How to Grow Your Real Estate Career with Airbnb
The idea of a property that offers short-term rentals is all the rage right now. The explosive popularity of Airbnb has many in and out of the real estate industry looking much more closely at vacation housing.
At first glance, Airbnb hosting might feel like a totally separate world from that of your real estate career. But there's likely more crossover than you initially assume. In fact, integrating Airbnb properties can be a huge asset to your career.
Airbnb is still a new and fresh development in the housing landscape. There's a huge amount of room to step in and improve your real estate career with Airbnb. Read on, and we'll walk you through what Airbnb is and how it can help you.
How Does Airbnb Work?
You're probably familiar with the hugely popular hosting site, but in case you need a refresher, here goes: Airbnb is a site that allows property owners to rent out their space to guests who are looking for a place to stay temporarily.
In most situations, these guests are in town for a vacation or business trip. They're looking for a place to crash for one to six nights, usually as an alternative to a hotel.
The site started a decade ago and has already made billions of dollars in profits. Guests prefer the creature comforts of an Airbnb over hotels, and hosts turn their properties into lucrative piggy banks. This is especially true in locations home to many out of town visitors.
Initially, the platform was used as a marketplace for hosting spare rooms or even couches to weary travelers. But now, much of the properties on the platform are year-round rental properties, specifically designed with Airbnb in mind.
That means a change of the game for realtors and the utility of properties out there.
A Change In Approach
The entrance of Airbnb onto the scene has shaken things up for many realtors. It provides a new opportunity that didn't exist prior. For realtors looking for a bigger commission and investors looking to make some money, it can be a win-win.
There's a tremendous amount of potential revenue to be made in owning an Airbnb rental property. At this point in time, almost twenty-five percent of travelers are expected to stay in an Airbnb at least once. This is a statistic that continues to rise each year as the site grows in popularity.
Airbnb was responsible for one-third of the rental bookings in all of New York City. There's an incessant need for short-term rental spaces by travelers that doesn't seem to be going away anytime soon.
These statistics show tremendous potential for real estate agents, who can help convince buyers that their rental properties could be used to cover an entire mortgage payment if need be.
The success of Airbnb is a bartering tool that can help agents take some of the risks out of the equation for their potential buyers.
Airbnb Sales Strategies
There are a number of ways to use the utility of Airbnb to further your real estate career.
Millennials are all about renting, but they're also very into the idea of a start-up culture. Targeting them when it comes to buying a rental property is a great idea. They may be convinced that owning an Airbnb exclusive property is a lucrative and easy way to build a fortune.
If you have a client who is having trouble getting their home sold immediately, you might suggest that they use it as an Airbnb location in the meantime. You can even have potential buyers to the homestay in it temporarily as something of a trial period.
Especially in a busy area, a rental property could make much more money on Airbnb than it could in any other form. Sharing such statistics with potential buyers can really help you to seal the deal.
You can even help the set up their initial Airbnb listing. After all, much of the requirements of a successful site listing are similar to selling a home. Beautiful photos and exciting description of the space are needed to get people to click rent.
If you have the time, you could even take over a rental property yourself! You have the skills and there's definitely money to be made.
If you do hope to use Airbnb to help your real estate career, you should be aware of the potential complications as well. Depending on where you're located, the lucrativeness of a long-term Airbnb rental property might be limited.
Airbnb works best in popular and tourist-centered locations that are busy year-round. Seasonal areas or cities off the beaten map are unlikely to have enough visitors to truly make a large profit.
There are also many rules and ordinances that cities are beginning to pass down that limit the potential of what Airbnb owners can achieve. In New York, for example, there have been many attempts to curb what property owners can do.
So far, these attempts have been unsuccessful. But it's impossible to know what might happen in the future. And this could impact the long-term profitability of these arrangments.
Improving Your Real Estate Career With Airbnb
When it comes to changes in the property management world, there have been few as impactful as the presence of Airbnb.
With the right marketing verve, you can easily improve your real estate career with Airbnb assistance. You'll just need to know how to sell the idea of the service to your potential clients.
Need more advice on advancing your career to the next level? Give us a call and let us assist you.