Airbnb had been active in Dubai for years now, and it is getting popular every passing day. Airbnb is a trusted community marketplace for people to list, discover, and book unique accommodations around the world. Whether an apartment for a night, a castle for a week, or a villa for a month, Airbnb connects people to unique travel experiences, at any price point, in more than 34,000 cities and 191 countries. And with world-class customer service and a growing community of users, Making money from Airbnb is the easiest way in Dubai for people to monetize their extra space.
Tips for Making Money from Airbnb
Here are some strategies for Making money from Airbnb to take hefty chunk on the land:
The apartment has to fit a certain build, it has to be a certain size, views, with on-point interiors and parking. Location does matter and it has to be the first thing. All of these things influence the high rental yield. Properties in posh districts popular with tourists can increase your chances of making money from Airbnb even 50% more. Apartments or villas in Marina, Jumeirah Beach Residences, Downtown and the Palm are by far the most desirable and costly.
2. Competitive Ground
And there’s no profit without effort. The process of listing properties on the site can sometimes look like trading stocks and shares. There’s a growing market continued to dynamic growth for Airbnb in Dubai — both in terms of the number of homes that have been put up on the site as well as in the number of guests staying in an Airbnb home when travelling to Dubai.
3. The Procedure of listening Property on Airbnb
To listing a single property on Airbnb requires the owner to get a permit from the Department of Tourism and Commerce Marketing (DTCM). Then, the owner must create a profile for the property on Airbnb with a description and photos. A quick research for other similar like properties in the area will help you to decide the price. Then, the owner has to stay active on the site to answer any inquiries. When a booking is made, the new occupant will have to be given the key and building access cards, and a number to call in case things need fixing. With every booking, the owner must also take a passport scan from the occupants and send it to the DTCM. A tax from guests also has to be paid to the department. Finally, when the occupant leaves, the property has to be cleaned for the next guest.
4. Hard Work
The workload in managing a single property by yourself is huge. Obviously, you have a lot of customers that are hard work. Most importantly you get customers of all kinds. So you have to be fully prepared for any kind of situation. Like in an example, A guest from London left a luxury property with broken vases and stained sheets. The guest had booked for a month but left after just six days. He left the property in a “disastrous form” to claim to Airbnb that the property had been rented out to him in its state of chaos.
5. Exponential Growth
As a local industry still in its growing stages. According to The National report that holiday homes are giving tough competitions to Hotels. At the end of the first half of 2016, there were about 4,200 units available in Dubai on Airbnb, up from about 2,000 for the whole of last year. So making money from Airbnb has become the massive opportunities for landlords especially after the introduction of new regulations.
6. Booking Facilities
Make the booking policy easy to reach and effective so that more and more customers approach you so you can make more money .here are some policies that can make your deal effective and possible.
- Cancellation policy
- Group bookings accepted
- Stag or hen parties accepted
7. Payment Facilities
Make your payment method less complicated and less effortless in fact it must be according to the client’s ability to approach you easily. Accept every mean of money transfer to take into account of clients comfort. For example:
- Credit cards accepted
- Debit cards accepted
- Euros accepted
- Monthly rates available
- Repeat visits
- Weekly rates available
8. Terms and Conditions
Make your terms and conditions clearly stated, short and sweet, legal requirements, documents required, registration process, time of stay, cost according to luxuries and location.
9. Sign up on DTCM
How to register your home with the DTCM legally to list on Airbnb?
Follow this link to the DTCM’s online platform: https://hh.dtcm.gov.ae/holidayhomes/
Beware the steps given on the portal — there are quite a few. You’ll next have to visit the DTCM in Al Garhoud during business hours on working days. Don’t forget to bring a copy of your Emirates ID.
You can then upload your property and relevant documents on the DTCM platform. If you’re a tenant, make sure to get a letter of no-objection from the landlord. You’ll also need to purchase insurance for your home. When you’ve put the property up on Airbnb or any other online portal, just make sure to get passport copies of each guest and submit them to the DTCM. You will also need to pay a tax to the DTCM each month.
10. Read Rules and Regulations Clearly
Remember that before signing up with DTCM. You should read all the rules and regulations. As you will have to pay 5,000AED to Dubai authorities if you break the rules.
Thanks to the flexibility of holiday homes and their supply, it is easier for owners to come to the market. Also DTCM in May signed an initial agreement with Airbnb to help to grow and diversify the emirate’s tourism sector. So things are getting simply for owners and giving them more opportunity of making money from Airbnb in upcoming years.