Education and news for smart DIY landlords!
Are you thinking of putting your house on Airbnb? Airbnb hosting is a great opportunity for a homeowners who are planning to go out of town or have an unused room. Think about it: You can make money from your investment.
Here are some stats on Airbnb:
As you can see, Airbnb is growing.
Perhaps the biggest advantage of being an Airbnb host is flexibility. There's no need to rent out your home for the entire year. When you arrive home from a vacation, you can simply block off dates on your Airbnb calendar! Another advantage is the opportunity to learn about guest service and marketing.
If you're curious about getting started, there are some things you need to know to succeed. Because while being an Airbnb host is wonderful, it isn't for everyone.
One of the first things you should do is to check what's covered by the insurance company. Since you're renting out your home, your insurance plan may not cover damages that result from those multiple short-term visits. You might be required to get additional insurance.
(Note: Airbnb also offers Host Protection Insurance that covers for Airbnb hosts and landlords worldwide.)
Just because you're running a short-term rental, doesn't mean that you can take security for granted. As an Airbnb host, consider installing a security camera that will help you monitor the exterior of your rental unit. This way, you'll be able to monitor people who are coming in and out of the unit.
But please make sure to disclose the presence of a security camera in your house rules. Some travellers find security cameras creepy and will want to cancel the booking. Airbnb hosts are also not allowed to install cameras in private areas such as the bathroom and bedroom!
If you're ready to list your home on Airbnb, you need to optimize your listing so that it attracts great guests. Start by asking yourself, "Why should a traveler book my apartment?" Guests care about transportation, malls or stores nearby, the kind of beds your room has, any amenities you offer, and whether they're allowed to bring pets.
Be descriptive in your listing. Don't forget to show the best parts of your rental. These are your apartment's unique selling points!
(Pro tip: While you're already renting out your home, pay attention to the reviews you get. Use the feedback to improve a future guest's experience.)
Since you're renting out your home or a part of your home, remember that you're inviting strangers. You need to think carefully if you also have small kids staying in the same home while there are strangers. This could be a problem. You might need to rent out a dedicated unit instead of your home.
When it comes to your mail and other valuables, keep them protected from your guests. You could become a victim of identity theft if your mail gets in the wrong hands!
By now, you already have an idea of whether hosting on Airbnb is for you. If you're able and willing to invest time and energy into this side hustle, go check out Airbnb today. On the Airbnb page, you'll find a detailed guide to help you get started with hosting.
Do you have extra space? You can earn some extra cash by using AirBnB to rent out an in-law cottage or other space. Try it here: www.airbnb.com/r/