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5 tips to transform your Airbnb into a money maker

People all around the world are making big money with Airbnb. In fact, the average host in the U.S. earns an extra $7,000 a year, and some of the sharing app’s most avid users are bringing in six figures. Here’s how you can make your listing into a money maker.

1. Scope the competition

Check the prices of local hotels and other Airbnb’s in the area to make sure your rate is fair and competitive. If you really want to monitor prices in your area, sign up for a site like Everbooked, which shows seasonal trends and occupancy rates in your neighborhood and city.

If you’re new to the Airbnb game, it might be a good strategy to charge less than your competitors initially – just to gain some momentum.

2. Select great photos

Photos are so important that Airbnb will send a photographer to your home to take photos for free. (The home-sharing company has thousands of professional photographers on hand to make your home look great – nicer pictures can boost bookings). Take advantage of this service! If you have a nice camera, take the pictures yourself, just make sure the space is well-lit, tidy, and the photos are high resolution.

3. Staging is important

No one likes to feel like they’re sleeping in a stranger's home (even though they are, in fact, sleeping in a stranger's home), so do your best to remove personal belongings and photos from the room. Create space in the closet, clean out the refrigerator and make sure things like your razor and toothbrush are stored away. It's also a good idea to invest in new guest towels and sheets that you only use for visitors.

4. Ask for reviews

Good reviews can make or break your Airbnb listing. Leave a little welcome note and treat for your guest (like a bottle of wine or chocolate), and ask them to leave a good review if they enjoyed their stay.

5. Act as a concierge

You want your guests to have an amazing time while staying at your home, and part of that is helping them navigate the surrounding neighborhood. Leave a list of your favorite restaurants in the area, direct them to your favorite grocery store, or let them know of fun recreation opportunities in the area. Act as their personal concierge, and they’ll definitely have an enjoyable stay.

What are your tips for running a successful Airbnb? Email us at yfmoneymailbag@yahoo.com.