Airbnb Market 2024: A Spotlight

in AIRBNB, Uncategorised

Are you curious about the Airbnb market in 2024? Perhaps you’re an Airbnb host, and you’re wondering about the global state of the platform. Or perhaps you’re just interested in companies, capital and international markets. Whatever the case, this article will shine a spotlight on the Airbnb market in the current day. We’ll cover some interesting statistics and figures about this market, so you’ll be fully informed by the time you’ve finished reading. So, continue to learn more about this interesting topic.

 

Overall Statistics

 

First, let’s begin with some overall statistics as of this year. Across the globe, there are over 5 million Airbnb hosts and over 7.6 million currently active listings on the accommodation platform. Over 100,000 cities around the world have current Airbnb listings within them. There are more than 150 million global users of the platform, and between them, they have booked 1.5 billion stays. This is a staggering figure.

 

Six guests check into an Airbnb location every single second of each day. Every moment there are also people checking out as well. 

 

In terms of average cost, in North America, the cost of a stay is approximately USD $163 a night, and most guests stay for around 4.3 nights per booking. Here is an interesting Airbnb app use statistic: it takes a user around 11 minutes and a half to book a stay on the app.

 

Airbnb is best used as a passive income stream, as the average host earns around $13,800 USD per annum from their property listed on the platform. Some people host full-time if they have enough properties to sustain a regular income from the platform.

 

The company is currently valued at $113 billion, which is a staggering amount. The platform currently has over 20% market share of the holiday rental industry worldwide, competing with hotels and other accommodation providers. 

 

Global Listings

 

Some of these statistics are older than 2024 but are still interesting to explore. Globally, in 2021, there were 12.7 million listings on the platform. This is down slightly from the previous year when there were 14.3 million listings. That’s an over 210% reduction from one year to the next.

 

In terms of continental regions, Europe has the most listings, with over 4 million in 2021. Closely following is the Asia Pacific region, with over 3 million listings. Next is North America, with around 2.5 million listings, and next is Latin America, with around 1.7 million listings. Africa is the continent with the lowest listings, with only around 367,000. 

 

Global Demand

 

Now, let’s discuss the global demand for Airbnb listings. Demand is calculated by the total number of nights guests stay in each region per year. In 2021, there was an increase of 42% or so from 2020, with around 251 million total nights stayed across Airbnb properties during that year. That figure increased in 2022, with around 393 million nights stayed, which is a 31% increase from 2021. The global demand is highest in Europe and lowest in Africa, with North America and the Asia Pacific region making up the middle band. 

Gross Revenue

 

The global gross (total, before expenses) revenue from Airbnb locations rose from 27 billion in 2020 to nearly 29 billion in 2021, a huge increase of over 76%. This time, North America came out on top, with an over 10 billion increase, due to the fact that North American listings tend to cost more. However, Latin America experienced the biggest increase by pure percentage growth, rising over 80% in gross revenue. 

 

Airbnb Commission Revenue

 

The platform earns a commission fee on each listing, which is how the company remains profitable. Airbnb’s revenue from its listings almost doubled worldwide from 3.88 billion to 6.85 billion from 2020 to 2021. In 2024, the company’s revenue was over 15 billion, which is over double again from 2021. 

North America is Airbnb’s biggest growth region, and Europe follows closely behind. Together, these two regions make up over 80% of the company’s total revenue.

 

Airbnb Market Overview

 

As the above statistics have demonstrated, Airbnb is a global titan in the short-stay accommodation space, especially in areas like Melbourne which see a considerable amount of tourism year-round. The company’s unique business model, which means it owns none of the properties and instead allows hosts to earn money while the company takes a commission, is a savvy one. Similar companies exist in other markets, such as rideshare and food delivery platforms. The company has grown in the last few years, with more listings available, bigger revenue and increased stays. The current Airbnb market is healthy and is likely to grow year on year.

 

A Short Stay Summary

 

This informative article covers the 2024 Airbnb market, with some interesting statistics from prior years also discussed. The market is booming, and the platform is also a great opportunity for property owners to earn passive income or a full-time income stream for hosts with multiple properties. 

~

If you’re interested in putting your property on Airbnb, but want some professional assistance in getting your property noticed in the crowd, Oasis Stay is here to help. To learn more, contact our Airbnb hosting team today.

Airbnb Vs Renting in Melbourne: Which is Best For Your Property?

in AIRBNB, Uncategorised, Uncategorized

For those who own property in Melbourne, you know how difficult it is to get on the market. With high sale prices and mortgages to pay, it’s natural that many Melbournians would be looking to see how they can make a bit of their money back. For this, there tend to be two specific viable options that come into play:

  1. Short-term rentals
  2. Long-term rentals

Although similar in name, these two can be incredibly different in terms of how they work in practice, and how much they can make you over the long haul. So if you’re considering going the Airbnb route, or you’re wondering if it might be time to put your property on the long-term market, we have a few things for you to consider before making a final decision.

Potential Australian Rental Income

Naturally, this is one that we need to check off first. According to various estimates from sites such as Hospitable and GrowHost, claims put the average Australian Airbnb rental income at anywhere from $3000 to $4500. Meanwhile, a Forbes piece from this year placed the average monthly long-term rental cost at approximately $2600. So, if we’re looking at broad numbers Airbnb rentals tend to come out on top. However, there are a few caveats that come into that on both sides.

Rental Fees

Naturally, there are going to be fees associated with both of these options, with Airbnb taking a portion of your income, and you needing to pay fees as a landlord for a long-term rental. So, when it comes to final numbers, both are going to come out lower.

Prime Real Estate

Once again this is going to be a relevant factor for both options, although one must consider that the ideal area for Airbnb may be different to the ideal area for a long-term tenant. Take, for example, a small apartment in the heart of Melbourne’s CBD. Looking at the long-term rentals for this area, average weekly rental prices are approximately $300-$350 per week. There has been a lot of discussion about the relative affordability of apartments in this space given that they are at the heart of the city, but there are factors to consider such as the lack of land, the small overall blueprint of apartments, not to mention factors like noise pollution making them less desirable for many couples and families.

Meanwhile, looking at Airbnb, we can see relatively similar apartments going for more than double that price. This is because, for tourists and those visiting the city, many of the issues associated with long-term renting in the area simply do not apply. This is especially compounded when you have an Airbnb property manager in Melbourne who can actively work to get you a better yield on your property.

Time of Year

For some areas, one reason that people will look for long-term rental options is consistency. Surfer’s Paradise, for example, will have more visitors in the Summer, followed by more of a lull in Winter, which will, in turn, impact the Airbnb market. That’s why it’s important to have good representation in an Airbnb manager, as having an expert on it will help you to navigate the market and ensure the best rental yield for each part of the year.

Occupancy

All of the above assumes that the traditional rental in question has a tenant. However, this isn’t always the case. Whilst Airbnb properties may have times in which there are fewer tenants, this is generally quite temporary and still allows for income. In cases where a long-term rental is left vacant, no money is being made back on the property, and that vacancy is often going to last a lot longer than that of an Airbnb.

Responsibilities of a Rental Owner

This is something that often gets glossed over for long-term rental management, but as a landlord, you have a lot of obligations to the tenants who are staying with you. Damage, wear and tear, and other issues can easily arise from the day-to-day use of a space, and if you have a tenant who has handled your property poorly, you may be incurring a lot more payments than you initially bargained for.

Airbnb, despite seeming like it would have similar issues, does offer some protections that the larger rental market does not. Airbnb allows you a reimbursement process for any damages caused to your property. Additionally, if anyone is found to be detrimental to property owners, they will be removed from the app, so chances are anyone who would be staying at your property will at least be someone who is still allowed to use Airbnb.

With that said, there is still a lot of work that goes into maintaining an Airbnb, such as housekeeping, house maintenance, photography and more that all go into keeping an Airbnb viable and profitable on the market. That’s why companies like Oasis Stay exist, providing Airbnb properties in Melbourne and beyond with a complete Airbnb experience.

Final Conclusions: Which is Better?

It’s always naturally going to be up to the individual, but there are some things that we can take from the above:

  • On average, Airbnb properties in Australia broadly earn more than traditional rental properties.
  • Traditional rental properties have more consistency than Airbnb properties throughout the seasons, but only if they have consistent tenants.
  • Look at who your area and real estate appeals to, as different areas will be more profitable for each option.

Want to Learn More?

If you’re looking to get more out of your investment property, or even just want to earn some extra money at times when you’re not using the house, contact Oasis Stay today. As one of the leading Airbnb property management services in Melbourne, we support homeowners across Brunswick, Fitzroy, Chadstone, and beyond!

Is Melbourne A Good Area For Airbnb Hosting?

in AIRBNB, AIRBNB HOSTING TIPS, Uncategorised, Uncategorized

When we think of Airbnb, we often think of the big tourist destinations in the country, and for good reason. With millions of people yearly travelling for business and pleasure to Australia’s major hubs such as the Gold Coast, Melbourne, and Sydney, the widest pool of visitors means the most chances that someone will be looking for an Airbnb. However, with all of those travellers also comes a hefty amount of competition, with a wealth of property owners all trying to take that top spot as the space’s leading host. Given this, property investors who are looking to get their proverbial foot in the door need to be careful about selecting the right area to buy property, and it’s important to have all the facts before making that final decision.

Melbourne As An Airbnb Hosting Market

This is what brings Melbourne into the conversation. Over our time working as one of the best Airbnb hosting companies in Melbourne, we at Oasis Stay have spent a lot of time speaking with property owners about the pros and cons of the space when it comes to short-stay rental management. This can be seen in some of our previous blogs interviewing Airbnb property owners about their experiences, as well as our perfect Airbnb hosting guides written by real Airbnb hosts. All that goes to say that we have spent a lot of time thinking about the Airbnb hosting market in Melbourne and whether it’s a good fit for those looking to enter the space.

Naturally, whilst it may give the game away a little bit, it’s important to note that Melbourne is one of our best and brightest cities for Australian Airbnb management for a reason. Over the course of our many years of experience, we’ve simply found Melbourne to be one of the most resilient and varied markets for Airbnb hosting, and in this article, it’s my hope that we can detail some of the reasons that Melbourne, a city known for its high property costs in a country that is considered a highly desirable property market overall, is still considered to be one of the best for Airbnb hosts.

Is Airbnb Legal in Melbourne?

Yes, it absolutely is legal to have Airbnb properties in Melbourne. According to numbers from The Guardian, there are approximately 23,185 Airbnbs in greater Melbourne alone. That is a lot of people who have decided that it’s a good idea to book out their properties for short-stay rental purposes!

How Much Can You Earn From Airbnb in Victoria?

This is a number that can vary wildly depending on location, property, and overall conditions. However, according to Airbnb’s own internal statistics, Your average host would earn over $31,000 from Airbnb annually. With that said, there is a very sizeable difference from those on the lower end and those who are earning a lot more. There are also many ways for owners to improve their rental yield, such as working with an Airbnb hosting and management company like Oasis Stay. Contact us today if you’d like to learn more.

Is Melbourne’s Airbnb Market Prone to Growth?

If we suppose the past decade is anything to go by then yes absolutely. For example, there was an approximate 50% increase in Airbnb properties in Melbourne between 2017 and 2020. These numbers have remained stable after some disruptions during the lockdowns that Melbourne experienced in 2021-2022, and it has continued to be a great market for those investing.

Is Melbourne A Good Area For Airbnb Hosting?

What Makes Melbourne Good For Airbnb?

As we discussed earlier, most Airbnb cities that we look at are tourist destinations. Whilst Melbourne is certainly that, with a rich culture, beautiful architecture, and one of the largest shopping centres in the Southern Hemisphere in the form of Chadstone, that’s not the only drawcard that Melbourne has to offer. Melbourne, and Victoria as a whole, is Australia’s second largest tourist destination, with tourists spending an annual approximate amount of $36.1 billion in the financial year ending in June of 2023.

This breaks down into many different drawcards, from the Central Business District bringing in business people from across the globe to the natural vistas of Victoria to Australia’s abundance of world-class hospitals, universities, and more. The fact is that Melbourne is a cornucopia of delights that will likely always be on the must-visit list of many people from across the globe. It’s no wonder that it has been able to maintain its place in the top 3 most livable cities in the world.

The Best of Both Worlds, A Conclusion

With Melbourne offering a fantastic opportunity for business travel, tourism, world-class medical treatment, education and more, it’s safe to say that its appeal as an Airbnb hosting hotspot isn’t going anywhere any time soon. So, if you’re interested in putting your property on Airbnb, but want some professional assistance in getting your property noticed in the crowd, Oasis Stay is here to help. To learn more, contact our Airbnb hosting team today.

What Tips Do Airbnb Property Owners Have For Successful Short-Stay Management?

in AIRBNB, AIRBNB HOSTING TIPS, Uncategorised

Airbnb has taken the world by storm. At any one time, there are over seven million Airbnb properties listed in over 100,000 cities and 220 countries.

These figures are hardly surprising when one compares the benefits of hosting to other investments – the flexibility of being able to use your property when you want, Airbnb’s insurance coverage and property protection services and the ability to adjust pricing to exploit peak periods are just a few of the advantages Airbnb hosting offers.

We asked Superhost Ian Harris, who has managed an Airbnb in Queensland’s Gold Coast region since 2016, for some tips on how new hosts can position their properties for success, build a brand and deliver a satisfying Airbnb experience with every single booking.

What Tips Do Airbnb Property Owners Have For Successful Short-Stay Management?

Power of presentation

Initially, Ian recalls, he and his wife tried to manage their Airbnb listing themselves but soon became overwhelmed.

“We both had full-time jobs so trying to wash linen, vacuum and maintain the property was just not viable,” he said. 

“A full-service management company like Oasis Stay literally takes the stress out of hosting an Airbnb. I wish we had known about it earlier because, in the early days, we got a bad review just because a guest found a chocolate wrapper under the couch. Small oversights like that can have a huge impact on your Airbnb profile. We leave it to the professionals now!”

What Tips Do Airbnb Property Owners Have For Successful Short-Stay Management?

Stand out from the competition

According to Ian, the key to attracting guests is to make your listing pop.  “When we first started hosting, we quickly learned the lesson that our online Airbnb listing was the key factor in attracting guests. Comparable properties in our location were consistently booked out and we realised that we were letting ourselves down by not adequately highlighting our home’s best features.”

“Our property is surrounded by transport options, walking distance to restaurants and entertainment, and it also has ramp access, which is perfect for wheelchairs or people with mobility issues, so we promote these amenities. We have since added other unique selling points like a Tesla fast charger.”

“We also discovered the power of having professional photos taken to showcase the property and make it stand out from the competition.” 

Oasis Stay understands the importance of showing properties off to the best advantage which is why we offer Airbnb photography and staging services. These services complement our housekeeping, property management and maintenance services to ensure our hosts are getting the most benefit from their listing.

What Tips Do Airbnb Property Owners Have For Successful Short-Stay Management?

Extra touches

Whether your property is at the high end of the market or a more modest home, supplying extras above the basic necessities can go a long way to increasing guest satisfaction.

Simple and affordable luxuries such as toiletries, quality towels and linen, a chocolate on the pillow, are remembered and appreciated by guests and are the little extras that encourage return custom.

“We find that guests really appreciate our welcome pack which includes thoughtful things like instructions on how to turn on the TV and Wi-Fi,” Ian explained. “The pack includes a short note wishing them a comfortable stay and also provides emergency phone numbers so we can respond to any issues before they become negative feedback.”

“This really paid off when a water pipe broke and started leaking water during a guest’s stay. Fortunately, we were able to respond quickly to avoid any disruption to their stay. Our guests understood that accidents happen and appreciated our responsiveness, giving us kudos for our commitment to ensure their comfort in their feedback.”

Pricing

Whilst money is important to most hosts, Ian stresses that it shouldn’t be the biggest driver. “There is no point in pricing yourself out of competition for a few dollars,” he says. “It is better to price your listing just below the competition and stay fully booked rather than sit vacant, even for a night. We offer significant discounts for guests staying a week or longer as this reduces the need for cleaning and maintenance costs, so it is a win-win situation.”

Feedback and Reviews

Ultimately, what guests say about you, your communication and your property will be the best (or worst) advertisement for future guests.

By focusing on these areas, you can create a successful and rewarding Airbnb hosting experience that generates positive reviews, enhances the chance of return visits, drives bookings and boosts your hosting income.

Oasis Stay is the industry expert in Airbnb property. As Ian says, “We could spend our energies and time cleaning and maintaining our Airbnb but that just wouldn’t make good economical sense. We can just build the cost of these into our pricing and leave the hard work to Oasis Stay. They take care of the property management, housekeeping and maintenance whilst we sit back knowing that our property is in good hands.”

~

Airbnb hosting can be a time-intensive and difficult process if you’re handling it on your own, so why not let the experts help? With Airbnb hosting management in Melbourne, Hobart, and the majority of Australia’s most popular areas, Oasis Stay is here to assist you. If you are interested in finding out more about Oasis Stay’s Airbnb property management and maintenance services, give us a call on 0401 832 431 or drop us a line to [email protected].

 

The Ultimate Guide to Becoming a Successful Airbnb Host

in AIRBNB, AIRBNB HOSTING TIPS, Uncategorised

Airbnb has become increasingly popular with investors and property owners seeking to generate an income from a vacant property, and for good reason. Airbnb offers a more lucrative rental yield than long-term tenancies, particularly in popular tourist locations. This is unsurprising as short-stay guests look for an alternative to expensive hotel rooms which offer no self-catering or laundry options and far less space.

An increasing number of homeowners are drawn to host an Airbnb due to its flexibility, allowing them to continue using their property by blocking out dates when it is unavailable. 

Whilst setting up an Airbnb is a straightforward process, Oasis Stay property management offers a wide range of services to assist in getting the most out of your Airbnb experience. If you are considering becoming an Airbnb host in Melbourne, Sydney, Brisbane, Hobart, Morning Peninsula or one of Queensland’s Airbnb hotspots like the Gold Coast and Surfers Paradise regions, Oasis Stay have the expertise to put you on the road to success.

Is setting up an Airbnb difficult?

Fear of the unknown may prevent some people from considering putting their homes on Airbnb, but with the help of an experienced Airbnb management provider, the process is quite simple: 

  1. Create an Airbnb account
  2. Secure property management
  3. Prepare the property
  4. Upload photos and details
  5. Manage calendar availability
  6. Go live

Setting up an Airbnb account

Anyone who has created an account for eBay, a bank account or an online shop will be familiar with the process of creating an Airbnb account. As with many of these, an identity verification process must be followed to protect the integrity of your account. It is highly recommended that users also download the Airbnb app so they can respond quickly to property requests as they come in. Users will also need to fill out a range of personal information including bank account details for receiving payments. 

Property management

Airbnb operates on a feedback rating system, similar to eBay. Guests will apply to you for the use of your home, outlining how many guests they are booking for and why they want to stay. Hosts are able to check past guest reviews to verify they are suitable before approving their applications.

Many Airbnb hosts start their journey managing their property themselves only to realise guest expectations for property presentation are beyond their ability to deliver. A single piece of paper left under a sofa can result in a negative review, which in turn can impact the interest in your property. Laundering linen, making beds and scrubbing showers can be time-consuming and onerous – quickly becoming a drain to hosts.

Securing a professional Australian property management service with local resources, like Oasis Stay, is the ideal way to market and maintain your property. They will provide scrupulous cleaning and presentation to ensure guests are delighted with your property and secure return business. The cost of property maintenance can be offset by the one-off cleaning fee which can be included in your Airbnb quote.

Property preparation and presentation

Guests visiting your property will expect all the amenities of the home including all kitchenware, laundry items, iron and ironing board, hair dryer and coat hangers. Your home should be free from all personal items – bare cupboards in bedrooms and bathrooms. For safety, all scissors and other dangerous items should be stored in high cupboards. There should be at least two sets of linen for each bed and towels for every guest. Generally, Airbnb charges per bed, so installing locks on bedroom doors avoids the prospect of one guest booking but six staying… 

Simple things like a framed note on the kitchen table welcoming people to your home and giving them instructions on how to turn things on/off will be highly appreciated. Leave unopened sample packs of soap, shampoo and conditioner, as these simple touches make guests feel special. In the kitchen set aside an area with UHT milk, packets of sugar, tea and coffee. A coffee machine with a few complimentary pods is always appreciated. Use sugar sachets as they are more hygienic and avoid attracting ants.

A key lockbox with a code is a handy way to manage access to your home. A message can be sent to guests with the combination code and the code can be updated by Oasis Stay property managers at the end of each stay to ensure the security of the property is not compromised.

Airbnb styling and photography

It is likely your property may be competing against several similar properties in your area. Professional styling and photography are highly recommended to make your property stand out from the competition. Oasis Stay offers expert styling and photography services to ensure your property looks its best, both to attract guests and to achieve the best possible income. We will highlight the features that make your property special or unique, as these are highly prized by Airbnb guests.

Setting a price for your Airbnb listing

It can be a good idea to compare your property to similar homes in your location and, at least initially, slightly undercut their nightly rate. This is helpful when first hosting without reviews, allowing you to build your reputation and become a Superhost. Consider offering discounts for long-term stays of weeks or months. Long-term guests avoid regular cleaning and maintenance costs and are highly valued by hosts.

Managing the Airbnb guest calendar

Many hosts limit bookings to a two-night minimum to reduce the turnover of guests and leave an afternoon or day in between bookings to allow time for cleaning. When reviewing your Airbnb calendar, block off days or weeks when you may wish to use the property yourself.

Let’s talk  

If you are looking to take the next step as an Airbnb host, contact Oasis Stay today to discuss our full range of professional services. We take the stress out of Airbnb property management and our personalised housekeeping and maintenance services along with specialised photography and styling can be the key to making your foray into Airbnb hosting satisfying, successful and financially rewarding.

Airbnb Income: Why Hosting With Airbnb Makes Solid Financial Sense

in AIRBNB, AIRBNB HOSTING TIPS, Uncategorised, Uncategorized

With the latest round of interest rate rises negatively impacting property investors in the hip pocket, it is unsurprising many are now turning to Airbnb to increase their rental yield. In popular tourist areas such as the Gold Coast, Sunshine Coast or Melbourne’s Mornington Peninsula and major capital cities like Sydney, Melbourne, Brisbane and Hobart, investors can realise the same income in two or three days with, for example, Melbourne Airbnb management, that they would normally expect to receive in a week with a long-term tenant. 

Unlike long-term tenancies, Airbnb offers hosts the transparency to personally vet guests. Airbnb also offers the security of $1 million insurance which covers a range of scenarios including injury, damage and theft.

Oasis Stay recognises the major investment hosts have in their homes and provides secure, reliable and professional Airbnb property management and housekeeping services so owners enjoy a ‘set and forget’ income.

Is my property suitable for Airbnb?

This is a question many property owners ask. Almost every type of property is suitable for Airbnb, as it aims to cater to the full spectrum of guest budgets. Airbnb stays must offer all the amenities one would expect in a home including access to clean, functioning kitchen and toilet facilities, and private, secure sleeping accommodation.

Many Airbnb hosts have a single room in a house or apartment to let for short-term stays. Naturally, whole homes and apartments are the more popular options for families and those seeking privacy.

At the other end of the scale, many Airbnb hosts are concerned that the significant investment they have made in their home may be at risk from rowdy or negligent guests. Airbnb has a feedback rating system to address these concerns and ensure that the host has the final approval of all guests who intend to stay at their property. Hosts can read through past reviews and ask potential guests questions about their intended stay prior to making a final decision.

Hosts have an option to include a one-off cleaning fee component in the pricing which can be costed to include property management and housekeeping charges. This can mean caretaking of the property becomes cost-neutral.

How to create a secure, comfortable retirement using Airbnb 

Let’s do some number crunching to compare the income generated through long-term rental as opposed to Airbnb in a popular location such as Broadbeach in Queensland. Using realestate.com.au as a guide, a long-term tenancy for a one-bedroom apartment can expect a rental yield of around $590 per week in this location. Annual expenses on this property will likely include exorbitant body corporate fees of upwards of $300 per week, making the rental yield comparatively small. 

Compare this to a similar property rented nightly through Airbnb which would attract a return of approximately $210 per night – bringing in more than the long-term rental in only three nights!

Furthermore, Airbnb’s calendar allows hosts to block out periods of time when they can use the property for a vacation or allow friends and family to stay – perfect.

Is managing an Airbnb property hard?

Cleaning and maintaining an Airbnb is demanding and time-consuming, as guests expect every level of property to be immaculate, regardless of their budget. Using a professional property management service like Oasis Stay takes the guesswork out of being an Airbnb host. Our local operators deliver full-service property management including maintenance and housekeeping. We can even assist with property styling and photography!

Contact the team at Oasis Stay today and let’s start the conversation that can lead you to a secure financial future through Airbnb hosting.

8 Tips/Ways to Maximise the Return From Your Airbnb Rental Properties

in AIRBNB HOSTING TIPS, Uncategorised

Managing rental properties in Melbourne can be a lot of work. The short term rental market here is competitive and the cost of maintaining your investment property can be fairly high. So to make things easier for you, we’ve put together 8 tips to help you increase the amount you’re earning and maximise the return on your investment.

1. Invest in your listing

Having professional photographs and setting the scene in your property are going to have a huge impact on the quality of your listing. You want people to be attracted to your listing and it needs to stand out from the rest, and hiring a professional photography service can help you achieve this even on a budget.

2. Look for a tax deduction where possible

A great way to save money on your Airbnb property is to seek tax deductions when possible. This can include furniture depreciation, cleaning fees, property management fees, repairs and also professional photography.

3. Consider your return on investment (ROI)

When you invest in your Airbnb property, it’s important to focus on how much return you get for every dollar you invest. Contact Oasis Stay to find out how much you could make from your Airbnb property by learning to optimise your budget and take an ROI-centric approach to your investment.

4. Support for pets

While making a property pet-friendly involves a bit of extra work, you can often charge additional fees and attract more tenants if you support them.

5. Focus on property styling

Styling your property will make a huge difference in how your property stands out. Hiring an interior designer to help is well worth the money and will help attract a larger audience. It’s far more effective than trying to style the property on your own, especially if you have no design knowledge.

6. Modernise your property

If it’s within your budget, try and modernise your property. Include modern amenities, appliances and a solid internet connection to attract more guests. Some additions we can suggest are air conditioning, a WiFi router, a large television, a modern washing machine and a range of cooking appliances.

7. Make your property suitable for short stay and long stays

Allow your property to be rented for both short stay and long stay tenants. This will help your Airbnb listing appear to more people. Offer discounts for long stays to encourage people to pick you over the competition.

8. Be proactive with Airbnb management

Whether it’s Airbnb cleaning or repairing things that your previous tenant reported, be proactive with your management. A Melbourne Airbnb management company could help you manage most of these concerns, such as contact vendors as needed. It’ll save you a lot of time and ultimately help maximise your return.

What Is Airbnb And How Does Airbnb Work in Australia?

in Uncategorised

Airbnb has, without a doubt, revolutionised the way that people travel. It’s quickly become one of the most popular platforms to search for accommodation and it’s also opened up many income opportunities for people that own property. Whether it’s sharing a room in your home or turning investment properties into lucrative ventures, there are lots of ways to make use of Airbnb. So in this article, we’ll explain how it works in Australia to give you a better understanding of the service.

 

How does Airbnb work?

Airbnb is essentially an online marketplace that allows you to search for travel accommodation, but you can also rent out a property and spare rooms. You can list your property or spare room on the website and pick the price you want to charge. Airbnb then takes a commission for every booking and also charges guests. You can choose different criteria that match your home and you can upload photographs to attract more attention and show people your property.

 

Can I trust Airbnb and the guests?

There’s always going to be some concern with bad guests and tenants, but it carries the same amount of concern as renting your property out to anybody. In addition, guests and hosts both receive ratings, meaning you can decline someone or cancel a booking if you don’t want a certain guest coming to your property. There’s also a verified ID system that confirms people’s identity with offline documents such as photo ID.

 

Do I need a property manager for Airbnb?

A lot of people wonder “why do you need a property manager for Airbnb properties?”, especially if you can manage the property on your own. The answer is usually because there are countless different responsibilities in being a landlord for your property. Whether it’s listening to feedback from tenants or repairing certain appliances, a property manager can help look after your property and will ensure that it’s kept in top condition. This will make managing an Airbnb property much easier and you won’t need to pay as much attention, resulting in less stress on your behalf.

 

How does Airbnb work in Australia?

Airbnb is an international service, meaning that there are no major differences in how one uses Airbnb in Australia. However, there are usually a couple of responsibilities, such as tax declarations, that must be taken into consideration if you’re renting out your property in Australia. This is where an Airbnb management service can help you with financial issues such as tax deductions to save money, reporting income and so on. Since it’s considered taxable income, you’ll need to keep records of your Airbnb earnings and report them to avoid getting in trouble. Other considerations will also be covered by a management service, making it the best way to manage your property on Airbnb stress-free.

How to Find Positive Cash Flow Properties in Australia

in AIRBNB HOSTING TIPS, Uncategorised

You often hear people say that Australia has a wonderful real estate market that has plenty of positive cash flow properties to choose from. While not exactly false, it’s definitely a challenge to find properties that are worth investing. The approach people take to investing is usually the source of their woes, so in this post, we’re going to talk about how you can find positive cash flow properties in Australia.

Understand that there are lots of additional costs when investing in a property

Numbers are helpful, but people often focus on the wrong statistics and figures which leads to unrealistic expectations of a property. For example, if a property has $500/week rental income and the mortgage is also $500/week, people often think that it’s a neutral property that will eventually pay for itself until you eventually own the property. Unfortunately, there are additional costs that need to be considered, such as maintenance, repairs, council rates, insurance, utilities and so on.

The important thing here is to understand that there are additional costs involved when investing in a property. The mortgage and rental income aren’t the only figures you should be worried about and there are many unexpected costs that could eat into your positive cash flow. This is especially important in congested areas, hence why we’d suggest an Airbnb management service for Sydney if you plan to rent out your property for short-term stays to travellers. You’ll have a much better understanding of the additional costs and can find more properties with the potential for positive cash flow.

Consider the many ways to rent out a property

There are a couple of ways to rent out a property and some solutions may be better than others depending on the location and style of your property. For example, an inner-city apartment in an area like Melbourne may actually fare better on a service like Airbnb. This is because Airbnb is extremely popular with tourists and travellers that stay for short periods of time, meaning they’re more likely to pay higher rental and service fees. While it can result in longer vacancy times, that concern can be mitigated by focusing on your property.

When combined with an Airbnb management service for Melbourne, this can be a fantastic way for you to create a positive cash flow property in Australia.

Seek more opportunities around the country

One great tip to find positive cash flow properties in Australia is to never focus on just a single area. There is limitless potential for great property investments if you look around different parts of Australia and are willing to work with property management services. For example, finding a suitable Airbnb management service for Brisbane can make managing distant property a breeze. It’s a fantastic way to seek new opportunities for property investment around the country.

4 Tips to Make Airbnb Hosting Easier

in Uncategorised

Airbnb hosting can seem like a huge responsibility, especially if you’re trying to maintain good standards and attract as many guests as possible. When you’re first starting out, it can seem like there are countless things to keep an eye on such as maintenance, housekeeping and property management. Fortunately, it’s actually a lot easier than you might think. In this article, we’re going to explain four simple tips that will help you make your life as a landlord much easier.

1. Create a guide for your property

When you have visitors coming for a short stay in your property, chances are there might not even be from Melbourne or even Australia. As a result, they might be a little confused at how to use certain appliances, or maybe they’re unsure how to use your WiFi connection and electronics. To solve this, make sure you make a little guide on how to use the appliances around your property. This can be just a little booklet that you laminate and place on your coffee table. Alternatively, a rental management service can also help you create one if you use a professional service to look after your property.

2. Make a list of local vendors

Vendor generally refers to any kind of service that helps you manage your property investment. For example, it could refer to a cleaning service, a handyman to repair appliances or even a local contractor for building repairs. When working with an Airbnb property management service in Melbourne, you’ll typically have access to a wide range of private vendors and vendors that are affiliated with the Airbnb management service.

3. Use a professional property management service

We understand that you might be struggling to cope with property management because it’s simply too time-consuming. In a case like this, we’d suggest contacting a service like Oasis Stay rental management service to help you look after your investment. Not only will they manage property maintenance, but they’ll also help you respond to guests and arrange vendors for repairs and other similar needs. This can greatly reduce the amount of time you spend on managing your Airbnb property.

4. Add an option for self check-in

Self check-in is an option that allows your guests to access your property via a key lockbox, smart lock or keypad. These are inexpensive to install and it’s often one of the best ways to reduce the amount of time you need to spend meeting with guests. Self check-in properties often give you the luxury of managing a property without ever needing to see your guest. You simply give them a code, they unlock a lockbox and take the key, and then they’ll only contact you if they need anything. Once they’re finished, they’ll simply lock everything up and place the key back in the lockbox. This saves a lot of time and hassle, especially if you live relatively far from the property.