3 rules for making money on Airbnb, from a short-term-rental owner who built a business by optimizing revenue
Source: Business Insider ·
Rule No. 3: Don't try to appeal to everyone. Mike Savage has built a successful business around understanding what works with short-term rentals.
From the source
Real estate investor Mike Savage and his family reside in South Carolina.Courtesy of Mike SavageShort-term rentals can earn more than long-term rentals, but they require a business mindset.Mike Savage, cofounder of SynergyStays, shares strategies that can help Airbnbs perform better.Pay attention to the median booking window, and focus on weekdays, not just weekends.Mike Savage has owned both long-term and short-term rentals — and he sees a fundamental difference between the two.With a long-term rental, investors can improve a property and potentially raise the rent, but the market largely determines what a comparable home can earn. A three-bedroom, one-bath house will generally command something close to what similar homes in the area rent for.A short-term rental offers more room to influence revenue, but it also requires more work."You're choosing to open a business" when you buy a short-term rental, Savage told Business Insider. Investors need to think beyond the purchase price…