What is the revenue potential from an Airbnb in Ellicottville? Airbnb has changed the way many people vacation and it will likely change the Ellicottville Real Estate market. Not so long ago, if you were visiting a city, hitting the beach or planning a ski trip, your first call would probably have been to a major hotel chain. Increasingly, though people are looking for the extra space, comfort and affordability that comes from renting a private home. In 2018, travelers spent more money with Airbnb than they did with the Hilton group of hotels. The gap is also closing on the Marriot group, currently the world’s biggest hotel group. It is estimated that Airbnb now controls around 20% of the vacation travel market.
Airbnb in Ellicottville – How much can you expect?
How can you leverage Airbnb to get an income producing Ellicottville vacation home and how much can you expect to earn from doing Airbnb in Ellicottville? Airbnb actually has a very handy rental estimator. You just put in the location and house size of the vacation home for rent and Airbnb will give you a revenue estimate.
Your first reaction is probably similar to ours. Of course Airbnb is going to say that. They want you to use their site for your Ellicottville vacation rental and $5000 a month is a lot. But, here’s the thing. We have been doing this for a long time and believe it or not, we used to generate even higher returns than this from our vacation homes in Mont Tremblant. So Mont Tremblant vacation home revenues must be higher than from vacation homes in Ellicottville right? Not according to Airbnb.
According to Airbnb, you can expect to generate almost twice as much revenue from your Ellicottville vacation rental home as you might expect from a vacation rental in Mont Tremblant. Whether this is completely the case or not, their estimate for revenue from an Ellicottville vacation rental seems reasonable. With this level of income, you should be able to cover all your expenses including your mortgage and even generate positive cashflow. Just remember that these forecasts are always based on having your Ellicottville vacation home available for rent 100% of the time. If you are spending Christmas, New Year, Thanksgiving etc, you can expect to see a dip in your revenues.
What About Collingwood?
For most people in Toronto, they have a choice between Collingwood and Ellicottville. Many people assume that Collingwood would generate more revenue. Airbnb says otherwise.
Is Managing an Airbnb Hard?
It is probably not the answer you’re looking for here, but yes. Airbnb is effectively becoming a player in the hotel and bed and breakfast industry, but it doesn’t actually own any hotels or bed and breakfasts. It certainly doesn’t do any of the work. That comes down to you so if you decide to do Airbnb in Ellicottville or anywhere else and to do it yourself, you are going to be some combination of hotel manager, cleaner, sales person and general handyman.
What is the alternative?
Give us your home to manage and we will manage everything for a 20% fee that includes managing your property on Airbnb. We will also other platforms such as VRBO, Homeaway. We will promote it through our own website. We will promote it through our social media, organic and paid search. We take bookings, we co-ordinate cleaning and maintenance. We also answer phone calls at 2am when a guest has forgotten their access code to get in the house. You will get a statement each month showing you what you made and listing your expenses. Trust us, it’s the easiest way to run an Airbnb business and to generate revenue from your Ellicottville Vacation Rental.