The Best Airbnb Investment for Different Budgets

(00:00) what’s up guys in today’s video I’m going to be talking to you about the best investments you can make into your short-term rental property in order to have it perform way way better with limited budgets so we’re going to talk about what to do with a really small budget compared to a slightly bigger budget a medium-sized budget and even a really large budget where I would put that money if I were reinvesting it into my Airbnb business whether that’s into a property specifically or into different
(00:27) tools that I might recommend so let’s jump right into and let’s get started so let’s start with a really small budget let’s say that you’ve got less than $100 to work with and you want to make an investment into your property I’m going to give you my recommendation for where I would spend that money right off the bat so I’m assuming that most people that have less than $100 to put into the property they’re probably not Real Estate Investors that are building a portfolio you’re probably more so
(01:00) going to be managing the property or just managing a space in your home or maybe you just launched the property and you’re just very tight on your budget here so for $100 if I were putting it into the actual property itself I’d probably be putting it into something like board games uh if it were a larger listing then more carered to large groups families that kind of thing or a coffee maker uh something like that uh if it were going to be for uh business travel type listing um I basically want to look at like what are the things that
(01:28) I can put this money into that are going to the biggest bang for my buck softwares and different tools like that probably aren’t going to really help you as much as making an improvement into the property at this stage if you’re dealing with a really low budget um so I’d probably look to put into the property and I’d want to focus on an amenity that would be really attractive to my ideal guest I wouldn’t worry about decoration or design too much because with $100 they’re just not really a
(01:54) significant impact that you’re going to be able to make um with your with your design so that’s what I would would be focusing on if I had a really small budget now let’s say you have like a $500 budget which in my opinion is still a very small budget to work with uh just for when we’re talking about actually making a significant impact right I’m not trying to say you know $500 is no money but I am saying that if you’re really trying to make an impact it’s probably going to take more than $500 um
(02:21) one of the probably biggest bang for your buck things you can do if you haven’t already done it and this actually can make a significant impact with that $500 is hire a really good photographer I would look to hire a really good photographer to come in and shoot my listing and get absolutely incredible photos for $500 you should be able to get a pretty top tier photographer in just about any Market obviously you have a really rural property where there’s a lot of travel time or if you have a really big
(02:47) high-end property that’s huge you’re going to need to pay a photographer for more time if you want add-ons like drone stuff it might end up being more than $500 but for $500 you should be able to get some really solid photos on the vast majority of listings so that is where I would spend the $500 if I had it um and I would save up to get there as quickly as possible if I had to because that is by far the biggest impact that you’re going to be able to make on your listing is just elevating the quality of your
(03:14) photos now assuming that I already had the photos sorted I would again be looking at amenities I would look at unless my design were really lackluster um in which case I might put maybe half the budget towards some throw pillows some throw blankets some wall decor something to make the listing like just look a little bit nicer I going put half my budget to that but if the listing is already decorated relatively well I would still then focus on mostly just amenities now with $500 you can afford to put maybe one bigger ticket amenity
(03:45) or a few smaller ticket ones I would probably opt for a few smaller ticket ones because with $500 if I had let’s say a larger listing I might be able to get away with if I could install something really cool like for example a movie theater do like a budget movie theater with a projector a soundar um something like that then I might go that route but I’d probably opt more for you know getting some games getting uh maybe maybe some yard games if I have a listing that has a backyard uh if I have a business travel listing I would invest
(04:15) that money into getting like the most blazing fast Wi-Fi that I could possibly get um maybe getting a nicer coffee maker maybe getting stuff like that or like upgrading the mattress if it’s not really nice that would be a really important one for a business travel listing maybe upgrading like a king-size bed um but again you’re going to be then stretching that $500 budget for sure so that would be my thinking on a $500 budget hey guys if you are an existing or aspiring Airbnb host investor or co-host who’s looking to level up your
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(05:38) to learn all about that when you sign up for the weit list down below so make sure you click the link in the description join the weit list it’s free to join and I promise you it is going to be incredibly worthwhile you are not going to want to miss this so again just check out the link in the description down below it’s going to be right at the top there make sure you join the wait list and I’ll see you in there what if we up it to 5,000 so $5,000 budget I think is where you really start any anywhere in the thousands you can start
(06:04) making a real difference but for $5,000 you can kind of transform a listing like obviously if we’re talking about Furnishing from scratch if you have a larger listing you’re not going to be able to do it very effectively for $5,000 you have to really be finding great deals you have to be very budget conscious can be done but it’s going to be very difficult to do but assuming that you already have the big ticket items for your property $5,000 can go a very very very long long way uh with an already furnished listing just trying to
(06:33) improve it further so what I would look at is I would at that point audit the quality of my listing overall if my listing overall is just fantastic I’m already killing it and I’m looking to use that $5,000 towards an amenity or additional amenities that’s where I would probably go more on the high ticket side I would get myself set up with like a workstation on virtu almost any listing I would make sure I had a really good workspace like a dedicated workspace with a desk a chair maybe a monitor that kind of thing um that would
(07:04) be one thing I would do if I were on a again I’m more like Family Focus listing where I was in a a seasonal Market where there’s winter time I would then look to do something like a hot tub uh again that’s going to cost you ongoingly but the initial investment is going to be sub $5,000 if you go and buy a secondhand hot tub um and in my experience it’s going to pay off a lot of the time again I do some analysis on the market to see if it’s actually justified in that Market but in a lot of
(07:31) cases it definitely will be uh you might look to do something like a sauna U you might look to do something like an EV charger if you can get away with doing one for less than $5,000 some of those amenities that are highly desirable highly sought after but not nearly as as common to be able to find um those are where it gets pretty interesting that’s probably if I had a bigger budget and I wanted to spend it on one thing or just a couple of things uh because my listing was already really nicely done uh was is
(07:59) really nicely decorated all that then that’s probably where I would spend it that being said if my listing were not really incredible it wasn’t really nicely done I would probably put that into either renovation if that’s what the property needed if there was some you know old carpeting I need to get rid of and replace some flooring somewhere if there were some walls that need to be painted if there was a deck that needed to be fixed something like that um or otherwise I would put probably a bunch
(08:24) of it into decoration I think Decor goes a long way when you have a decent Siz budget so if you haven’t got a really good um cohesive design in your property and it’s more just kind of stuff that you slap together um then I would definitely put that money towards design or at least a big chunk of it towards design and then I’d probably allocate my budget again just towards some smaller amenities so I’d look to upgrade the mattresses probably I’d probably want to upgrade and put like king-size beds or
(08:49) maybe bunk beds if there’s anything I can do certainly to accommodate more people within the scope of that $5,000 um by adding like a bunk bed or upgrading the size of a bed not doing the twin doing the queen something like that that would be really interesting maybe get a pull out couch that would be really interesting to me that’s where I’d want to want to put my money because it would be the biggest bang for the buck I’m I’m more likely to see a return on investment there than probably almost
(09:13) anywhere else is just by accommodating more people in the property now the next stage I’m going to go to is let’s say that we have a $10 to $20,000 budget um at that point you’re now in the world of like you can pretty easily furnish most properties for that amount of money um so we’re probably dealing with a full overhaul if it’s necessary honestly I wouldn’t really bother spending that much money on unless the unless the property really needed it I would at that point instead of I’m assuming that
(09:43) the person that has that $10 $20,000 or looking to reinvest that in order to get there they probably already have done a lot of the basics they’ve already got a property that’s welld designed at that point if applicable what I would really want to do what would really excite me would be putting that money into some kind of an ad I know it’s not a a huge budget for an Adu but you can do for example I’ve got other videos on the channel where I talk about a geodesic dome that I set up on a property that I
(10:08) set that whole thing up start to finish including labor the whole kit everything Furnishing inside for less than $20,000 I think we came in about about $133,000 Canadian dollar for everything so that is what I would look to do if it would allow me to get this kind of unique factor of the property or allow me to accommodate more people or ideally both if I can set it up and have that mean that hey now I can accommodate more people and it adds this really cool unique factor to the property that’s a no-brainer to me that’s a really really
(10:37) big win so that’s kind of where I would look to go with that with my different on property or on listing improvements now in terms of softwares and tools what I would recommend if you have a limited budget I would say your uh the biggest thing I would upgrade would probably be a stafi unit that would probably be the biggest bang for buck uh I’m thinking if you have have if you have multiple listings you probably already have the basic softwares I’m not going to go into like pricing softwares or uh or software
(11:07) tools like Channel management software that kind of thing because that you probably already have set up at that point and if you don’t then just getting the software isn’t really going to make a really big difference you need to know how to use it but one of the things that will actually make a big difference with very very you can kind of just set it and forget it as long as you do something with it is a stayy unit and basically what a stayy unit is is it it’s probably going to cost you a few hundred by the time you get it all set
(11:33) up get the equipment everything but it’s a unit that you can install connected to your Wi-Fi router and it allows you to collect guest email addresses when they when they stay at your property and want to access the Wi-Fi so what’s cool about that is that then it’s pretty much set it up once and forget about it you start just collecting guest email addresses and contact details on autopilot and now all you have to do is just email them when you want to fill gaps in your calendar you can start sending emails
(11:59) once a month month you can send it more frequently it’s pretty easy to do pretty much anyone can do it doesn’t take a whole lot to set it up it’s pretty minimal investment when you think about the couple hundred you’re going to spend you can easily make that back by getting just one repeat guest to stay with you and not needing to pay the platform fees to a platform like Airbnb or vbo so that’s really the only thing I would do tech-wise that I think would make a really big difference uh on the
(12:22) performance of my listing and my overall Revenue so those are my thoughts I want to know yours if you have different thoughts or questions or things you think I missed or didn’t cover um let me know in the comment section down below if you like this video if it was helpful for you it was valuable or if you just want to help out this Channel and support me as I grow and get these front videos in front of more people then please do so by just clicking the like button it’s completely free only takes a half a second of your time and I really
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