Budget-Savvy Ways to Start Earning With Your Spare 1BR Condo on Airbnb

You're right, people are emotional buyers. But if your budget doesn't allow for a perfect condo fit-out, start where you are. I've yet to see a renovation go smoothly under a tight schedule and budget.

As one homeowner put it, "It took us nine months to build our dream house, three years to plan it, and one year just to find the right builder." 

So, before considering a major renovation for your Airbnb, try the Minimum Viable Product (MVP) approach. This allows you to earn money sooner and get valuable guest feedback for ongoing improvement. For example, a guest once struggled with a child-locked outlet, so I quickly provided an extension cord and adapters. You can't anticipate every essential, no matter how skilled you are at sleuthing.

Now, I haven't seen your property, so I don't know your exact situation. However, it's wise to benchmark your potential Airbnb space against local listings. Grab a Google Sheet and start scouting your neighborhood's active Airbnbs. Diligent research into their images, descriptions, and reviews will teach you invaluable lessons on what to do (and what not to do).

That’s the first step. Why does it matter, and what should you check?

First, look at their calendar. See if they’re booked solid for the current month. If not, their pricing is likely a little high for the area. There’s an underserved segment. To confirm this, you can go further and check out the mid-priced listings in the area and check their calendar. Are they booked solid for the current month (when it’s just the first day of it? Like 80% occupied?) They’re likely inexpensive. Position yourself in the middle of the high-priced and low-priced listings at the beginning. You want to accumulate reviews quickly so you can be a superhost within three months, and one sure way to achieve that is to get your pricing right.

Next, look at your space’s selling points. Think like a traveler: fantastic mountain views, amenity-facing windows, a comfy couch, a memory-foam bed, or a great location. What makes your space appealing? List these benefits. There's a growing number of guests attracted to aesthetic listings - an emotional buying behavior. Consider how you can add something that catches the eye without exceeding your budget. Think artsy throw pillows, eye-catching bed topper, or a table runner with unique patterns.

Offer these absolute minimum essentials:

• Bedroom: Bed, blinds (curtains), closet, mirror, laundry basket, working desk. Consider a non-slip carpet for luxury. Please add hooks. 
• Kitchen: Refrigerator, microwave, kettle, dishware, utensils, and a welcome basket with coffee, tea, sugar, and light local snacks. A toaster with a timer is safer than waffle or sandwich makers. As a coffee lover, I enjoy sharing ground coffee with my guests, along with a drip funnel so they can make it themselves.
• Bathroom: Hot shower, pail and a bucket (here's why), liquid soap, shampoo, conditioner, hand wash, and quality towels.
• Entertainment & Safety: Netflix access, alcohol, and a first-aid kit.
• Convenience: A vacuum cleaner for long-term guests and a shoe/bag rack to keep the space tidy.

Budget for these essentials based on your desired nightly rate, prioritizing items that touch the skin for a better guest experience.

Picture your potential guests and tweak your copy to them. When you write for a certain type of person, you’re likely to get more of those guests. I once created a copy for my listing that appeals to deep thinkers and couples on tour, and I received many responses from them: teachers, researchers, and working couples on vacation. Of course, Airbnb's algorithm has something to do with it, too. So it’s essential to attract your ideal types of customers at the launch of your listing. You’re likely going to get more of those guests, especially when they left 5-star reviews or rebooked. 

Get friends and family to share your listing. This is not the time to be shy. If they can't book, ask them to save your property to their wishlist or recommend it when they're in Cebu. As any proper human being, always check in with them first before asking for a favor.

So, that’s your first task: research and exercise self-control, especially when your budget calls for it. 

Aspiring hosts often have many questions, and a single blog post can't cover everything. That's why I offer personalized consultations for new or would-be hosts looking to understand the short-term rental (STR) business. If you have a one-bedroom unit sitting vacant, struggling to find a long-term renter, consider STR. Let's discuss how you can confidently launch your spare condo and start earning.