How much can you make from Airbnb in London?

How much can you make from Airbnb in London?

Short-term rentals and lettings have dramatically increased  and with this the potential to earn more ever since Airbnb has become a way of living from the time of its inception in 2008.

From Property owners to entrepreneurs, and everyone in the middle has enthusiastically taken to this entirely new style of doing business- the sharing economy as it’s aptly called.

London is the No.1 (main video link here) most visited city in the world since the past 3 years and has the 3rd highest occupancy rate with Airbnb with one of the lowest seasonal volatility- which means London is 365 year round- and your potential to earn becomes far better in such a scenario.

How much can you truly earn?

The average rates around Central London looks like this

Airbnb in London
Central London Airbnb prices

What exactly is Airbnb and how does anyone make money out of this is the most commonly asked question?

It’s a digital platform that allows anyone and everyone (mostly ordinary people like us) to rent out our property or our rooms (depending on the space available) to travellers and tourists visiting our cities no matter where we are in the world. And we get to charge them for their short-term stays.

All you have to do is create a profile on Airbnb with loads of great but real pictures of the property/space you intend letting out, do some research on the kind of pricing in your area- and accordingly fix a price to your abode.

Airbnb takes care of the payment aspects- the paperwork, the bookings and what’s more- you get a great insurance deal (up to £600,00 or $1 million) 

What are the top 3 reasons to Airbnb your home?

We could list a ‘host’ of reasons- pun intended.

But the top 3 we figure easily makes the most common sense.

Ease and Flexibility is number 1– where else are you (the property owner) going to have it this easy to make regular and decent earnings without any major risks involved? You can choose the time, the month, the frequency of how often you wish to rent your space out and then have it back whenever you want.

More Money better lifestyle!- We could have easily listed this as no.1 but then it’s not all about the money is it? It’s all about a lifestyle- and the ease with which you can truly have it. So if you wish to travel for a few months, or take that course in Spain, or just soak in some culture in Asia- and yet make money on your property- which pays the mortgage, the bills, covers your travels and yet manage to save over- how cool is that! Would you or not?

Hassle Free- In a truly connected global economy what we all wish for more and more is less stress on doing things- or doing business even. With Hello Guest- we manage your listings and look at every other aspect whilst you go off and say Hello to the World.

So really what is needed?

It can be as basic as a spare room, a studio flat, or something adventurous like a houseboat, a caravan on wheels or opulent like a 75 bedroom castle, or cool digs with a city penthouse or loft overlooking the lights.

But having said this- there are some key factors that will make your property much more appealing to any guest looking to stay over.

As we very well know that ‘experience’ is what counts- and anyone having a great experience is not only sure to come back but also spread the word.

How one manages ‘listings and great guest experiences’ is key here. And guest experience is nothing but how well-managed it all is. From the time the guest checks in until check out- fresh linens, clean house, well-stocked bathroom, kitchen amenities, a welcome goody bag, information manual all make a huge difference in experience.

And with a few very professional and world-class property management outfits available with Airbnb- your job is even simpler- as all you have to do is partner with the right kind of company that genuinely cares for you, your property, the guest experience and your earnings.

The other key factor is ‘What kind of property you have’?

Does it have a great view? Is it conveniently located with easy access to public transport? What’s the quality of the building etc etc.

Let’s talk about London here since we are primarily focused on this city.

We have seen over time that most travellers prefer to book a place that is in Zone 1 or Zone 2 and a few selected areas outside these zones; but prime Central London is truly where the action and the buzz is for tourists.

You can tap in the postcode, area code or location into Airbnb’s search facility and you’ll quickly get a sense of what properties go for in your area.

So what are you waiting for? Get in touch with us here, and go take that dream vacation leaving the Airbnb hassles to us.

Professional management for your AirBnB account

Professional Property Management

It was not too long ago when property owners in London would have to go through a Rental management agency or a broker to make a deal for renting their properties out.
But times have changed and AirBnB has revolutionized the business.
Now every property owner is turning into a rentalpreneur or a microentreprenuer in the current sharing economy that has taken the global world by storm and rightly so. In fact there are individuals who are specifically buying properties just to let out on AirBnB.
No more the encumbrances that usually were part of the previous way of doing business — its more about the freedom to be able to choose how short/long a stay the host wants to give out the property for and thus be able to completely maximise on rent incomes in various flexible ways. Also it’s important to remember that with short lettings the owner can use the property as and when needed.

Also AirBnB’s jaw dropping $24billion valuation in June 2015 with revenues between $850-900 million has made everyone the world over sit up, take notice and also wanting to be a part of this success story. Airbnb was founded in 2007 and has become the brand of choice for Lifestyle Business Entrepreneurs who travel extensively and want the personal touch rather than the sterile environment of hotels.
So AirBnB has fast grown in popularity across all kinds of travellers, as there is room for everyone on it.
And even the hosts get to benefit in ways beyond just the actual income- they get to meet people of varied cultures and share experiences which sometimes also lead to great friendships and relationships.

But this way of doing business in the property domain does not come without its pitfalls.
The crucial factor for many hosts/property owners is the fact — Is my Home truly protected or taken care off not just with the guest screenings but key services that make all the difference- fresh laundry, impeccable cleanliness, protection against theft and damage etc..
And to top it with a service where the guest feels completely at home and the property owner feels at peace knowing that the property is being taken care off before and after the guests depart.
What is imperative here is the ‘Trust Factor’. Of being able to trust the management services that the property owners sign on to take care of all of the above.
Let’s take a look at what are the essential key services that a property owner/rentalpreneur will look for in a management service outfit.
Dynamic Pricing
Showcasing the property via professionally shot images etc (This requires a certain skill in being able to shoot alluring images of the property to be listed)
Guest Approvals & Communication
Meet and Greet Guests + Passing the Key
Housekeeping + Laundry + Fresh Linen
Property maintenance and co-ordination

In recent times there has been a spate of various management companies that have all come up to get their share of the pie that is AirBnB. But the question is how many can deliver and do deliver upon their promises.

What is crucial here for the rentalpreneur/property owner to ask of/understand from a management service before taking them on-
‘Are they here to build a long-term relationship with me or are they in it only for the short-term gain?’

‘Can I trust them even if I live in another city/country?’
‘Am I assured of security and safety of my home and its valuables etc?’
‘Will I get 5-star ratings for my property if I engage with this management services company?’
‘Does the team share the same philosophy?’

These are all crucial questions that you as a Rentalpreneur must ask prior to getting anyone onboard.
Most management services in the AirBnB domain are impersonal and are genuinely not caring enough to go that extra mile and this for most property owners can be a make/break deal.

We at Hello Guest constantly keep endeavouring to ensure that our property owners not just get to know us face2face but also understand us and our operations at every step of the way.
Transparency is the key to build long-term relationships that are mutually beneficial to the property owner and the management team.
At Hello Guest we reinforce flexibility and true partnership with property owners by not getting into any fixed length timeline in the contract. This means that both are happy to continue developing this relationship or leave it if the client for any reason is not satisfied with our services.

So for your peace of mind whilst you sit back and let us maximize on your property why not get in touch with us and see how we can be your partners in business. To contact us click here.