For individuals who don’t have a huge capital to start their own business or even buy a franchise, rental properties can be an attractive way to make extra money. This venture is even more ideal for people who want to have the opportunity to earn passive income. In fact, depending on the current market, demand, and location, you can potentially increase the rental rates, allowing you to earn higher profits.
If you a homeowner who’s looking to rent out your space, Airbnb is a convenient place to do it. Putting your place on Airbnb requires less pressure to acquire bookings and makes it easier for you to connect with more guests. Plus, depending on your country, you might be able to qualify for a tax-free allowance. If this sounds like a great plan for you, here are four steps to take when turning your house into an Airbnb rental.
Spruce up for guest
When renting out your space, it’s crucial to take the guests into account. Experts suggest first focus on free the house from clutter and starting on a clean slate. This allows you to get a better idea for redecoration or rearrangements. Ideally, you want the house to be newly furnished. You’d also need to buy a new mattress or soft furnishings to make your place more inviting and comfortable to the guest.
After all, you’re literally competing with thousands of other Airbnb hosts, so if you want to stand out, the place should look at its best. As much as possible, you want everything to be furnished. This might cost you around $2,000, depending on the size of the home.
Focus on the amenities
The amenities of the property are usually the key to attracting a great number of guests. Among the top amenities people look for include self-check-in, pet-friendly space, a laptop-friendly work area, and fast Wi-Fi. You’d also want to stock up on other essentials such as linens, towels, soap and shampoo, cleaning and office supplies, and some small treats like coffee.
If you got a swimming pool, be sure that it’s well-maintained before accepting any guest. For instance, make sure that water acidity is safe by using alternatives for pool acids. This maintenance task can prevent swimmers from getting skin dryness or irritation. At the same time, if you have a backyard, consider updating it as well by adding a few things such as outdoor entertainment, barbecue grill, or patio furniture. This enables guests to enjoy the outdoors and the breath of fresh air.
Offer convenient check-in
Another critical part of hosting an Airbnb place is the check-in experience of the guests. Remember, first impressions matter, so if your guests need to spend too much time getting inside, then you’re likely to get bad reviews afterward. Ensure that they have your contact details in case of specific instructions and emergencies. If the location of your place isn’t straightforward, give solid and detailed directions to the guests.
As for accessing the house itself, it’s always best to invest in a keyless or digital entry system for convenient check-in. If this is a bit too expensive for your budget, you can opt for a key lockbox and give the code to the guests. Apart from these features, good communication is also an important key to providing guests with a good check-in experience. Inform them about the preferred check-in and check-out times and give them information regarding parking instructions, operating the appliances, and more about the amenities.
Work on the photos and description
Before you could list your place, you need to have amazing photos of the property. Show off your unique interiors, comfy rooms, and quirky amenities. The higher quality of the photos, the better. Airbnb suggests posting pictures in higher resolutions of at least 1024 x 683px. If you’re looking to hire a professional photographer, you can expect to pay around $100 and up for a home photo session.
The next thing to work on is the description of your listing. Write creatively yet precisely so guests can imagine their stay at your place without getting confused by what they read. Short sentences and bullet points are ideal. Capture the attention of potential guests by writing a great and accurate description.
Renting out your house in Airbnb isn’t just a profitable business venture but also a fantastic way to meet fascinating travelers and adventurers around the globe. It broadens your network in the easier and most exciting way. Take note, though, that just like any other business, managing a rental space can be daunting, especially if you’re new to the field. Create a strong action plan and benefit from a solid passive income.