Oct 31 in General discussion
Top 10 Costly Mistakes I Made When Starting My Airbnb Business (Avoid These to Save Yourself (£) Thousands and Countless Hours)
- Skipping Due Diligence: Always analyse potential properties with a cash flow calculator. Numbers, not emotions, should guide your decisions.
2. Cutting Corners on Furnishings: To attract guests, invest in distinct, quality pieces. Elements like unique wall decor, pendant lighting, and stylish armchairs can make a difference, as today’s guests expect high value for their money.
3. Building Locally: Operating close to home often keeps you tied to the day-to-day. By starting remotely, you’re forced to create a strong team and set up efficient outsourcing systems from the start.
4. Overpricing Early On: For new units, start with competitive pricing to build up reviews. Once you’ve gained credibility, adjust prices accordingly.
5. Skipping a Channel Manager: List your property on multiple platforms, not just Airbnb. Services like Hosty or Uplisting can automatically publish your listing to Booking com, Expedia, TripAdvisor, and more.
6. No Pricing Software: Using static prices means missing out on high-demand bookings. Automate your pricing with software like Pricelabs to maximise revenue.
7. Poor Guest Vetting and Security: Set up a strong guest screening process, enforce clear terms, collect deposits, verify IDs, and consider adding external security measures like CCTV and noise monitors.
8. Scaling Without a Long-Term Plan: Having just 4-5 properties can be profitable, but the real cash flow arrives when you manage 10 or more, allowing you to leverage income for property purchases and long-term wealth.
9. Delaying a Virtual Assistant Hire: Outsource admin tasks early. Freeing up your time sooner allows you to focus on scaling and increasing revenue faster.
10. Lacking Standard Operating Procedures: Create clear SOPs for your cleaning team and establish service-level agreements with penalties. Cleanliness is vital to maintaining positive reviews, so it’s crucial to ensure consistent quality.
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Top 10 Costly Mistakes I Made When Starting My Airbnb Business (Avoid These to Save Yourself (£) Thousands and Countless Hours)
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Hi, I'm Vee Venski and I want to show you how to build wealth via property.
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