How to know if an Airbnb will be profitable for you asn an airbnb host? Paris is one of the top destinations in the world, and if you are a property owner or even a renter, then there's a chance that you could make good money through Airbnb. People flock to Paris from all over the world throughout the year and accommodations are notoriously expensive in the city. This could be an opportunity to carve a niche for yourself.
Airbnb hosts limitations
However, there are limitations specifically for French Airbnb owners that will affect how much you as an airbnb host can make. You also have to understand what makes someone successful Airbnb hosts, avoid major mistakes, and consider hiring help if needed. Let’s take a look at how you can set up a profitable Airbnb in Paris.
Rental property profit margin. Make it your full time job
Know the Airbnb Rules in Paris
The very first thing to be aware of is the rules governing Airbnb in Paris and France. You cannot rent your property for more than 120 days in the year on the platform. And, if you try to circumvent that, you will be blocked from the system.
Airbnb rentals local laws
The number of possible nights that you can rent out the property will be automatically capped and there’s nothing you’ll be able to do. So, you will have to strategise with that in mind. This will largely influence when you’re going to put your property up for rent and will make proper seasonal research much more important.
Short term rental and investment property
Note that there is a difference between someone renting their properties or rooms most of the year and people who only do so occasionally. Those who use Airbnb specifically as a source of income are counted as professionals and must pay taxes to the French government. The amount you must pay will be capped at €23,000. There's also a tourist tax that will be automatically applied to the cost of the room when people book them.
Long term and short term rental rules
Besides that, the same rules apply to Parisian Airbnb property owners as others anywhere else in the world. You do have to look up the rules if you're a hotel owner who wants to put your property on Airbnb or someone who wants to rent non-residential dwellings like acommercial space since you may have to show proof or registration.
Study Your Market
The next thing you'll have to do is start looking at your market. You need to look at how much Airbnbs in your category are being rented for,not only in Paris but in your neighbourhood and arrondissement as well. A short stay rental Marais will not cost as much as in Menilmontant or the Batignolles, so you have to pay very special attention to your specific area.
Last minute or after season
Another thing to look at is when exactly the high season is for your part of the city and the city in general. Paris gets tourists all year round, so there may be multiple peaks in different areas. This is something people with multiple properties or intending to buy multiple ones to build a network of short rental properties could take advantage of.
Paris, San Francisco, San Diego | Full time airbnb hosts all around the world
Airbnb data
Airbnb has plenty of tools that allow people to study their market, but you can use external tools as well. One we suggest you check out is AirDNA. AirDNA is an advanced Airbnb analytics platform that allows you to find out things such as the average price for properties in your area down to the postal code, trends, and forecasts,and can even be connected to your listings to set prices automatically based on current conditions. You can also use the tool to find hidden gems and booming areas in the city or research the earning potential of a property before you decide to buy it. Studying your market will allow you to do more than just compare prices. It will also allow you to personalise the experience. A family may not look for the same thing from Airbnb as a young couple or a solo traveller. Knowing these kinds of things will allow you to make better stylistic decisions, start thinking about additional perks that might excite them, and set up your descriptions to entice your core audience.
Make Sure That Your Property is Airbnb Ready
You can put virtually anything on Airbnb, but it doesn't mean that you should. If you want to be competitive and get positive reviews, you should try to not only make the rooms you want to rent Airbnb - like but your whole house as well, even if you don't intend to rent it all.
Buying property is 1st step. Prepare it
Some people may want to reconsider doing the Airbnb thing entirely if the overall state of their premises is not up to par. The look of the lobby or how the building looks from the exterior could make its way into reviews, and even if everything else is perfect, this could influence some guests. So, think about this before you think about listing your property.
Site work
The best thing you can do here is to look at what highly rated properties similar to yours are like. Look at the reviews to see what people liked about the place and the host, and check the pictures. This should give you plenty of inspiration. Remember about right design and perfect cleaning service
Start Looking at Management Companies
The next thing you start doing is to look for Paris Airbnb property managers. A company like UpperKey can help you with things like setting up your profile, managing reservations and communicating with clients, cleaning, and laundry, and also provide advice on how to maximise your profit and become a better host.
Super host airbnb listing
Working with a property management company is one of the surest and fastest ways to become a super host. They understand exactly what users want to see when they get to an Airbnb Paris property. They could even help you with setting up your property to make it more attractive.
You as a host will come off as extremely professional, which will score points with guests. Your property will always be clean and most of your business will be automated. This will turn your Airbnb into passive income and allow you to spend your time expanding your business.
Spend Money on the Photographs
If you were thinking about setting up your profile yourself and taking the pictures using your smartphone or even a DSLR camera, think again. The quality of the photographs will make a major difference, and it pays to hire a professional to take them for you.
Professional airbnb hosts help
This is something a management company like UpperKey can manage, but you can also hire an independent photographer to show your place in the best light possible.
More professional = more airbnb profit
You should have no issue finding one in your area who's familiar with or specialises in Airbnb. It has been shown that hosts who hired a professional photographer were able to make 20% more revenue with their listings, so you'll get your money back pretty quick.
Go the Extra Mile
You want to give your guests the best experience possible, and successful hosts are those who are ready to go above and beyond for their guests. They will greet them with a smile and show their appreciation. They will offer additional perks such as a complimentary bottle of wine or free coffee. They might also add entertainment options like board games, movies, video games, and more. These are the kinds of things that will help you stand out as a host and that people will mention in reviews.
Be Truthful in Your Descriptions
One of the worst things you can do is try to cover up issues, even seemingly minor ones. One thing people will often do on Airbnb is try and embellish their neighbourhoods.
People may know Paris vaguely and have a romanticised idea of the city. If you live in a neighbourhood that gets busy and noisy at night away from the main attractions or any attractions in general, don't try to make it seem as better than it actually is. People will be disappointed with their experience,and this is one of the worst things you want to see in a review.
Be Flexible with Check-Ins
You don't want to make check-ins seem too rigid, as people may not be able to get to Airbnbwithin the exact period you want them to. If you don't want to have to wait around to exchange keys, then you could invest in a key safe for the keys or get a smart door.
Getting a smart door will also make it easier for guests to get in and out and you won't have to worry about them losing keys. You’ll also be able to open and lock doors at a distance orgive them new code if they somehow forget it.
Conclusion
This is all you need to know if you want to set up an Airbnb in Paris the right way. The most important part is thinking about your guests first and doing as much research about yourmarket as possible. You should then start looking at where you could get help and consider working with a team of professionals so you can make a good impression on your first guests.
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Benoit Lam @benoit__lam Johan Hajji @HotelMarket20
Short term rentals specialists. Make your airbnb profitable (investment property) as real estate manager
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