airbnb Archives - Maxima Property

June 8, 2020

How AirBnB Hosts Can Survive Covid

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The year 2020 was filled with promise, until February and March when almost every single country went into lockdown. Many businesses started to suffer, but one of the businesses that have suffered incredibly is that of Airbnb hosts due to Airbnb cancellations.

Airbnb is a quick and effective way to match people with properties. Those properties get booked, and then people arrive on the day that is arranged. But due to the massive and unprecedented coronavirus, there has been an enormous wave of cancellations.

There are two kinds of Airbnb owners. The ones who bought a property to make it available for rental purposes, and the ones who had extra room that could make some cash. And, business has come crashing down for both.

So what can you do to survive the airbnb cancellation wave?

Offer incredible deals. While people can’t quite travel yet, many people are starting to look and book. Planning for the future. A price promotion can bring in a slew of quick bookings.

Although it should be noted, you might not get the clientele that you are used to. However, these discounted bookings will be a lifesaver in the current situation. Here are a few more quick fixes.

Being proactive about your rental model and changing it from multiple rooms to one large group home. The other way round might work out too – play with different rental options to find what works.
Think about if your property would be suitable for pets, or perhaps smokers, just for the short term.
Adding an office space, understanding that people need to work from home now, and your Airbnb can provide a space to do so, while still maintaining social distancing rules.
Set your minimum night to one rather than two or three, this allows people to get out of their current home but only for a short time.
Make longer rentals something that is available, as nurses and front line workers often need to be away from home from multiple weeks.
Play up the features that are going to be a draw to people who can’t really go out and shop, to the cinemas, or to a restaurant—a fully stocked kitchen and Netflix with Wi-Fi connection or an office might be exactly what they need.
And use all of your free social media spaces to advertise your property. Go all in on cross-market listings.

Be flexible and change some of what you do to stay afloat during the wave of airbnb cancellations. For more information contact us today.

March 11, 2020

AirBNB in Miami

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South Florida, and Miami in particular, is a hot pick for estate investors right now. When it comes to the best investment strategy, hosting your property on Airbnb is the most profitable choice. With a median property price of roughly $4k, monthly rental incomes of $2,353, and a comparative monthly Airbnb income of $2,774, there’s solid evidence suggesting that Miami Airbnb investments are the way to go.

Miami real estate is expensive, but sales are going up across all sectors. With a low interest rate and cash return, Miami investment properties are offering an excellent return on investment. Many are still on the hype train of flipping long-term rentals. This has only heightened due to more and more people moving to Miami following some tax reforms. For investors, there’s a huge market that’s driving Airbnb profits.

Airbnb Miami offers a better return on investment than long-term rental properties. This is especially true when looking at the numbers alone, thanks to a higher rental income. This is not to mention better cap rate and cash on return rate and that’s largely because of the tourist market.

Miami is and will continue to be, for a long time, a huge-tourist hotspot. The internet has changed how tourism works too. Every season brings brand new hot spots, including over 800 parks, national parks, sports events, cruise line ships, and an ever-shifting cultural heart.

People are visiting Miami in record-breaking numbers, as shown by occupancy rates of over 50% in most of the top Miami Airbnb neighborhoods. That’s a rate that’s simply unheard of in many other cities.

For more information contact Maxima today.

November 18, 2019

AirBnB Property Management – What You Need to Know

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Are you thinking about getting involved in Airbnb property management? Well, there are a few things that you need to know and be aware of before you take this step. For instance, you need to recognize both the advantages and disadvantages of Airbnb property management.

Pros

You can find out about guests and read reviews before you invite them to stay, similar to how a customer would check out a business.
Your property is fully insured by Airbnb against potential damage from guests so you have a full safety net.
Advertising your property is also cheap and easy through the resource provided by the company.
The market is continuously growing and the faster you join, the quicker you will become an established party that people trust.
You have full flexibility too so you’ll be able to decide exactly when to have people stay and when to keep the property free.

Cons

If you can’t afford to pay someone to keep your property neat and tidy you’ll need to complete this job yourself. That includes cleaning the restroom.
This also isn’t the type of income where you can predict how much you will be making each month. Your income may change dramatically from month to month, depending on demand.
You’ll also need to make sure that you are monitoring what’s going on constantly to keep things operating smoothly.

Mistakes

Finally, it’s worth considering a few easy mistakes. Do not think you can be completely hands-off here. You also should try and aim for perfect reviews, but there may be complaints. Be ready and use them as constructive criticism as you work to improve your business where you can.

For more information, contact the experts at Maxima Property Management!