Setting up as an Airbnb host can be an excellent way of making money. However, you need to make sure that you plan carefully, and take the steps that you need to, in order to make money and protect your property.
If you like the idea of hosting Airbnb guests in your property, there are several factors that you need to consider. The aim of this article is to address the most important points that you should take into account.
Have the right insurance in place
You do not want to put your home or property at risk by taking in Airbnb guests. So, you need to make sure that you have the right insurance in place. It's not sufficient to simply have a home insurance policy. Landlord insurance is also not appropriate in the circumstances.
The most appropriate option is to take out short term rental insurance. This makes sure that you are protected against issues which occur when you accept Airbnb guests into your property.
Understand local laws
Before you list your property with Airbnb, you need to check local laws. There are restrictions on Airbnb letting in some parts of the country. Checking the legal landscape helps to protect you against the risk of expensive legal problems.
Treat the rental like a business
If you are going to make money from renting out a property with Airbnb, you need to treat it like a business. This means that you should make your property as attractive as possible. For instance, you may want to provide a food basket on arrival, or offer a discount for longer bookings.
Be honest with guests
It's important to always be honest with potential guests. Never use Photoshop to make your property look more attractive, or exaggerate the attributes of your home. If your property is basic, you should say that. It can be attractive to people who are looking for somewhere to sleep that does not cost a fortune.
Think carefully about going outside of AirBnB
It can be tempting to simply accept money from the renter and go outside of Airbnb. This temptation is understandable as Airbnb take a slice of any profits made by renting with them.
However, there are disadvantages to choosing to work outside of Airbnb. You do not get the benefit of their insurance or their vetting of renters. It's important to think of these disadvantages if you are considering renting directly to guests.
Give guests important local information
The best way to maximize your profits as an Airbnb host it to attract as many guests as possible. Getting great reviews is vital to making this happen. In order to get these reviews, you need to make the guest experience as great as possible.
One way you can do this is to leave a list of local information. You should include things such as transport times and costs, maps, discount coupons and any useful local tips you have.
These factors are all essential things to consider if you are thinking of becoming an Airbnb host.
