Ten Things You Need To Know To Run Your Airbnb Business In 2018

Today I’m going to teach you the 10
most important things that you need to know about in order to run an Airbnb
business in 2018. All right welcome back Airbnb family
today I’m in one of my 8 new Dallas properties that I’ve been working on
they’re still not done yet but these bed frames come tomorrow so
we’re good to go and with that said I’ve realized with this extra reflective time
I have waiting on things from Amazon that over the four years that I’ve done
this I’ve seen some key changes on Airbnb and I’ve learned some hard
lessons and you have the benefit learning from me so I’m gonna give you
ten things that aren’t talked about as much as they should be things you need
to know in order to run your Airbnb business so let’s get to it and number
one is LLC’s as all of you have heard me say many times before you need to have
an LLC to have a proper letter being the business this gives you options and
there’s a few things one if you do rental arbitrage like me there’s
buildings that won’t let you do an Airbnb style business because it is
technically subletting if you have a regular residential lease so you need to
have an LLC so you can have corporate leases that’s important to if you ever
want to sell your business you need to have everything in a portfolio in
something that can be sold you can’t have everything assigned to your social
security number that just doesn’t work out so put an LLC into play and put
everything in your portfolio rent or owned properties everything into that
LLC so that way you can sell it later if you want to keep your homes but sell
your Airbnb business and rent out to the new buyer then you can just put of
course your LLC contracts to manage they are vini properties like the leases and
the leases sign to your own LLC and that’s how you separate the home you own
from your Airbnb business if you want to do that third LLC’s protect you from
liability somebody wants to sue your company they sue your company they
cannot just sue you there’s something you want to learn
called it’s a phrase called piercing the veil it’s something that they’ll do in
court if they want to sue you and get through your LLC and that is really
based on how you treat your company and how you behave as a business owner so do
this right and you won’t have to worry about any issues so number two so number
two is about the settings on Airbnb and the custom pricing settings many of you
have asked me about this already there are ways to set up like two ninth or
three and I four-night discounts not just weekly or
monthly but in order to have access to this you need to have at least five
active published properties on Airbnb okay so to get around this if you only
have one property what I want you to do is I want you to make five properties I
want you to publish all of them and I want you to snooze four of them so you
have five published active listings and you snooze for after you get that what
would it be the extra discount feature in your pricing settings and then
hopefully by snoozing them get it keep it and you just snooze your other four
listings indefinitely that’ll solve your problem so number three so this is also
about a setting it’s about your cancellation policies so you can have
either flexible moderate or strict on instant book but there are extra
strictness settings they’re super strict thirty is super strict sixty which is
where people don’t get refunds it’s like within sixty days
this is reserved for non instant book properties and the reason why I think
everybody has this is some luxury properties that you do extra screening
on like mansions and stuff like that if so many books far in advance holds on to
the listing for you know 45 days out and then cancels on you a luxury property is
a hard time getting booked in a short window most people plan far far ahead
for stuff like that so that’s why Airbnb has a super strict 60 is to protect
large or luxury properties from having these problems with turnover so use it
if you have super big properties that nobody else has then turn off instant
book and say you’re super strict this is 60 you won’t regret it so number four
speaking of strictness settings if you want to be listed in the work collection
let’s say you have a bunch of Studios in one bedrooms near convention centers you
have to have your strictness setting for your cancellation policy set to moderate
it cannot be on strict sorry guys but it might be worth the trade-off depending
on where your listing is maybe set your strictness down to moderate you might
get an extra benefit from being in a collection you still have to be super
hosts but you get the point so number five Airbnb is API which is basically a
fancy word for the way software communicates with other software if only
attaches let’s say like that with other software
through the admin account and here’s what I mean let’s say you use an
automation software like tokete dusty wheelhouse something like that if any of
them advertise like instant communication which is not the iCal
export and import but an instant two-way communication with Airbnb if you want to
link your account to that software you cannot use a co-host account okay so if
you’re a co-host or if you’ve made a coalesced account like we do we make
multiple co-host accounts to manage your properties and the admin account is only
to manage the money and resolutions if you do that like we do you have to make
sure that you link the admin account with the automation channel management
software okay so if your co-host you want to put this in your contracts with
your clients that if they want to use a channel manager to manage multiple
channels they have to do this and then give you access to the channel manager
got it okay that brings us to number 6 so like we just said admin accounts get
special things that other accounts don’t get and one big one is resolutions only
the admin account can issue refunds or request money so if you have an
automated business through primary co-hosts and secondary co-hosts you’re
still gonna have to get on your own account if you want to request money
this means that you still have to be available to your business and don’t
overlook this thing is if you don’t accept or decline resolutions and you
just let time go by that guests can call after 72 hours and then they can win a
resolution because you were silent so don’t forget this and don’t let it pass
you by number 7 super host status has changed
as of April 1st it’s no longer what it used to be there were these assessment
periods and they’d look at your last six months and say oK you’ve got a lot of
five-star ratings you didn’t cancel on any guests etc well they’ve changed this
they still do assessments based on cancellations over the last period of
time but instead of this five star over six months period of time they’re doing
a lifetime tracking now so you have to have a 4.8 star average over the
lifetime of your account so what I recommend for you is if you have too
many reviews like say 500 plus and you are under 4.7 like if you’re a 4.6 4.5
on which is you know sad I’m sorry that’s
your that’s your account sorry to hear that you’re going to erase that account
what you’re gonna do first is set up a new account make new Airbnb profiles for
all of your listings get that thing ready do an iCal link so that way you
import all of your current bookings and then I want you to shut down your old
account and start using your new one but also only do this if you’re finally
getting five-star reviews I need you to fix your review problems whatever’s
causing under five star ratings you need to make sure you fix that first then
make your new account and start on the right foot if you want to be super oast
you’re going to have to do this you will never reach super house if you have over
a thousand reviews and your review settings like if you review average is
four point five you will need over like two thousand five hundred five star
reviews only to get over four point eight there’s no other way and that
seems unrealistic okay so number eight super hosts also gets
something else they get an SEO boost so there’s two ways that you can get an SEO
boost on Airbnb aside from of course changing your listing and making it
happen so if your listings brand-new you’ll get an SEO boost for the first
three months which helps you keep up with other established listings and
that’s why they do it but now after your super host you get an SEO boost – I
can’t tell you how dramatic that boost is but it still counts so every little
bit counts with SEO guys don’t overlook that it could be important and really
mean hundreds of dollars for your business per month or listing maybe so
number nine there are actually coupons for desks hiding in your account okay
let me explain so go to your calendar on the desktop or go to your calendar icon
at the bottom of your app okay so once you’re on it it’s phones on take a look
get getting your app and take a look so log in click on the calendar icon at the
bottom and you’re gonna notice you you know you’re gonna have on the left and
right swipe you can see all of your calendars and then of course your
check-ins and check-out well above that you should see a section that
says we have ideas for you you know actually this might be in the progress
section of your app and I’m sorry I’m using my phone to help me with this
video so I’m not gonna look so on your app you’ll see either in the calendar or
the progress section at the top it’ll have a left and right swipe words as
ideas for your booking click on those and you’re going to notice that some of
them say offer 11% or offer 15% off these couple of dates the 18th through
20th if you do that it’ll actually make a coupon the same exact style coupon
that you get when you’re a new property ok that coupon will increase people’s
action when they click on your listing and use your listing no increased
likelihood that they will act you can always raise your rates a little bit for
those days too to offset how steep the discount was because you don’t get to
choose what percent discount they’ll give you a coupon offer and you’re stuck
with it ok now if you’re on a desktop this is the easier way to find it get on
your desktop go to your calendar for your listing so go to one listing manage
the listing calendar for that one listing and on the right side on that
sidebar you’ll see the same thing that I’m talking about that you’ll find in
the app where you have ideas how to improve your listings occupancy
percentage ignore everything else because it’s gonna tell you to turn on
Smart pricing don’t it’s gonna tell you to lower your rate by 63 percent don’t
just use the coupon feature got it ok so number 10 surprise guys
Airbnb is a software and it has bugs alright this is costing me a lot of time
and I’ll tell you why so when you make a new listing you’re gonna set everything
you’re gonna make your house rules and we’ll do a video and what your house
rules should be later because you should put some extra house rules you’ll put
what time people check in check out how many days in advance what your prices
are everything but sometimes when you hit that publish button it screws up and
it will erase things ok so you need to go back and double check all of your
listings when you publish it because my house rules have disappeared so I’ve had
somebody booked and they didn’t have any house rules to read so now they weren’t
aware of certain things maybe they’ve they interacted with the building wrong
they’ve brought a pet that they weren’t supposed to they smoked when they
weren’t told that there should be like a penalty we do a two hundred dollar per
day penalty if somebody smokes in the unit and if it was not in the house
rules when they booked we can’t enforce it so double-check your
listings when you publish them because Airbnb does make mistakes
it is not perfect these ten I hope they help you and of course you have any
questions I’ll go into more detail in the comments so leave a message in the
comments and by the way guys if you haven’t subscribed to this channel yet
it’s about time so thank you for watching air being the automated and I
will see you on the other side

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About the Author: Oren Garnes

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