How to Make $700 from Airbnb Rentals

As a Wall Street investor who has built multiple successful businesses, I’ve seen firsthand how real estate, particularly short-term rental platforms like Airbnb, can be a goldmine when managed effectively. Earning $700 a month (or more) from Airbnb is entirely feasible with the right strategies in place. Whether you’re just starting or already have an established listing, there are numerous ways to optimize your property for increased bookings and higher profits. Let’s dive into actionable tactics that will help you hit that $700 target.

16 Tips for Increasing Booking Rates by 10%

Increasing your booking rate by just 10% can have a profound impact on your monthly income. Here’s how to do it:

1. Optimize Your Listing Title – A catchy, clear title can attract more eyes. Use keywords like “luxury,” “family-friendly,” or “pet-friendly” to capture key search terms.
2. Invest in Professional Photography – Listings with high-quality photos receive 40% more bookings. A professional photographer can help you showcase your space in the best light.
3. Offer Discounts for Extended Stays – Long-term guests often book more readily when offered discounts. Consider providing a 10-15% discount for stays longer than 7 days.
4. Respond Quickly – Airbnb’s algorithm favors hosts who respond within the first hour. Replying quickly can increase your chances of landing a booking by 25%.
5. Update Your Calendar Frequently – Regularly update your availability to ensure you’re appearing in recent searches, keeping your listing active and competitive.
6. Enable Instant Booking – Listings with Instant Booking are favored by Airbnb, and hosts who use this feature are 50% more likely to get bookings.
7. Set a Competitive Cleaning Fee – While this may seem like a small detail, guests are more likely to book if the cleaning fee is reasonable. The average cleaning fee is between $50 and $100.
8. Add Clear, Accurate Descriptions – Guests book based on information. Ensure your description is accurate and highlights unique features like amenities, nearby attractions, or transportation options.
9. Provide Multiple Booking Options – Offer flexibility by accepting a range of check-in times or allowing same-day bookings to appeal to more guests.
10. Adjust Prices Dynamically – Use tools like Airbnb’s Smart Pricing or third-party pricing software to adjust prices based on demand. For example, raise prices during high demand periods (holidays, festivals) and lower them during slow seasons.
11. Create Special Offers for New Guests – Offer discounts for new customers to entice them to book. Even a small $10 discount can lead to a 20% higher conversion rate.
12. Promote Special Features – Highlight unique offerings like hot tubs, pools, free parking, or proximity to popular tourist spots. These can set your listing apart from others.
13. Set a Minimum Stay Requirement – For peak seasons, setting a minimum stay (e.g., 3-4 nights) can help you get higher-quality, longer bookings and increase revenue.
14. Include Free Perks – Offering free amenities like Wi-Fi, a complimentary breakfast, or transportation vouchers can make your listing more attractive.
15. Encourage Early Bookings – Use early-bird discounts or a “book now” incentive to encourage guests to secure dates months in advance.
16. Get Verified – Listings that are verified by Airbnb tend to receive higher booking rates. Verification builds trust with potential guests and increases the likelihood of booking.

5 Strategies to Earn $100 Extra Per Stay

Earning an extra $100 per stay isn’t difficult if you take advantage of the add-ons and upselling opportunities. Here’s how:

1. Offer Early Check-in or Late Checkout – Charge a small fee (e.g., $25-$50) for guests who request early check-in or late check-out. This small fee can easily add $100 or more per stay during peak seasons.
2. Provide Airport Transfers – Offer airport pickup or drop-off for a fee. On average, Airbnb guests are willing to pay $30-$50 for a seamless transfer experience.
3. Add Experience Packages – If your property is in a tourist destination, offer guided tours, cooking classes, or outdoor activities. These experiences can easily generate an additional $50-$100 per stay.
4. Charge for Extra Guests – If your space allows for additional guests, charge a per-person fee. A common rate is $10-$20 per guest per night. This could quickly add up to $100 extra for a 5-person stay.
5. Sell Cleaning Services – Offer guests the option to pay for extra cleaning services during their stay. This can be especially attractive for longer stays or guests with children or pets.

13 Ways to Improve Guest Experience for 5-Star Reviews

Securing five-star reviews is essential for boosting your rankings and increasing bookings. Here’s how to ensure an unforgettable guest experience:

1. Personalized Welcome – A personalized note or a small welcome gift (e.g., local snacks or a bottle of wine) creates a memorable first impression.
2. Spotless Cleanliness – A clean space is paramount. According to Airbnb, 80% of guests rank cleanliness as one of the most important factors in a positive review.
3. Comfortable Bedding – Invest in high-quality linens, pillows, and a comfortable mattress. Guests are much more likely to leave a five-star review if they sleep well.
4. Provide Clear Instructions – Provide a comprehensive welcome guide with easy-to-follow instructions for appliances, Wi-Fi, and house rules.
5. Offer Thoughtful Amenities – Think beyond the basics. Provide items like a coffee machine, toiletries, or a local map with recommended activities.
6. Be Available and Responsive – Respond to guest inquiries within an hour. 90% of five-star reviews mention a host’s responsiveness.
7. Ensure Privacy and Quiet – Make sure the space is private and quiet. If you’re renting a shared property, make it clear when and how guests can access communal areas.
8. Keep the Space Safe – Ensure the property is secure, with functioning locks, smoke detectors, and clear safety instructions.
9. Go the Extra Mile – A small thoughtful gesture like a birthday card or offering a bottle of water upon arrival can leave a lasting impact.
10. Offer Flexible Check-in/Check-out – If possible, allow flexibility for check-in and check-out times, especially if guests have special travel needs.
11. Provide Detailed Local Recommendations – Create a list of your favorite local spots—restaurants, attractions, parks, etc. Guests appreciate personalized advice over generic guidebook suggestions.
12. Ensure Functional Technology – Make sure all electronics (Wi-Fi, TV, AC, appliances) work smoothly. Nothing is more frustrating than a malfunctioning device when you’re trying to relax.
13. Ask for Feedback – Before guests leave, ask them if there’s anything you can improve. If they have a positive experience, they’re more likely to leave a glowing review.

20 Ideas for Setting Competitive Prices

Setting the right price is crucial to staying competitive in the Airbnb marketplace. Here are 20 ideas to help you price your listing competitively:

1. Research Comparable Listings – Use Airbnb’s pricing tool or sites like AirDNA to compare similar listings in your area and set a competitive price.
2. Adjust for Seasonality – Prices should fluctuate based on peak and off-peak seasons. For example, you can increase rates by 20-30% during holidays.
3. Use Smart Pricing – Airbnb’s Smart Pricing tool automatically adjusts your price based on demand. This tool helps you remain competitive without constantly monitoring rates.
4. Offer Discounts for Longer Stays – Offering discounts for stays of a week or longer can increase your booking rate and attract guests who want a better deal.
5. Set a Base Price for Low Season – Set a competitive base price for the low season, making sure you’re still profitable but not overpriced.
6. Offer Last-Minute Discounts – For last-minute bookings, consider offering a small discount to fill your calendar. You can often earn 10-15% more than booking through other platforms like Booking.com.
7. Add a Premium for Weekends – Weekends typically have higher demand, so increase your price for Friday-Saturday bookings by 10-20%.
8. Create a Tiered Pricing Model – Consider offering a basic rate and an upgraded rate for guests who want additional amenities (e.g., private pool access, premium beds).
9. Use Dynamic Pricing Tools – Use third-party services like PriceLabs or Beyond Pricing, which analyze booking patterns and demand to set competitive prices.
10. Offer Discounts for Repeat Guests – If a guest has stayed before, offer them a discount as an incentive for returning.
11. Add Fees for Extra Guests – Many Airbnb hosts charge extra for additional guests. Ensure this is reflected in your pricing to boost your revenue.
12. Consider Cleaning Fees – Keep your cleaning fee competitive. Charge a reasonable fee (average $50-$100) that doesn’t scare off potential guests.
13. Offer Seasonal Packages – Bundle services like airport transfers, guided tours, or even meals into your listing price for a comprehensive package.
14. Set Non-Refundable Rates – Offer a non-refundable rate option at a slight discount (5-10%) for guests who are certain about their plans.
15. Promote Discount Codes – Occasionally offer a discount code to encourage last-minute bookings, especially during low-demand periods.
16. Evaluate Competitor Prices Regularly – Recheck your competitors’ pricing every few weeks to ensure your rates remain competitive.
17. Adjust Based on Reviews – Listings with more positive reviews can justify higher prices. As your reviews grow, increase your price accordingly.
18. Stay Flexible with Pricing – Don’t be afraid to experiment with price changes based on feedback and booking trends.
19. Use Price Anchoring – Offer a higher price tier (e.g., deluxe room) to make your standard offering appear more affordable by comparison.
20. Consider Local Events – Price your listing higher when there are major events in your area, such as concerts, conferences, or sporting events.

9 Techniques to Market Your Listing Effectively

Effective marketing is key to attracting guests. Here are nine techniques to help your listing stand out:

1. Leverage Social Media – Post regularly about your property on platforms like Instagram, Facebook, and TikTok. Visual content works best.
2. Use High-Quality Photos – Professional photography leads to a higher conversion rate. Listings with professional photos can increase booking rates by 40%.
3. Create a Website for Your Property – Have a website where you can promote special offers and direct guests to your Airbnb listing.
4. Use Paid Advertising – Invest in targeted Facebook or Instagram ads to drive traffic to your listing, especially during peak booking seasons.
5. Encourage Referrals – Offer guests a small discount for referring friends or family who book your listing.
6. Get Featured in Local Media – If your area has a local magazine or blog, try to get featured to attract more guests.
7. Collaborate with Local Businesses – Partner with nearby attractions, restaurants, or shops to cross-promote your property.
8. Offer Seasonal Promotions – Offer promotions or discounts during off-peak seasons to keep bookings steady year-round.
9. Use Airbnb’s Promotional Tools – Leverage Airbnb’s special offers, like last-minute discounts and early-bird deals, to increase visibility.

12 Tips for Handling Short-Term Guests

Handling short-term guests can be tricky, but with the right approach, it’s easy to create a smooth experience:

1. Clearly Communicate Expectations – Set clear house rules before guests arrive, and ensure they understand check-in/check-out times, noise limits, and other policies.
2. Ensure Smooth Check-ins – Use keyless entry systems or provide easy-to-follow check-in instructions to ensure guests have a hassle-free arrival.
3. Maintain a Personal Touch – Even though you’re hosting short-term, a personalized welcome can make all the difference in guest satisfaction.
4. Offer Local Recommendations – Provide a list of local attractions, restaurants, and events to help your guests enjoy their stay.
5. Be Available for Questions – While you don’t need to hover, make yourself available to answer any questions guests might have during their stay.
6. Respect Guest Privacy – Be respectful of guests’ space while ensuring that they know you’re available if they need assistance.
7. Have a Welcome Kit – Provide a simple welcome kit with basics like toiletries, snacks, or bottled water.
8. Be Quick with Problem Resolution – If an issue arises, handle it swiftly and professionally. A prompt solution can help prevent negative reviews.
9. Follow Up After Departure – A follow-up message thanking guests for staying and asking for feedback can show that you care about their experience.

In conclusion, hitting $700 per month from Airbnb rentals is highly achievable when you apply the right strategies to optimize your listing, enhance guest experiences, and market effectively. By focusing on the details and leveraging data-driven tactics, you’ll be on your way to consistent success in the Airbnb business.