Over its years in operation, Airbnb has disrupted more than just the travel and hospitality market. It has also shaken up the property market, driving up property prices and even rents. In fact, just a 1% rise in Airbnb listings resulted in a 0.026% increase in housing prices which, considering that the median year-on-year growth rate in Airbnb listings was roughly 28% results in year-over-year price growth of approximately 5.7%.
Selling an Airbnb property in the right market at the right time will garner you far more than just property value. After all, you are selling a legitimate business with a proven track record.
Airbnb does not allow owners to transfer their accounts to others, even in the case of you selling your Airbnb property. As stated in its terms and conditions: “You may not assign or otherwise transfer your Airbnb account to another party.” Thus selling your Airbnb account itself as part of your property sale is not possible. You should make sure that all your bookings are complete and your property is ready for the buyer to list prior to selling it.
If you wish, you can negotiate to sell the existing furniture to the buyer as part of the property sale. This allows the new owner to use the same setup and photographs you used when they list the property on Airbnb under their own name. While some buyers may want to change things around to reflect their own vision, others would appreciate the obvious savings in starting costs.
Be nice. Share your contacts and even contracts you use for services like handymen, cleaning, and housekeeping goods. Many buyers will welcome not having to make the effort of finding new helpers and being able to tap into your existing relationships with them.
If you are really wary about giving up all the hard work and achievements you’ve earned for your Airbnb, particularly if you have gained Superhost status, you can even consider selling your property but continuing to manage the Airbnb property as its host. You can keep your Airbnb URL, reviews, status, etc and only have to change bank account information.
Pricing your Airbnb property right is the most important aspect of selling your property. Pricing your property too high will leave your home languishing without takers with it losing appeal the longer it stays unpurchased. Meanwhile, pricing it too low will leave you losing out. Or put off buyers suspicious of the reason for the low price.
Pricing your Airbnb property right depends on a number of factors:
It’s not just Airbnb listings that get more bookings and earn more when they include professional photographs in their listings. Potential buyers are far more likely to show interest in your Airbnb property if they see high-quality, standout images. Hiring a professional photographer is always your best bet but if you don’t have the budget and choose to take the images yourself, take a look at our tips for high-quality mobile phone photography.
Showcase the returns that your Airbnb property is making and future earnings potential. Show them how much they could make if they rent it through an agent, list it through a property management firm and if they do it themselves. Take the time to put it together in a way that is easy to understand, great to look at but does not skimp on the important figures and details.
Great reviews have just as much impact as words as photographs have as images. And because over 7% of complaints are related to guests struggling to check-in, experiencing lack of support or feeling let down by the host, you will have many more great reviews of your property that are directly relevant to your potential buyers.
Collect your best Airbnb reviews, particularly those that reference your property itself, and use them in your marketing. Just like reviews provide guests validation for your Airbnb listing, they can also do the same for the value and potential of your Airbnb property.
The capitalization rate or cap rate is a real estate valuation measure used to compare different real estate investments. It is calculated by dividing the net operating income (NOI) by the current market value.
You can also consider hiring a real estate agent specializing in Airbnb property who will understand the challenges and intricacies of selling an Airbnb property. A real agent could also instill additional trust with hesitant buyers much more likely to believe the facts as pointed out by the professional than the owners themselves.