to measure to see how far you are on track or off track from your goal. So for example, for me, personally, I know exactly what occupancy rate, my property should be booked at every single month out of the year. If it's in the top 5% of all properties on Airbnb, if it's a top performer, I know it's got to be booked at this amount for January this month for February, this amount for March, etc, etc. And then from there, I also know exactly what percentage of my occupancy should be booked and accounted for six months out into the future, you know, five months before, four months before three months before two months before one month before and 14 days before. Because the reality is, let's say that we're looking at a month like July, this will make it really nice and easy. Because July, it should be 100% book, it's our busiest season of the entire year. We brought in $28,000 on this property in July alone, now in July should be booked at 100%. But not all of those bookings should be happening in June, right? If I'm going to maximize my rates, I should be getting some of those bookings as early as maybe January, February, some of them should come in in March and April. A few more should come in in April or May, and then more in June and a few more last minute in July, potentially as well. And so knowing that I need to know exactly what percentage of that 100% You know, there's 30 days, how many of those 30 days should it be booked in January? How many of them should be booked in February? How many of them should be booked in March and the reality is most hosts and even most property managers don't know the answers to these questions. And the only way to really optimize your rates is to know the answers to these questions. Because if you know for example, In January, if you're looking at July, and it's in January, right now, you look at July, maybe, you know, for example, that there should be at least five nights booked. Well, what do you do if you have only three nights booked? Well, that means you need to lower your rates. Whereas if you're supposed to have five nights booked, and you already have seven nights booked, you know, your rates are actually too low. So you need to increase them. You want to be doing that in January, you want to be doing that in February. And in March, you don't want to be doing that last minute, what I see most hosts doing is they make the mistake of waiting until June and then frantically adjusting their rates because they're not booked where they need to be. That means that they're going to underperform that, you know, in June, you don't have access to all the demand. The reality is there were some people that were booking properties for July, back in February back in March, and they were willing to pay top dollar. And because your property was overpriced, they didn't book it, or because your property was underpriced they did. And you left a bunch of money on the table. So having the right system again, this is something that requires the right tools, the right systems to be able to measure and manage this and know what metrics you're trying to hit. But implementing this is what has allowed us to drastically outperform the market and is literally adding 20 $30,000 to our bottom line on one single property over the course of one single year. Now, this is what I call pricing optimization. So again, if you're interested in learning about how to do this, then I highly recommend you check out one of the two links to the trainings down below if you're interested in doing this for other people's properties, but again, I recommend you check out that link in the description for our free training on how to earn a full time income managing other people's properties on Airbnb, if you want to do this for your own properties, you want to actually go and invest in properties, then I highly recommend you check out the other one linked in the train down below there in the description down below, I should say it's a free training on how to invest in properties for short term rental. And in our training, we're gonna walk you through the three crucial components to being a successful short term rental or Airbnb investor. So either way, I recommend you check out one of those free trainings because they're jam packed with all the value we could fit into them. There's only so much I can cover in a YouTube video like this. And in those trainings, were also like I said, going to give you some free tools is going to show you through some stuff. So no matter what these trains are going to be incredibly valuable to you. So I do highly recommend that you check them out. And with all that being said, after you check out those trainings, make sure as well before you leave this video, click that like button, just give it a quick thumbs up, it really helps out tremendously with the channel. I'm looking to grow this channel and we're already growing very quickly, I want to keep on building on that. So please take a quick second hit that like button, give the video like because it helps me reach more people with this video. And that makes everything a lot better. So give it a like button. And then the last thing is that if you're watching this video right now and you're not yet subscribed to the channel, then make sure you hit that subscribe button. We post two new videos every single week on this channel and I want to make sure that you stay up to date because I try to make these videos as valuable as possible. So I want to make sure that you get to see them. So make sure that you hit that subscribe button I know a lot of you are not subscribed to the channel yet. So hit the subscribe button to stay up to date with the two new videos we post every single week on here. And all that being said now. I hope you have a great rest your day and I'll see you in the next video.