Best Way to Grow Your Airbnb Business to $10K/Month

If you’d like to bring your business up to $10,000 a month, how can you do that? Let’s look at 3 tips for the fastest way to grow your business.

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For many people, $10,000 a month is a great milestone for their business, and I often get asked what is the best way and the fastest way to get there. We’re going to go from the assumption that you are starting from absolute zero – you don’t have any experience or background, and you don’t own any properties. If your goal is to grow your business to $10,000 a month, versus providing an extra $2000 a month in extra revenue, then you are likely going to want to have between 10 and 13 properties, and there are a number of shortcuts that you aren’t going to want to take.

An example of this is managing properties in different locations. If you are only looking at managing 2 or 3 properties, then having them spread out in different locations isn’t usually a big deal, there usually isn’t a large downside to that. Depending on the type of property, around the 5 to 10 property mark, you’re going to start seeing lots of complications if your properties are in different areas.

For example, you’re going to have a challenge integrating multiple different cleaning teams with the right sets of systems and keeping everything on track. The same goes for your maintenance people. You’re also going to want to understand the pricing schedules of the different areas as well, the high and low season, etc. Once you are growing to 10 properties, you’re creating a lot of unnecessary inefficiency in your business if you do it that way.

Another big piece of advice is to remind you that the first few properties are going to be the hardest. They are going to be more challenging to bring on than the other properties you will bring on later down the road. So be ready for that. You’re going to really hone in on your niche and your offer and your messaging to really resonate with your clients. From there, things get a lot easier once the initial legwork is done.

More often than not, once your business is up to 3 or 4 properties, you’re going to be consistently bringing on properties through referrals. Remember that so you don’t get discouraged thinking you aren’t going to reach that $10,000 mark when you’re just starting out.

The other tip I have for reaching the $10,000 mark in your business is to really pay attention to your bottom line. One of the ways this comes into play is with cleaning fees. I’ve seen people make this mistake and I myself made it too, is to be accidentally losing money with your cleaning fees. When I first started, I set up my property and set my cleaning fees before I got a quote from the cleaners, because I wanted to get my listing set up as quickly as possible.

But in doing that, I actually set my cleaning fees too low and I was losing a small amount of money in the cleaning fees with every booking. When you only have 1 or 2 properties, that doesn’t seem like a big deal, because you’re still making money off of your management fees. But once you are up to 10 properties, suddenly that lost income starts to really add up. And you’ve already set a precedent with your clients, so you don’t really want to start charging them for those little things because they aren’t expecting that charge. So you want to make sure that you really watch that bottom line from the beginning so you can reach your goal of $10,000 as fast as possible.