We've definitely had a learning curve in the three months we've now been hosting. This is what we've learned so far.
--We've learned to ignore the suggested rate that Airbnb continuously tries to push. We've found this gets you the least desirable guests that just flat out ignore your house rules. (Airbnb's suggested rate for our place has been as low as $36/night)
--We've learned that guests will try to get around your 'no parties or events' rule by having a 'gathering' instead. We've added a rule stating that 'gatherings' are also not allowed. We've also increased our minimum night stay from 1 to 2 nights. In our first month we had 4 one night stays. Three of these were 'gatherings' (ie parties).
--We've learned to be very skeptical of local guests, the only bad experiences we've had so far have been from locals looking for a place to party.
--People will blatantly disregard your house rules. Even when you send them your house rules as part of your welcome message, you will get some guests that will just outright ignore them. We are still trying to figure out how best to prevent this.
--We've learned that the hosting community is well worth spending some time in, even if you don't post much. There is a wealth of information and ideas from other hosts.
--We've learned that if you want to block some days so your place is available for when family or friends visit think in nights not days. We recently had a booking with the checkout date on a day that my father is coming into town. I had that day blocked. After calling Airbnb to ask how this occured, I learned that they go by nights, not days. So, lesson learned, make sure you block the day before your family/friends arrive if you don't want someone checking out the same day.
--We've learned to call Airbnb if we have questions or concerns. Although we've only called them twice so far, both times they have been helpful.
As we've only been in this for three months now, I'm sure the learning curve is not yet over. We are making adjustments with each lesson we learn. We are trying to make our Airbnb a great experience for our guests, and at the same time attract guests that will respect our place and house rules.