A decent and even reliable income can be earned from hosting on Airbnb but there are many things you might not have considered before deciding to be an Airbnb host. Below are our 4 tips to consider before hosting on Airbnb.
Is Airbnb Hosting Legal For You?
Your province, city, territory, and living circumstances might not be possible to rent out a space. For instance, if you live under a landlord and try to rent out space you don’t own, the landlord doesn’t want you trying to sublease without their consent.
Are there bylaws in your neighborhood that prohibit renting out? You can find out if your province has regulations by going to your territory’s and province’s government websites and searching for information about short-term rentals.
Do You Have Competitive Amenities and Facilities?
When you perform research on what other hosts are doing with their listings, take note of the amenities they list and how they market their space. Does your property look immaculately clean, inviting, and spacious? Does it have working appliances or need the most desired amenities, like a TV?
Is it Worth the Cost?
To host successfully, you need to balance the expenses for your rented out property such as:
- Purchasing new appliances if necessary
- Adding new, desired amenities
- Investing in a cleaning service
- Insuring valuables and furniture
- Accounting for rental taxes
With the income you want to make.
Is it possible to ask for the amount you want and need while being within the too cheap and too expensive range? Based on your investment and how much you need to make per year and per month to keep it up, while being competitively priced, how much are you going to ask for per overnight stay
Hosting Takes a Lot of Time
It takes more to successfully host on Airbnb than simply renting out your space. To be a successful Airbnb host, you need to take on the role of a hotel concierge. You need to decide if you have the time to
- Research competition and laws and taxes that affect your hosting.
- List your property on Airbnb and manage the host account.
- Communicate wit guests and deal with emergencies.
- Arrange professional cleaners and maintenance.
- And much more…
Becoming an Airbnb host is absolutely worth considering. You just have to be sure you fully understand what you may be taking on. Because there are so many things to consider, why not just ask us? Schedule a free consultation where we can clear up any questions you have regarding the safety of Airbnb, potential rental revenue, and more!