There’s no doubt that COVID-19 has changed everything, and it has forced many business people to make drastic changes to survive. Folks who rent their property through AirBnB have been severely affected by this pandemic, but the following tips should help you get through this time.
Understand the Business
It is important to recognize the severity of this pandemic and how hard it’s hitting AirBnB hosts. Some of these individuals have several properties that are now vacant, yet they still have to deal with mortgages, fees, and taxes.
Hosts should take this time to rethink their strategy. You have to learn to be more competitive and more strategic so that you’re able to come out of this a winner. Those who want to continue their business should use this time to take an Airbnb course that’ll help you overcome this unprecedented hurdle.
Taking Advantage of Relief
The pandemic has understandably halted most travel. People around the world are sheltering in place and not wanting to travel, which puts hosts in a bit of a bind. Yes, in the beginning, the company decided to offer full refunds to guests without paying much attention to hosts, but that policy has changed.
As a host, you need to make sure you take advantage of whatever help the company is offering you. For example, hosts can now claim 25 percent of the cancellation fee should a guest cancel his or her stay. It should also be pointed out that superhosts are being given the opportunity to apply for financial assistance that could go as high as $5,000.
The Switch to Long-Term Rentals
There is no telling how long the COVID-19 pandemic is going to last. The sickness is too new, so people don’t know when things are going to return to normal, which is reality hosts have to grapple with. If there’s no real vaccine, then travel will simply not be what it used to be for some time.
This is the reason some hosts are turning many of their rentals into long-term rentals. Yes, people may not be traveling for leisure, but that doesn’t mean people aren’t looking for long-term rentals. Hosts are probably going to have to charge less, but at least it could keep you afloat for a while. That’s a better option than waiting around for short-term renting to pick up again.
Offering a Helping Hand
Some hosts around the world are responding to this pandemic a little differently by offering their properties to first responders. These folks work jobs that require them to be in constant contact with people who are infected with COVID-19. These individuals have families back home that they don’t want to put in danger, so they are choosing to stay in AirBnB’s until the pandemic is under control.
The properties rented out the most are near hospitals, but others could be rented out as well. The company is partnering with hosts to provide this service and are offering guidelines to help hosts clean the property after the guest leaves. Everything must be thoroughly sterilized to prevent the spread of the disease. Everyone is doing their part, and this business model could end up helping hosts through these uncertain times.
Investing in Inexpensive Updates
Hosts who are simply not getting guests may want to just focus on the future. People are going to travel at some point, maybe not in a few weeks, but they will travel eventually. Funds may be low, but that doesn’t mean you can’t make little updates that’ll help get your property or properties rented out quicker.
Everyone knows that people tend to favor properties that are taken care of and have a modern look. When travel opens up again, you’ll want to make sure your property has an edge over others to help you bounce back financially. Start slow, make small changes, and continue updating until you feel that you’re fully prepared.
These are just some things hosts need to keep in mind about the current situation for this business and your future. Times may be uncertain, but people and businesses are resilient enough to overcome this surreal moment in history.
