Airbnb is becoming a good money-making strategy. You can create a decent source of income just by using existing space. Having an Airbnb can make you earn more money than if you rent out the property long-term, and instead of relying on a single tenant, you collect the income from different ones.
However, having a successful Airbnb takes time and money, and you will have to provide some things that you wouldn’t to the long-term single tenant. If you want to become a super host and generate a good and regular source of money with Airbnb, read the following guide.
Check Your Local Airbnb Laws
Before spending money on renovations and doing repairs, it is good to find out if it is legal to host in your city and what paperwork you need. For example, in San Francisco, you can’t rent out a property unless it is your main one, and if you are thinking of going on vacation and renting the place, be aware that you can’t have “un-hosted” rentals for more than 90 days.
Some cities will require you to have a business license, you can find more information about it on your local government website. You may also require a special permit to host an Airbnb and some local governments have roles regarding housing standards that you must follow if you are looking to rent out your property. In some cases, they may even perform an inspection to ensure your house meets the rules.
The taxes are one of the biggest concerns of those looking to host an Airbnb, you may need to pay taxes to the city for each overnight stay, consult an accountant or tax professional about this.
Besides following the local government rules, you will also need to follow the rules of other organizations such as the HOA, some of them may not even allow you to rent your property so ensure you are in compliance with their laws.
Invest in High-Impact Renovations
Your house may look good to you, but do you think it will amaze your potential guests? If you want to stand out from the competition you will need to invest in renovations and create a space that feels warm, inviting, and cozy. Install new flooring, this improvement isn’t really costly and can make a huge difference, upgrade your kitchen cabinets, and install crown molding.
Decorate your living room with plants or creative light fixtures, invest in new furniture if your current one looks old, and decorate the coffee table.
As for the bedroom, get a new bed frame and mattress, and make sure everything looks comfortable and clean. No matter your budget you can increase the value of your Airbnb by just making a small renovation.
Offer Amenities to Help You Stand Out
Having little details with your guests can ensure that they have a great experience in your Airbnb and give you good ratings.
Something as simple as having wifi and air conditioning can be a great addition that your guests will appreciate. Offer the use of an iron, washing machine, and dryer, as well as the use of laundry powder for free. You’d be surprised to know how many guests will love to be able to wash their clothes or remove the wrinkles from them.
One of the biggest reasons why guests choose Airbnb over a hotel room is because they don’t want to spend much money eating out, so offering them a fully equipped kitchen with some great appliances like a coffee maker or a toaster is a great idea.
If you really want to impress and get your place viewed as a luxury home, invest in a swimming pool or hot tub if you don’t have enough space.
Write a Descriptive and Honest Listing
The title and description of your listing should be detailed and attention-grabbing. Include relevant information that your guests will love as well as mention those that could bother some guests, for example, maybe you don’t have wifi or you live in a building and it doesn’t have an elevator.
Always be honest about what you do and don’t offer, so guests have realistic expectations about your place.
Take Good Photos
Your listing photos are the first things that will attract potential guests so make sure that they stand out. The lead photo you pick has to be the best one because it is the one that will convince your guests to click on your listing so make sure it is magnetic. Check what lead photos are your competitors using and make sure yours looks different.
Airbnb allows you to upload up to 100 photos but here the quality is more important than the quantity so have at least 20 pictures and no more than 30. Make sure the pictures are true to what you are offering, don’t show things that you will later remove.
All the spaces where you are taking pictures should look clean and organized. Set up the rooms in the most flattering way possible and take pictures from the corner to give them more dimension. Make sure the pictures capture those small details that could attract the guests. You can also take pictures of your neighborhood including nearby local attractions that could convince the guest that you are the right choice.
Raise Your Home Insurance Coverage
You may at some point deal with liabilities regarding renting and your homeowner’s insurance most likely won’t cover your renters. In that case, you could either buy a separate policy such as business insurance. If you want to rent the home for a long period of time you should also get landlord insurance to protect the structure of your house.
Airbnb offers its own insurance program that covers hosts and in certain conditions, landlords. This program is subjected to certain conditions and exclusions. Before taking any final choice consult with your insurance provider about your options, liability limitations, and coverage provisions.
If you follow the tips mentioned above you will have high chances of having a successful Airbnb property and becoming a super host.