Turning your home into an Airbnb is alluring for many reasons, with the top being that it’s a great way to make money. On average, Airbnb hosts make about $924 a month. That income, though, can be quite different based on your location, how often you rent your house, the quality of your home, and the services and amenities you provide to your guests.
However, you can’t just decide to list your home on Airbnb. It depends on your location and local regulations — information that your relator most likely already has in their back pocket. They also have a firm grasp of the real estate and travel market in your area. Instead of going in blind, reach out and seek their professional advice and insights as you set up an Airbnb!
Here are three tips to help you set up an Airbnb and maximize your earning potential as a host:
1. Research!
As I mentioned above, it’s important to do your homework and ensure that your rental can legally operate in your city. You may have to meet certain requirements before opening up your home. For instance, some cities require that you visit city hall to complete necessary paperwork. Additionally, review any rules and/or bylaws in place from homeowners’ associations, condominium boards, and/or landlords.
As you prepare your rental space, look into the demand of your area. If you pour money into renovations or decor and then struggle to book renters, your bottom line will be negatively impacted.
Finally, remember that, although it is free to list your home on Airbnb, there is a booking fee of three percent per reservation. Be sure to factor this expense into your operation and maintenance costs.
2. Put thought into your listing.
While your overall success is based on more than beautiful pictures and a well-written description, taking your time when crafting your listing is still important. The photos of your home will set the first impression for potential guests. So hide the mess, fluff the pillows, and prepare your space for visitors! Be sure to highlight any unique amenities or selling points. Hiring a professional photographer with experience in real estate will cost a few hundred dollars, but it’ll be well-worth the extra expense.
Additionally, before you draft your listing, think about the type of guests who will most appreciate your house and write it to them. Will you cater to families, thanks to a walkable neighborhood and family-friendly activities? Will you be hosting couples or retirees most often? Or will you attract pet owners, thanks to outdoor hotspots and hiking trails? Make sure your title is attention-grabbing, descriptive, and easy-to-skim with relevant details included. Do your best to be clear with your offerings and manage your guests’ expectations from the start.
3. Invest in a good check-in experience.
Speaking of expectations! Your guests are expecting to enjoy a weekend away from their usual responsibilities and routine, so make it easy on them! As soon as their booking is complete, follow-up with local emergency contact information and travel instructions from the airport, train station, and/or nearest bus or metro stop. Before they arrive, double-check to ensure that your digital keypad (the preferred method of entry) or lockbox is working. Lastly, be available during their stay in case they run into any issues in your home. A stay that includes a broken air conditioning unit or non-working hot water heater will not result in a positive review!
Let The Urban Dog Group help you with your real estate needs. Contact Christine Elias at caerealestate@gmail.com.