How to Start, Manage, and Scale an Airbnb Business in 2024 (Step-by-Step)

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 9 October 2024

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you want to break into the short-term rental space? It’s not as simple as picking a popular market, buying a rental property, and listing it online. To have a successful Airbnb business, there are three crucial steps you need to take, and we’re going to break them down in this episode! Welcome back to the Real Estate Rookie podcast! In just four years, Tony and Sara Robinson have built a very successful vacation rental portfolio that is on track to make over two million dollars in revenue in 2024. Today, they’re going to discuss the most important components of their business, what they wish they had known before they started, some of the biggest mistakes they’ve made along the way, and what has allowed them to scale so quickly. We’ll start at square one, helping you devise a game plan and analyzing markets to invest in. Then, we’ll show you how to make your property stand out with several helpful (and affordable) furnishing and design tips. Finally, we’ll show you how to craft systems and processes that will allow you to streamline management and scale your portfolio to multiple properties across several states! In This Episode We Cover: Three steps to build and scale a successful Airbnb business The most crucial data points to consider when analyzing rental markets When to buy the “cheaper” property and budget for design and amenities instead Affordable furnishing and design hacks that will elevate your property The best tips, tools, and tech for streamlining short-term rental management Investing in an out-of-state market (and why it’s easier than you think!) And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Breezeway Stessa Easily Identify Your Next Market to Invest in With the BiggerPockets Market Finder Buy the Book “Short-Term Rental, Long-Term Wealth” Property Manager Finder Investing in Short-Term Rental Properties: A Beginner’s Guide & How to Get Started (00:00) Intro (01:08) Keys to a Successful Airbnb (06:00) Step 1. Analyze Your Market (09:48) Step 2. Make Your Airbnb Stand Out (16:17) Step 3. Scale Your Business (24:44) Tips for New Investors (27:24) Check Out the Forums! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-468 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	There are millions of short-term rentals in the United States.
0:02.8	Now, whatever your market is, there's likely going to be a little bit of competition in your area.
0:07.6	So how will your Airbnb be a success?
0:10.6	Look, whether you're new to the game or a season host, mastering the ends and out of managing your
0:15.1	Airbnb can make all the difference in your profits and in your guest experience.
0:19.7	So today, we're going to break down the top three ways you can make your short-term
0:23.9	rental succeed from your first booking and beyond. So guys, welcome back to the
0:28.2	real estate rookie podcast. I'm Tony J Robinson and sadly I'm not joined by
0:31.6	Ashley Kerr because she's away traveling.
0:33.3	We'll be back together again in a few weeks so don't worry.
0:36.0	But this is the podcast where every week, three times a week we're bringing the
0:39.4	inspiration, motivation, and stories you need to hear to kick start your investing journey.
0:43.6	And today I'm joined by someone super special, my wife Sarah Robinson.
0:47.2	Thank you so much for having me, Hubby.
0:50.6	Welcome to the power Bob.
0:51.2	I'm so bum that Ashley isn't here. I thought I was doing this with Ashley. I'm a big fan.
0:55.0	No, yeah, it's just me and you.
0:57.0	I see him every day, guys, BP, what happened?
1:00.0	So guys, we're going to discuss today how to price your Airbnb how to make your Airbnb stand out how to streamline the management really scale this business up all right so I guess the first question that comes to mind is you know we've been in this business for about four years now
1:14.3	in the short term rental side specifically portfolio you know did just over two
1:19.2	million last year probably need a little bit more than that this year with the hotel
1:21.6	especially now.
	...

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