Vacation rental platforms like Airbnb and VRBO often receive mixed reviews, with increasing claims that they are detrimental to fair housing and the rise of living costs. The perspective entirely depends on whether the critic is an entrepreneur or a type of local advocate. For entrepreneurs, the value is seen in multiple ways. More competition for rentals in the market results in better services for the consumer and less dependence on the hotel industry for lodging. The spread of rentals throughout cities and rural areas has also resulted in a larger share of revenue not only among people from different socio-economic classes, but also for various types of businesses that aren't contained in the central business district. Many people have also credited Airbnb for their role in helping with the resurgence of dilapidated neighborhoods across the United States, incentivizing housing redevelopment and converting once-abandoned homes into multi-unit vacation rentals.
It's safe to say that Airbnb has benefitted the consumer tremendously, but oftentimes, prices rise when there is business opportunity, resulting in an increase of rental and housing prices. This is often the case when a new stadium or large business complex is built nearby - proximity to either development usually results in increased prices as well.
What can be done? If you want to be a successful rental owner and build support for your business, you have to work with the community. Here are some ways you can improve your reputation and connections as a local vacation rental owner:
1. Hire Locally. If you need management or cleaning for your properties, look locally for a management company. There are many companies that claim to provide management services across the United States, with properties from coast-to-coast. It's likely a local company would provide better services and by hiring local, you show your commitment to build business relationships in your community.
2. Build Relationships with Local Businesses. Whether you're renting one room, an entire house, or multiple guestrooms and properties, you should see yourself as operating a business and establish partnerships with other owner-operated businesses nearby. Let them know you have a vacation rental nearby, invite them to send promotional materials and brochures to your address. You can display their advertising materials inside your Airbnb, including any coupons or magnets they provide.
3. Display your Local Favorites on your Airbnb Guide. It's very helpful to develop your Airbnb guide on your listing for many reasons. First, it provides potential customers with a glimpse into your personality as a host. Consider this question: Are you someone that's just there to make money, or do you want your guests to know where the best hamburgers, cupcakes, and beer selection is nearby? With exclusive information of your favorite places available on your listings, your guests can also create an itinerary and get a better feel for the location of your rental. Finally, publicly displaying local businesses on your listing is a form of promotion, helping improve the business climate of your area.
4. Consider Giving Back. Some listings use the strategy of giving back to the community, where a portion of your profits is donated to the local little league teams or other organizations. You can put this information in your listing description, and even create an image to include in your listing slideshow that briefly displays this information.
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Maintaining a good reputation is a fundamental part of doing business. By making a commitment to your local community, you show your support for their risks and talents as well. Unlike the past where city-vacation goers were limited to expensive boutique and corporate hotels with chain restaurants on their retail floor, your Airbnb helps spread revenue to restaurants, bars, and other types of businesses nearby. As a result, you also establish stronger connections locally, with a chance of fruitful partnerships for the future.