Airbnb is a great way to generate some extra income with a property you already own. In Britain, for example, the majority of Airbnb hosts – 76% – let out their own homes, though an increasing number of landlords are also using the short-term rental platform to maximize returns.
Related: The Ultimate Guide to Buying an Airbnb Property with Ease
Used as holiday getaways, business trip rentals, and temporary homes away from homes, more than 260 million guests have booked and stayed in Airbnb properties across the world. Here’s everything you need to know before becoming an Airbnb host.
Will you outsource or manage the property yourself?
It can be very rewarding to run an Airbnb, but it can also come with a lot of responsibilities. Who is going to take care of all those Airbnb management responsibilities? Are you going to be the one advertising, cleaning and listing the property, or will you leave it to the professionals? There is tons of work to do to make your property appealing and to keep it on the market as a on the market as a rental place.
Related: Is Professional Airbnb Property Management Worth the Cost?
What will your insurance options be?
You can make a lot of money by letting your property through Airbnb, but you will want to protect yourself in case of an unexpected problem. Airbnb offers an insurance plan that will provide a small level of protection, but accidental damage and theft are not usually covered by their plan. Consider going with your own insurance provider or choosing one of the more robust Airbnb insurance options. (Of course, if you opt for Airbnb management, most services will include insurance and full peace of mind.)
Can you make your property “Business Travel Ready”?
To achieve a “Business Travel Ready” rating from Airbnb and ensure your property is as visible as possible to potential guests, your income property will need to meet certain requirements:
- Set up your investment property with wireless internet.
- Keep it smoke-free and pet-free.
- Pack your property with included amenities! These amenities include an iron, hangers, shampoo, fresh linens, soap, towels, and a hairdryer.
- You’ll also need to have a smoke detector installed and make sure the space is suitable for laptop use.
- Your property must be designed for self-check-in (through the use of a lockbox) so that you do not have to be physically at the property to let the Airbnb guest in.
- The final eligibility requirement is that your home has to have received three star-rated reviews or more.
In order to achieve great reviews, you will need to reply quickly to guests, ensure the reality meets expectations, and make sure everything necessary is provided. It is important that you take photos that accurately reflect the value and actual experience of the location.
Make your property feel like home
One of the most appealing things about Airbnb rentals is that you can feel at home wherever you may be. Homes listed on the site are not empty shells, but instead, they have some decent amenities and personal touches such as rooftop gardens.
You don’t have to take down artwork and decorative details that populate your home, as these lend the place an air of atmosphere and coziness. You may also want to add some personal touches that make the space feel more personal, like a logbook for the guests and a few complimentary items.
Have it professionally cleaned
Even though an Airbnb rental property should feel like home, it should also be spotlessly clean. That usually means hiring a professional cleaning service to make it look its best (or an Airbnb management company will look after this for you as part of their service).
Related: Buying an Airbnb Property? Then You Need These 3 Tools
If you are thinking of becoming an Airbnb host and need a little help finding a profitable rental property, sign up for Mashvisor.