First and foremost, you have to realize that as an Airbnb host, you are doing business. That requires you to handle your Airbnb account and rentals as a business – that is, if you want to make some money. Good management will allow you to earn some cash from your rentals sans getting crazy. Above all, you can have a profitable business without working yourself to the max.
The following are some business management tips that allow you to save time while earning more cash:
HIre an expert cleaning service.
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This saves you a lot of time by doing care of all yourcleaning tasks. A devoted cleaning service that focuses on short-term rentals will get the job done right each time, considering its staff know the special needs of Airbnb hosts. Certain services are available 24/7 all 365 days of the year. Keeping your ratings high is the best thing you can do for your Airbnb business.
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Use an accounting program.
The biggest factor behind any small business failure is poor money management.
This can start issues with taxes, cash flow and other financial hassles. This can be avoided by using a small business accounting solution right from the beginning. If you still have difficulties managing the books, you can look into hiring an accountant or bookkeeper. This can get costly but when your tax situation becomes confusing, it is often worth it.
Take a shot-term business course.
If you have zero experience or business education, you should try taking some courses in fields such as bookkeeping, accounting and business management. You will find a lot of discounted or free courses on the Internet and from community colleges. A little investment of time and/or cash can go a long way for your business.
Start a separate bank account solely for your Airbnb payments.
This is going to make it easy to track your income and expenses. If it’s possible, use a single credit or debit card when making all the payments connected to Airbnb. This will give you a single record for all the transactions, which make bookkeeping way easier. You can also make a few extra dollars by if you use a “cash back” credit or debit card. With PayPal, you may as well get a credit or debit card attached directly to your PayPal account.
Get all the stuff you need in one place to get the best deals.
You can cut the time spent shopping by purchasing all of cleaning materials from just one online store. These shops offer competitive prices and no-fee shipping.
Provide attractive amenities to guests.
Guests nowadays expect amenities including Wifi and high-speed Internet, a Netflix subscription, and a fully-stocked fridge, etc. Adding extra perks can get you more return customers, higher-paying guests like business travelers, and better ratings.
At the end of the day, if you find all of the above too much work for you, hire a property manager.