Airbnb’s business model is basically that is engrained in the hospitality industry. But it does not own rental properties nor does it rent them out. Instead, Airbnb takes on the role of a vacation rental website which acts as an intermediary between hosts who have properties to rent out to guests and travelers who are looking for cheap and affordable housing during their sojourns.
Within a short span of time, Airbnb has turned out into a first choice for travelers who are looking for safe and booking affordable boarding and lodging facilities during their vacation. For property owners, it gives a new life for their residential spaces that are otherwise left idle without any income generation.
How Airbnb Became a Top Marketplace for Vacation Rentals
Airbnb stands for Air bed and breakfast. It started as two friends who had some spare space in their apartment wanted to make some quick money by giving it out on rental. And they created a neat booking website with extensive features for it.
Key Activities Followed by Airbnb to Make a Successful Vacation Rental Business
Airbnb has a unique and effective way of dealing with its problems. The great thing is that it turns all its key problems into opportunities that make the booking website more alluring for potential guests.
Negating the trust issue. Airbnb resorts to a stringent verification process and social networking credentials to ensure that both travelers, as well as hosts, are reliable individuals.
Winning repeat customers with incentives. The booking website provides reward points, promo codes, credits to retain its vacation rental customer base in addition to its attractive pricing offers for every successive booking.
Airbnb earns revenue from two main sources
- Commission from Property Owners
The vacation rental booking website charges a 10% commission from hosts every time their property gains a successful booking through the website.
- Transaction fee from Travellers
3% is the rate charged by Airbnb from travelers for making an affordable booking through the booking website.
The three major customer segments of Airbnb
As a vacation rental business model, Airbnb has 3 major customer segments: Hosts, travelers, and freelance photographers… Hosts are property owners who earn by renting out their property to travelers. Travelers could be anyone from frequent flyers to business executives who are looking for affordable accommodation with no-frills attached.
Freelance photographers are professionals who take photographs of listed properties and host it in the rental booking website. Hosts earn in the form of rentals collected from travelers. Travelers have the faith that the property listed in Airbnb will assure them a good stay since the property is personally verified by Airbnb.
How to Make a Vacation Rental Booking Website like Airbnb?
With travel and tourism bursting its seams across the world, it is no longer difficult for property owners to start their own businesses. There are third party scripts available in the market today that let anyone open their own vacation rental website. Take, for instance, AirHotels – a comprehensive script with awe-inspiring features. More about it as under:
AirHotels is a vacation rental website script that comes with a variety of features like social media logins, cloud storage, google maps integration, hourly booking, google analytics, adding special prices for specific hosts for special occasions, off-seasons, etc. payment gateway integration, image & video banners/gallery, etc.
A domain will serve two purposes: it will direct online traffic as well as evolve into a brand that your business will stand for. Ensure your domain name is something short, crisp and attractive.
The best way to quickly launch your Airbnb like booking website with minimal efforts is with readymade scripts. A readymade clone script from Apptha offers the instant launch of a vacation rental website that will take your business to new heights. The clone script is integrated with a variety of add ons and features that will make your website at par with Airbnb features.
These clone scripts come with an endless range of impressive features like cloud hosting, image and video gallery, another free add ons like social logins, payment gateways and much more. Installing the clone script is fairly simple and easy compared to custom websites. Round the clock customer assistance also makes things easier for users with little computer knowledge to use and install this clone script.
Digital marketing throws open a milieu of marketing strategies in the virtual world including search engine optimization, social media optimization, social media marketing, pay per click campaigning, etc. Since readymade scripts already come with SEO optimization, digital marketing becomes a hassle-free affair.
Streamline your revenue collection from guests and property owners through multiple online payment gateways that are directly synced with your bank accounts. The vacation rental website script does come with add ons for online payment integration and much more.