I’m old fashioned and I feel I need to respond to guests’ reviews – am I wasting my time?
Probably wasting time. I’m not sure the guest is even informed that you’ve replied to their review, good or bad…
Yes, I think you are wasting your time 
You’ve more than likely thanked the guest for staying with you when it’s checkout time and probably sent them a ‘private feedback’ message thanking them for staying with you and as @KenH says, the guest is unlikely to see that you have responded.
As hosts, I think that most of us are very good at monitoring our expenses - purchases, insurance, supplies, cleaners etc., but sometimes forget to factor in our time which can be huge. When I first started with Airbnb, I’d start the stopwatch on my phone every time I was on the site to see how long it took me to answer reservation queries, answer guests’ questions, write reviews, edit the listing, edit the calendar and more and it’s surprising how much time this can take.
Set a figure of how much your time is worth ($20 - 40 an hour?) and see how much time you spend online at Airbnb - make sure that it’s worth the effort
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Remember is not for past guests you really writing those responses are for, who may or not read them, but for future potential guests, meaning is how they gain more insight about you. You could always make them super short, but best if they are different, so they don’t appear as ‘automatic’. Though I respond to all, I could see the merits (lack of time, or nothing to say but thank you again) of not responding at all - simpler.
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@Mearns, @jaquo, @KenH, thank you so much for your input. I respond to everyone, as everyone has provided favorable reviews. My mindset is along Mearns’ response – my response is not so much to the guest who wrote the review but to potential guests who will notice that I’m a responsive and appreciative host; I want to project the “persona” of a kind/caring person and my response allows me to do that. However, I wonder if I’m overthinking…
Now I understand more. I suppose we do it because we really want to, and won’t the day we don’t feel like it. Perhaps it has to do with our type of listing, some being so much more ‘engaging’ and personal than others, or we are the extrovert types and really conversationalists at heart. 
I’ve responded to every review, didn’t even think about it, just saw the respond thingy and figured that’s what you do (kind of like acknowledging someone in a conversation! ).
I have read on here tho that it’s distracting to people who are scanning properties to stay at, which I get, and can be a bit repetitious…seems strange to stop now tho! (I’ve only got 8 reviews, I’m sure I’ll stop at some point!)
wow! business savy!
Do you do the same with this forum?!
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I only do it with the most outstanding five star guests. I think it can come off as insincere and and shallow to.do it for every guest. JMHO.
@missmiami I’m responding to most of my guests reviews. Most of the reviews are positive, but by responding to most reviews my response to a bad comment will not stand out in the “comment field”
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If I did, I’d soon be out of pocket! Although you could call it ‘research and development’ 
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Keep in mind, its leaving a response not for every guest, but only those that left a review; and if they are leaving nothing but effusive 5-star ones. then is easy and fun.
I secretly do wish I did get a ‘bad’ review, my evil side has been bored to death for a long time. It is getting very itchy. 
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No, I get it. That is what I mean as well. The positive ones.
You have a really really unique situation. Different rules apply to you oh grand poobah of Airbnb! 
If I did it after every positive review it would come off sounding a bit forced since I just have a humble little studio in rural Hawaii.
“Thanks for the kind words and for staying with me. Come back again!”
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Hi @MissMiami,
I’ll just point out that I started a very similar topic thread not long ago. Clearly, great minds think alike.
@faheem Actually I don’t have an evil side, but sometimes is fun to think I have one.
@konacoconutz I must say I use the responses of reviews as a sales tool, how I announce ‘coming attractions’. Keep those future guests excited. LoL