How to Host: Making a Hosting Business Plan

Sarah-And-Nick1
Level 6
Columbus, OH

How to Host: Making a Hosting Business Plan

How to turn your property into profit with the help of these 5 Superhost tips.

 

Nick Karakaian and Sarah Roussos-Karakaian have been Superhosts since 2013Nick Karakaian and Sarah Roussos-Karakaian have been Superhosts since 2013Nick and Sarah Roussos-Karakaian are a husband and wife Superhost team (@nestrs) who have turned hosting into a full-time business in Columbus, Ohio. After listing their New York City basement on Airbnb in 2012, they became hooked. Since then, they’ve made it their dream job. Sarah also co-hosts the podcast "Thanks for Visiting,” a resource for experienced hosts and newcomers alike. Here, they share their knowledge and tips on how to launch an Airbnb business. 

 

 

Nick and Sarah’s Tips to Launch an Airbnb Business

  1. Start with a mission statement
  2. Survey the market
  3. Price it for profit
  4. Think like a guest
  5. Automate it

 

How it all began

Sarah: “For us, it started in Queens, New York. I was an actor. I was also bartending a lot.”

 

Nick: “And I was an intern with a master’s degree in architecture who was barely able to feed myself…” 

 

Sarah: “And we both really wanted to own property but didn’t know how. One day, I saw this tiny house—it was the smallest one on the block and was expensive for us—but I was determined to find a way to get it.”

 

Nick: “With the right financial education, savings, and support from family, we were able to get a loan.”

 

Sarah: “And as all of this was all happening, I learned that my friend was listing a room in his apartment on Airbnb, which was helping him pay his rent in New York City—it was so wild to me. Not many people knew about Airbnb at the time. I told Nick about the potential for us to list our property, and he was hesitant—but I was intrigued. We jumped in and that was the beginning of it all.”

 

Sarah and Nick.jpg

 

Nick: “I remember scrubbing toilets and being so happy to do so. It was paying for our mortgage so I thought: ‘Yes, this is amazing! How can we do more of this?’” 

 

Sarah: “I was able to bring a lot of my hospitality experience working at luxury hotels—and I loved it. After four years of hosting and homeownership in NYC, we were fortunate enough to get a knock on the door from a developer who wanted to buy the place from us, furnishings and all.” 

 

Nick: “After some soul searching, a long spreadsheet of places we could go next, and road trips around the country talking to locals, we found ourselves in Columbus, Ohio.” 

 

Sarah: “To be able to blend design, hospitality, and real estate—and have the freedom to make our own creative choices—has been a dream come true. It’s why we’re so passionate about helping others learn how to host.”  

 

01. Start with a mission statement

Sarah: “Before you get started, we recommend creating a mission statement for yourself. This will be your ethos and your north star, which is especially helpful during those moments when you might be uncertain about a direction or a decision. Your mission statement can help steer you in the right place. It’ll also inform how you create and craft your space.”

 

Nick: “When creating a mission statement, take the time to ask yourself a few questions:

  • What motivates you?
  • What are your values?
  • How do you want to operate?
  • What’s your vision?
  • What are your goals?”

 

Sarah: “For us, our mission is to transform spaces that transform lives. And we try to remember that in all that we do.”

 

Their DIY decor includes collaborations with local artists.Their DIY decor includes collaborations with local artists.02. Survey the market 

Nick: “Before you jump in, it’s important to do your research and look at the competitive landscape in your area. This initial research will inform how you design, brand, and market your own space.

 

  • Consider your demographic. Who is likely to book a stay with you? For example, for us, Columbus is such a college town so we’ve catered our spaces to visiting parents.
  • Assess your amenities. Do you allow pets? Do you have a parking spot or a pool? Is your space uniquely decorated? Anything that elevates your space a little bit more is a possibility to also charge more. 
  • Search online and look at other Airbnb listings, hotels, and short-term rentals nearby. What’s available? What do they charge? Is there a way that you can differentiate yourself?
  • Create a pricing strategy. To help increase your occupancy rates when you’re just getting started, use Airbnb’s Smart Pricing tool, which lets you change your rates automatically between weekdays and weekends.” 

 

Nestr’s mission is to transform spaces that transform lives.Nestr’s mission is to transform spaces that transform lives.

03. Price it for profit

Sarah: “Creating a budget, while it may not be very sexy, is super important. We recommend using a spreadsheet and categorizing your costs into three buckets:

 

1. Upfront costs: These are the initial investments you pour into your space before anyone experiences it, such as renovations, decor, furniture, and photography. 

  • Take time to invest in your decor. You don’t have to buy from the most expensive retailers or have the most luxurious everything. Just make it welcoming. Browse the thrift store or get creative and do something different with color or a theme—these are what’s going to attract people's eyes to your listing.
  • We always tell first-time hosts to invest in comfortable mattresses, couches, and sheets. Everyone does the bed plop when they first enter a hotel room—so make sure yours is a good one. Sometimes we’ll get a 5-star review just from the bed alone, which will help you get those occupancy rates up. 

2. Ongoing costs: Core items consumed by the guest that will need to be replenished, including toiletries, toilet paper, paper towels, batteries, and lightbulbs.

  • Are you including any extras such as bottles of water or coffee? 
  • Make a list of all the amenities you need, and make sure you’re happy with the prices you’re finding
  • Buy in bulk six months at a time and keep track of your quantities in a spreadsheet 
  • With items such as sheets, remember to take into account about how many times you’d like to buy them throughout the year. You want to always make sure you have nice, clean sheets for your guest. 

3.  Maintenance and management costs: This covers everything needed to keep your space safe, warm, and livable, including lawn, outdoor, and exterior spaces. Will you be hiring a cleaning person to help you with turnarounds or a co-host?  

Add these numbers up and make sure you’re comfortable with your investment numbers and your realistic goals. If they don’t, then maybe you need to do a bit more saving upfront so you can create a space you’re proud of.” 

 

Sarah and Nick 2.jpg

 

04. Think like a guest

Sarah: “This is one of my favorite tips to share with hosts, and that’s to enlist an honest, blunt friend to stay at your space. You’re so close to it day in and day out that you might forget the things that a traveler might need—such as a toothbrush or toothpaste—or a design flaw that you’ve overlooked. A friend can help provide feedback on those pesky but important details. You don’t want a paying guest to be the one to point them out.”

 

Nick: “We like to include a ‘Forget something?’ basket of toiletries and items that guests may need last minute. Having a hospitality mindset has to be at the core of your business in order to succeed. It’s the reason people go to the different brand hotels they love—because they know what to expect: a space that feels like they’re the first people to ever arrive in it, the towels have been folded with care, and they know they can count on all the details such as having a phone charger next to the bedside table. You want to bring that same level of service to your guests so they want to come back again and again.” 

 

They custom-built this bigleaf maple headboard to include LED lights that glow.They custom-built this bigleaf maple headboard to include LED lights that glow.05. Automate it

Nick: “Hosting is challenging, but it’s also a different game now than it was when Airbnb first arrived. There’s a lot more technology, tools, resources, and support to help you organize the process and make your life a little easier as a host.”

 

Sarah: “When hosts are starting out, we recommend doing the end-to-end process of each stay: from the initial booking message, to greeting your guests, to doing the cleaning and turnaround. Once you’ve understood the ins and outs, then you can automate it in a number of different ways, for example:

 

  • Web-based apps: There are apps you can use (such as IFTTT) to program event triggers and connect digital tools. For example, when you get a booking confirmation in your email inbox, it can send an automatic calendar reminder to you, your partner, or a cleaning person. 

 

  • Smart locks are a game changer. Guests can be sent a unique code that lasts only through the duration of their trip. They allow guests to check themselves in, which means we don’t need to coordinate time to let them into the apartment. We can just touch base with them in the middle of their stay.  

 

  • The good old-fashioned list: I’ve made a quarterly checklist for every home with the things I need to do for safety and maintenance, things like checking the furnace filters, making sure the batteries in the fire alarms are working, sweeping underneath the beds. I print out the list and hang it in a side closet—so if I’m visiting a property, I can know its status for the year.” 

Nick: “Creating an Airbnb business takes hard work. But we really hope to show people that owning a home and doing it full-time is possible—and that there’s more than one way to do it.”

 

Sarah: “You know I went through a career change, and I was terrified that I would never find anything as much as I loved performing. But Airbnb has been life-changing for us. We can make our own creative choices, be our own boss—and that just makes it so much more special.” 

 

Nick: “It allows us to remain flexible and enjoy our lives a little bit more. We hope that you can find a way to launch an Airbnb business and make it yours. If you need any more advice, you can find us.” 

 

Happy hosting!

Nick + Sarah, Nestrs

 

Try incorporating Nick and Sarah’s for yourself then update your listing. Not a host yet? Become one today.

 

Check out the full #howtohost series here

 

Book a stay at one of Nick and Sarah’s Columbus homes, follow @nestrs on Instagram, or visit their blog.

149 Replies 149

Hi Kathleen and Hector! We use several different smart locks.... I think the lock that has been the best over all for us is the Nest smart lock by Yale. I feel like this topic will continue to be a fun topic to discuss as technology  continuously improves and works in conjunction with the Airbnb app. Hope that helps!

Hi Sara!

I have only been hosting in Asheville NC (town 10 minutes from there) since May 2019. I really love it, and have met some great people! 

I have found that everyone has mentioned the snack basket, and a the mini fridge stocked with water, and a bottle of wine. 

I have had many people mention the nice white towels!  I have been learning a lot, and keep thinking of improvements. 

I love experiencing with different ways to make the bed luxury looking! Thanks for sharing!

Maxine Quinlan

I also have a Airbnb home in Columbus area and would love to pick your brains as I plan to travel more and want to find reliable people to keep the place running well while I am gone.  My email is bmb7777@yahoo.com

@Koh-Chang-Residence0 - We love sharing what we know about hosting with others! Hope our tips are helpful!

Manasui0
Level 10
Bali, Indonesia

If I may add.. 

 

A few tips that is more into the depth of complexity with in success and Profit

 

I believe there is two way  to earn profit, by earning more and by saving more..

but, never to reduce the compulsory performance.. 

 

how ever a performance should be right, and precise.. this is the hardest part.. to be right, "TADASHI', but also spot on, precision that is flexible to adapt with in variety of guest.. it should be firm like the best bed in the world. it is safe and comfortable, but never hit the bottom/ ground..

 

safe your energy, you don't always have to be spectacular, it will become too common.. just enough to remember, and rare enough, not to be a routine cause is too common.. with extra various energy investments (not money) will differentiate the ordinary and makes it extra ordinary..

 

Originally count for some thing , just make sure you appreciate your self right.. most guest are attracted what ever is with in you.. so once you appreciate what is with in.. it will shine out with out barrier or disapproval by one self.. a genuine heart always a good source of good decision making.. in business for me as long is a win win solution, all is good.. 

 

live poor get rich faster, live rich and get poor faster.. balance it.. you got to learn to safe.. to make it.. and have money in saving or in your pocket, then you aim sustainability condition, for stability .. many artist become broke.. first thing first.. start from an individual and then the bigger size groups...

 

Be smart.. you only get smart by playing with smarter player.. listen to your guest.. and be humble, so you can absorb the knowledge, and the experience in play in the shortest time possible.. 

 

breath, relax, and decide what is your rule that ground your home.. than stand up and stand strong, no aggression needed, no fear will help.. be strong on your ground.. is your house is your decision, Airbnb will support.. just make sure is right, in doubt communicate with them..

 

Is possible, but only for the hard worker, and the stubborn people that refuse to give up..

 

just wondering is it possible to make a 40 room-ish hotel with 500grand USD?

 

You achieve as much as you can dream.. don't limit your self, just make sure your checked, and aware worth your reality.. make sure is not delusion.. is always easier when you are not on drugs..  fun is a state of heart not a state of mind

 

is not what we do is in regrets, it is what we did not do that makes it in complete, that leads to regrets

 

I'm only human.. just a perspective..

 

open for different input.. experience is like a box of chocolate, said Forest Gump.. 

 

cheers

 

Sincerely, -MANASUI-

Jeffrey Bong

Wonderful advice!

Sure in Deed !! I Love your Concept that is what i go by and yes life is a box of chocolates We just have to be open for changes !! 

@Manasui0 - absolutely! And like you said, it's all about the guest experience! 

Nicely said, Jeffrey

James1771
Level 2
Bukit Mertajam, Malaysia

Hi Nick and Sarah,

 

It is amazing and thanks for all your tips. I am newbie in the home-stay business with my first listing published on 19/9/2019.

My listing attract a lot views as it is 579 listing views but unfortunately the booking rate is only 4 or 0.7 % only.  I am thinking that if can get 3-5% booking rate then my home-stay sill be fully booked. I have set at the lowest price with self service breakfast for my area. I can not compete in term of luxury, however I believe I can compete on a place of stay  that it is close to nature. I am thinking on how to increase my booking rate to 3-5%.  This is my listing, I hope you can help me to improve it in order to enhance its booking rate.

https://www.airbnb.com/rooms/38689980?source_impression_id=p3_1571281389_cYldjuG%2BmQzkFNA4

 

Yours comment and help will be much appreciated.

 

With best regards,

 

 

James Lai

il send it through message if it's ok

 

Jeffrey Bong

use a multi-plex 8 mm and a welded l steel to make shelf that guest can store their stuff.. buy a drill, it helps a lot fixing and maintaining things..

make place so there is an easy place they can open their suitcase and use them as a storage device.. your creativity depends on it.. just make sure you coat the material well, so it last long and sand the material so is proper.. put an ornament in empty space so it's not so dull.. cheap does not mean ugly, but ugly mostly are cheap.. just apply airbnb pluss but don't pay for it yet.. it show a list of needed amenities.. and just adjust to it.. it should be sufficient to start.. or ask help at airbnb resolution center they will give you a link to get a standard picture guide lines...

Jeffrey Bong

Hey James, I looked at your pictures, there are some things that need attention, for example surface areas, the kitchen sink needs some attention all around it and the tiles underneath it, some of the wall plugs or switches look like they need some attention also and the tiles in the basin in the bathroom with the yellow hose, the patching done all around it needs some clean up because it looks kind of rough, other than that I think the rest of the place looks good.

Hi @James1771 

 

Congrats on being a new host! Getting bookings will happen! As soon as you get your first three reviews and your 'stars' are visible potential guests will have even more confidence booking your space! 

Hi Sarah & Nick,

 

Thanks for your advice. I think the booking is gaining momentum.  My listing was published on 19/9/19, The 1st booking I got was for 3 nights at end of September out of 6 available nights, 6 nights from 4 booking and another 2 days from 1 booking via booking.com. For the last 8 days I have 3 booking for 5 nights from Airbnband 1 booking for 2 nights from booking.com. I felt that if based on the momentum I will be on the way to achieve success in the home-stay business. My booking rate is only 0.7% from 4 booking out of 612 view for the last 30 days. I will appreciate any tip or advice that will increase my booking rate to 3%.

9 university student check in today due to black out in the campus, I can see they are extremely happy, as I provide them big washing machine to wash their cloths and spacious place for them to dry,  refreshment and table tennis table and tools for them to play etc.

 

That's all for the time being.

 

Best regards,

 

James Lai