Airbnb has completely transformed the short-term rental industry. Anyone with a property is able to list their home on the platform and welcome their first guest within 24 hours. Still, no one is perfect. So what are the advantages and disadvantages of Airbnb?
1. Easy to use
It takes minutes to create a listing on Airbnb and you could have a guest checking in same day. The functionality is user friendly and very intuitive. You can get going with a few sentences and three photos, have it listed and then fill more information later. The system is created in a way that anyone can use it.
2. Payment system
Airbnb has a simplified payout method. You can connect your account to your local bank and receive payments within a few days (depending on your region). Airbnb takes their fee from your bookings directly so you don’t need to deal with invoices.
3. Pricing suggestions
If you don’t know how to price your property – Airbnb has pricing suggestions based on other listings in the area. The pricing is easy to use and can be as easy or as complex as you wish.
4. Reach / popularity
With the popularity and growth of Airbnb – the reach for your property is unprecedented. If everything else is up to par – you are almost always guaranteed guests. Airbnb customers also tend to be very loyal – so guests will come back again and again.
The host and guest support on Airbnb can be very good. Guests are protected against bad hosts and equally hosts are protected against bad guests. Most issues can be solved quickly.
Airbnb does charge a fee for their services and different regions have different fees. This can range between 6-15 per cent depending on the region. At its highest, Airbnb can be one of the most expensive platforms to use for both hosts and guests.
Reviews can make or break a listing and unfortunately not all reviews are given in good faith. Some guests can leave malicious reviews if their specific demands were not met. Other guests anticipate a bad review from a host and try to counter it. As reviews are so integral to the process – this can be a big disadvantage.
Anna Skigin is the CEO of Frank Porter