Do you want to invest in the Philippines by buying a condo or a small apartment? Or perhaps you already own an apartment in Metro Manila or Cebu that you let out for extended stays? Although you may profit far more from your investment, it is most likely a solid investment. In this article, we’ll explore how to use an ordinary condo or apartment to generate money using Airbnb or Booking.com (and I mean, truly making a great income from your home).
Let’s begin with a brief overview of the global and Philippine holiday rental market, which is seeing tremendous growth. According to data, purchases of vacation homes have increased by 75% in the US. People are making investments in homes that they rent out as vacation condos for transient guests.
This broad sector covers a variety of subjects, including the most recent laws and ordinances that apply to your city or residential structure, the finest technology to install and utilize, how to design a condo, maintenance, the guest experience, and more. It’s important to keep in mind that, despite being well-known, sites like Airbnb and Booking.com are the only ways to gain the exposure you require. Numerous more elements that you must grasp and put a lot of effort into will determine your success.
If you feel it’s too much effort and time you simply don’t have right now, another choice is to deal with an Expert Agent who oversees short-term accommodations on internet platforms (You can contact us for more details on how to find such Expert Agents). They are typically young online business owners with a background in real estate who have perfected the art of generating income from rental properties utilizing services like Airbnb and Booking.com.
If so, you have two options: you may partner with them and come to a profit-sharing arrangement, or you can rent out your property to one of these Expert Agents and allow them to sublet it on Airbnb or Booking.com. In this situation, the Expert Agent will handle all of the marketing for your apartment on sites like Airbnb and Booking.com, as well as the maintenance, customer service, and other tasks, but he won’t be paying you rent. You will split the profits instead.
There are six essential steps you must take to earn money on Booking.com or Airbnb.
- Create and Design Amazing Images
- Specify your reach and a pitch-perfect description.
This is an essential part of your pitch, not the second most important one, but it is still quite vital. In this game, effective marketing techniques are key. You will be communicating with potential customers through your words and descriptions, ensuring that they receive the answers to their concerns, such as “Is this apartment in a nice neighborhood? What businesses are in the area? Is the building quiet and clean? Exist reliable public transit options? How far is the airport away? Will the owner be on hand to help us with any issues around the clock? ”, etc. Try to pinpoint your target market so you can craft a description that will appeal to them and persuade them to make a reservation with you.
- Make sure to communicate politely and with lightning speed.
Another crucial skill you must ensure you have mastered is quick, professional, and polite communication. Quick responses are evident. The client will just choose another condo to reserve his holiday if you are not prompt enough. Not only that, but Airbnb and Booking.com factor response time into their ranking algorithm, so trust me, it matters. It’s not just about speed, though. You won’t get very far if your responses aren’t respectful and professional. Don’t be lazy, and be sure to respond to all of your clients’ questions. Give them a thorough response that is written in impeccable English (use Grammarly to be sure!). Maintain excellent communication with your customers at all times, from the booking stage through their stay and even after they check out (critical for your reviews!). Finally, no matter how unkind your client is, remain composed and polite. I promise it will be worthwhile.
- Make Sure Everything Is Clean
Simply said, this firm needs CLEAN FREAKS. Make sure you employ a GREAT cleaning lady if you’re not a neat freak. If your condo isn’t always immaculate, you’ll once again fall short of your rivals. One of the top three priorities for AirBnb guests is certainly cleanliness. When a client arrives, he looks at it first. Make sure your apartment looks as great as it does in those amazing photos you took.
- Ensure the ideal check-in and check-out experiences
When your clients arrive to check in, be there (or have someone else be there) to welcome them. Give them a comprehensive tour of the condo, the complex, and the neighborhood if they request one (ask them kindly; they could be exhausted!). Leave them some thoughtful “surprises” in the apartment, such as a few miniature chocolates on their pillows, everyday necessities like coffee, tea, and sugar, and a carton of fresh milk in the refrigerator. They’ll adore it.
Make sure your customer has a kind send-off on the day of check-out. Ask the customer whether they require any assistance in reserving a taxi to the airport or further tourist information for their upcoming visit to practice excellent communication. Drop over (or send someone) to say goodbye in person, retrieve the keys, and perhaps even leave a thoughtful parting gift. A keychain that says “I adore the Philippines” or anything similar is a good example of a small local gift. Again, they will LOVE IT, and most likely only for that reason will they offer you a positive rating, which takes us to our final assignment.
- Ask for Positive Reviews
The fantastic images in part 1 are probably not as significant as this task, if not more so. If your customers don’t provide you positive feedback, you’ll lose. Keep in mind that while reviewing your establishment, your visitors will likely remember every last detail of their visit. If you completed all of the aforementioned tasks, the client will probably give you a positive rating. But occasionally they forget or don’t have time, so you have to beg. This is why we stressed the importance of communication. Keep in touch with your client at all times so you can quickly get in touch with him after they depart and ask for their 5-star rating.