Have you ever dreamed of building a successful Airbnb portfolio in the heart of London? It’s understandable- if done right, owning a selection of short-term rental properties in the UK’s capital city could be an incredibly lucrative endeavour.
On the flip side, if you don’t take the time to do your research and work out what the market wants, then you could find your new venture drains money.
So, how can you prevent that scenario and ensure that you get the most from your investment? The first property you launch is always crucial, as it will set the bar for your future success and give you the opportunity to learn from any mistakes you make. To reduce your chances of making potentially costly errors, keep reading to find out how to set your property apart from the rest and make the most of your money.
Tips for Launching an Airbnb in London
1. Choose The Right Location
When buying a property for use as an Airbnb, location is critical. You’ll be able to redecorate or repair any issues on the property, but you can’t pick it up and physically shift it, unless you go for a canal boat or a tricked-out van. While these two options might work for some, a physical property, like a flat or house, is often the best place to start. So, you’ll need to pick one in a prime location, in an area that feels safe and has the amenities and transport links that your guests expect. While central London is usually the most desirable for guests, the area can be too expensive for most property buyers, so look at regions outside the city centre with strong transport links and up-and-coming neighbourhoods, such as Wandsworth, Peckham, or Acton.
2. Get Expert Support
With so many other Airbnbs to compete with, and so many factors to consider, it’s incredibly difficult to find ways to set your property apart and get it up to the standard your guests expect. Thankfully, expert providers of Airbnb management in London, like the team at GuestReady, can provide you with support to turn your dream into a reality. They can help with property management, running your online presence, guest support and concierge services so that your guests feel at home and you get the business guidance you need. With their easy-to-use service, you get tailored business support that helps you to make your first Airbnb in London a success. As you grow your portfolio, you can scale up the services you use, so you don’t have to worry about hiring permanent staff and can get as much help as you require.
3. Take Time Over The Design
Décor and interior design are crucial for any Airbnb, but again, there’s a lot to consider. Major, expensive renovations, such as front doors, wall colours and floor coverings, should be in neutral colours that fit your property’s period and style, so that you don’t have to replace them regularly and can combine them with a wide range of furniture and home accessories to create various looks. As well as the décor, you also need to explore the home amenities and built-in features that could make your property more desirable to potential guests, such as baths, large kitchen appliances and additional light fixtures. These amenities and additional features can make your property more desirable and allow you to charge higher rents, so consider them carefully and weigh up the pros and cons, including initial installation fees and ongoing costs.
4. Pick Durable Soft Furnishings
Portable furniture, even larger items like sofas and beds, can be trendier and more fashionable as you can change them up with relative ease. While style is flexible, their utility isn’t; your Airbnb will potentially have hundreds of guests each year, so your furniture will get used more and need to be cleaned more frequently than traditional household support furnishings. That means you need to select the right fabrics and items that will be easy to clean and look like new for longer. There are many guides out there to choosing the best sofa for your Airbnb, as well as other furniture items, so you can start exploring the products on the market and evaluating them based on your specific needs. When it comes to expensive furniture items like sofas and mattresses, you might want to consider protective covers to reduce the chances of spills and dirt leaving lasting marks.
5. Highlight The Benefits In Your Listing
Even the best-decorated, most desirable Airbnb is nothing without a great online listing. A picture tells a thousand words, so make sure there are plenty of images on the advert to showcase your property in all its glory. While the images are vital, you also need to make sure that your written listing is up to scratch, and that you highlight not only what amenities your property offers, but also how they can benefit guests. So, for example, if you have a private entrance to a flat that you’re renting out, you can mention how this heightens security and gives you privacy when entering the property. Alternatively, if you have a garden, you can showcase the many benefits of this to your guests, including how it can allow them to spend time outside during the summer and give them a private spot for a BBQ. Sharing the benefits of every amenity your property offers will improve your chances of getting noticed on Airbnb and set your property apart from the many others in your local area.
6. Keep Adapting And Evolving
Once you’ve got your Airbnb up and running, it’s easy to think that all the hard work is over. It’s called passive income, after all! However, it’s not that simple; you can’t just sit back and watch the money rolling in. The short-term rental market, and the UK’s holiday landscape in general, are both fast-paced and ever-evolving, with rising guest expectations meaning that you must stay ahead of them. Stay up to date with the latest Airbnb trends and keep looking for ways to adjust your property and services to meet the changing needs of your target clientele. Even if you’re going for a neutral look, try to refresh the décor in your property at least once a year to keep it looking pristine and current so that you can get the highest possible calibre of guest and charge a premium rate for your property.
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