Must know No.1: Knowing what you want from the business (The Objective)
Must know No.2: Investment to the business/ the house unit (Cash Commitment)
Must know No.3: Your commitment to the business (Time Commitment)
Must know No.4: Measuring ROI (Return of Investments)
Must know No.5: Other options (Plan B)
Humbly speaking, I have been running the Homestay business for over 4 years now. Managing dozens of houses and have gone through up and downs in the business.
Here's some must know's that I believe is important for new comers of the Homestay/Airbnb business/ Budget hotel.
Must know No.1: Knowing what you want from the business (The Objective)
You must know the objective of starting a Homestay business; or more specifically, how much do you expect to make from this business?Is your reason,
- To cover your loan installment? and also some extra cash?
- A short term plan before you resell the unit?
- A long term plan to make money off this unoccupied house you have?
Your objective now will directly affect your decision on the next stage (Cash Investment). It will affect your renovation, your business strategy, your commitment to the business.
P/S: If you need help on deciding the best option for your property, give BnBHelpers a call.
Must know No.2: Investment to the business/ the house unit (Cash Commitment)
After decision on your objective, you need to think of the simplest cost-effective investment to your property.Like,
- How to make your house outstanding with the least money spent?
- Where to get the best contractor for the job?
- How much to spend?
- What if you don't want to spend for renovation?
We at BnBHelpers Malaysia will be able provide a step by step analysis and suggestions for the works. Minimum spending guaranteed with appealing outlook. Give us a call and schedule a site viewing.
Must know No.3: Your commitment to the business (Time Commitment)
Setting Up the business:
Homestay/ Airbnb Business is 24 Hours/7 Days a week. Be prepared mentally and physically for answering customer inquiries, phone calls, emails; also expect last minute bookings. Be sure to sync your calendars and check your phone at all times.*Answer all inquiries quick and you will surely be rewarded.
Checking In your First Customer:
Always check the house before letting your customer check in. Make sure the house is ready to impress your customer.Making sure that you start with a 5 Star review will give your business a boost. Be an active host, treat your customer with a smile and be sure to recommend your customers some famous local food shacks or a hidden bar.
Checking Out your Customer:
Be on time and bid your customer safe trip. Don''t forget to ask your customer to rate you 5 Star😀😀Be sure to then clean up and have it ready for the next guest's arrival.
Must know No.4: Measuring ROI (Return of Investments)
You need to know that the Homestay/Airbnb Business doesn't always guarantee consistent stays every month. Some months are heavily occupied, while some are bad months.But for Penang, you can expect high volume of tourist stays for most months in a year, not only holiday tourist, but also medical tourist and working tourist. The key is to monitor closely and to adjust your rates to maximize your earnings.
Prior experience in hosting Homestay/ Airbnb / Hotel Business is important in your planning and maximization of earnings. So, mix with some experienced host and gain some insights.
Must know No.5: Other options (Plan B)
If managing your own Homestay doesn't work out, hire a professional. BnBHelpers Malaysia is ready to take over your trouble and hassles. We offer services customized to your needs.
Contact us at: bnbhelpersmalaysia@gmail.com or https://www.facebook.com/bnbhelpersmalaysia/
Prepared & Written by: BnB Helpers Malaysia (Admin)
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