By Gaylord Pierce - April 22, 2021
6 Things to Consider Before Hosting on Airbnb
Listing your home on Airbnb is a very smart move. You could make enough cash to cover your monthly expenses. Everything to consider before taking the leap is discussed below.
It’s a Business
Hosting on Airbnb is basically running a business. Think of yourself as the owner of an inn. That’s why you need to treat whoever books a stay like royalty. Make sure they have the best time in your home – keep the space in the best condition and speak to your neighbours. Inform them that you’ll be having outsiders live in your house for a while. This would prevent any unnecessary drama from happening.
As it is a business, some months may be slower than others. You can expect the most tenants during the holiday time. If you do your home up, you could charge more. And a very big house could host more guests too. Think about the remodelling and renovating the space as investments.
Something might unfortunately happen to the plumbing or electricity. Have numbers for the people staying to contact. Write these contacts on a paper and hand it to them – this would let them handle any situations on their own without you getting involved.
Let’s say you own a very attractive property; you have thousands of people wanting to stay in it. Be picky with who you’ll be letting stay over. You don’t want anyone that would damage your home. Help yourself by checking ratings. Get into contact with possible guests and interview them so that you exactly know who you’d be working with.
If you weren’t careful with who you let stayover, and you got someone that damaged your home, what would you do? Don’t panic. Airbnb offers insurance. You can get coverage up to 1 million dollars.
You can insure yourself more by going for short term rental insurance. Depending on who you’re working with, the extent of the coverage you’ll get would differ.
Although you live in the house, it may not be yours. You could be living in a space that was rented. Unless you speak to the landlord, don’t try and get guests. If your landlord finds out what you’re trying to do, you might be kicked out. What’s worse is that you could also go to jail.
The Best Prices
How much will you be charging? The property may look great, but this doesn’t mean that you should charge arms and legs. Look at the other listings on Airbnb – you’ll be able to note similar ones to yours. Charge identical rates.
As mentioned, doing the property up could let you charge more. Wouldn’t you spend more to stay in a house with a tub and jacuzzi?
To wrap things up, there is quite a lot to consider before listing a property on Airbnb. Probably the most important is to treat it like a business. The cash you’d be getting could be your monthly income. That’s why you should make moves that’d let you charge the highest rates – invest in remodelling.