It’s nearly October in London and it’s gotten much busier now that summer is nearly over. Over summer I had plenty of bookings but I was not 100% full. Since the start of September I have been full every day and with higher prices that July or August. I recall this being the same last year also. Most of my airbnb customers stay only one or two nights. This means more bed sheets to clean and more hassle checking in and out guests but I prefer this to having empty listings. In previous years I used to keep my prices very low to ensure I get plenty of guests but now I think I don’t need to do this as much as I have over 600 reviews. Having so many reviews gives people confidence they will be getting what they are paying for.
Can you get an Airbnb Mortgage?
As far as i’m aware there is no such thing as an Airbnb mortgage and I think it’s highly unlikely there will ever be. Despite what you may have heard from friends or from some get rich seminar you can’t walk into a bank and borrow huge amounts of money on the promise you will run a very good airbnb with the money. Now more that ever banks are under very strict rules of what they can lend to who. Unless you have a large provable income you won’t be getting a mortgage that would allow you to buy an property for an airbnb business. The vast majority of airbnb hosts who let whole apartments are using the standard buy-to-let mortgage and have not told the bank they are letting on airbnb.
Metro bank is offering mortgages that give you permission to let the property on airbnb for up to 90 days a year. This is a case of Merto bank using it’s common sense. They already know that many of their customers are listing their mortgaged property on airbnb and are keeping it secret from the bank. Other banks would be wise to follow their lead instead of simply turning a blind eye.
Superhost secrets – what REALLY gets you more bookings on Airbnb
There are lots of blog posts on the internet giving tips on how to be a great airbnb host and how to get more bookings etc. Most have pretty much the same content. A good example is this blog post on the airbnb website (presumably the content is acceptable to airbnb and factually correct so bear that in mind). But a lot of this stuff is not overly useful unless you can actually get someone to book your listing. Your place might be amazing but if nobody books it the world will never know.
So here is my advice on how to get more bookings and be full all the time: –
- Be good value for money. Or in other words be ‘cheap’. Everyone wants a bargain and you can be that the cheapskate in everyone will usually win out. Be at least a pound or two cheaper than your nearest rival.
- Have lots of reviews. People want safety of choice. There are no instantly recognisable brand names when it comes to listings. If you have lots of reviews (and I mean hundreds of reviews) you become a ‘safe bet’. Get more reviews by getting more guests so be willing to accept a smaller amount of money and more short term guests to get those reviews stacked high.
- Be flexible. Accept short term guests. So many of my guests are one nighters. This may seen like so much more trouble (and it is) but since so many people have a 2 night minimum stay you will never have an empty listing.
- Have professional looking pictures – both of The Listing and Yourself. Use the airbnb photographer to get professional looking pictures done (also they become airbnb verified). You might seriously want to have a nice clear professional picture of yourself in your profile. Not a picture of you trying to look cool at some party, a proper professional picture like you might see on Linked In. If you look like a joke then you can’t expect to be taken seriously.
- Don’t charge a cleaning fee. This is a turn off.