Client: DC Budget Condo
I moved to Italy for a new job and had been unable to rent out my Washington, DC condo using a property management company. I decided to try Airbnb, but had a tight budget. Melissa and her team handled everything locally, providing guidance on style, furnishings, and the listing descriptions. We were booked within a matter of days! Having her manage the transition from empty space to rentable property and be available to the guests, made it easier for me to focus on my work and life while living aboard. I could not have done it without them! Matthew
The Story
This Washington, DC condo was situated in a great location – a block from the Capitol Building in the heart of the thriving Capitol Hill neighborhood. After a few months of it sitting empty – without a long-term tenant in sight – Matthew consulted with us on the potential for listing the property on Airbnb.
We were confident he could be successful. Success for this project meant:
Covering his mortgage and condo fee each month,
Recouping the initial investment within six months
Making a profit for the remainder of his posting in Italy.
The positives
Location, location, location! Situated directly behind the Supreme Court and a block from the Capitol, Congressional offices, and the National Mall we knew we could keep the calendar booked with a combination of business travelers and tourists. Matthew’s building was sublet friendly and had a secure coded entrance – which meant we could manage check in remotely!
The challenges
We had a limited budget, short timeline and a small space.
Matthew did not want to invest a lot of money up front (he had already lost more than 3 months of potential income!) and wanted to list as quickly as possible.
The condo was completely empty. At less than 350 square feet, we knew we had to choose furnishings carefully to provide maximum comfort and functionality.
We measured for everything – then measured again. We didn’t want to clutter a small space with furnishings that were too big. A nice creamy yellow color on the walls and white trim, made the space feel airy and open – and a big window and lots of light were a bonus.
A transformation
We targeted business travelers over tourists and pared down the essentials to working desk/laptop space, internet service and extra amenities geared to business travelers – a good coffee system, luggage racks, extra towels, iron and ironing board, plenty of hangers, a good microwave and a stocked kitchen.
With the limited square footage we chose a comfortable memory foam queen size bed on a higher platform base. With high quality linens it looked and felt luxurious and provided under bed storage! We completed the living area with a two cushion Ikea Couch, and a coffee table with a raised surface for computer work. Matthew had a rolling kitchen island that we converted into a coffee/tea station and second workspace with barstools.
We loaded the renovated bathroom with plush white towels and all the basics – shampoo, body wash, toiletries, travel size extras and a small first aid kit.
Ready to book!
We outfitted the entire condo within two weeks thanks to online ordering, overnight shipping, some artwork borrowed from friends, and excellent finds on the clearance racks of TJ Maxx and Home Goods.
To get the ball rolling with reservations we researched properties listed on Airbnb to ascertain the going rate in DC for our amenity level, location and square footage. We listed approximately five to seven dollars under the average daily rate for the first month and I kept the pricing on the manual setting until we had a few guests on the calendar. That allowed us to control the pricing and attract guests even though we were a new listing without any reviews.
Within a month we had a full calendar and were booking 5 to 6 months out so we could provide income projections and pinpoint exactly when the investment would start to pay off.
Our DC Budget Condo is a great example of finding success on Airbnb with limited investment upfront.