Many people across the world are intrigued by the idea of starting their own Airbnb business. After all, when it comes to side-hustles, renting out a part of your house to passing vacationers is probably among the easiest and simplest business there is. And with an international network, the potential for some serious income is amazing.
But with a big opportunity presented by Airbnb, how do you start? Here’s a guide we created on Airbnb hosting for beginners. This will give you an idea on how to start your short-term rental business.
Airbnb comes with its particular set of challenges. As a first-time host, you need to take a couple of things into consideration. This is important especially if you want to be the best Airbnb host you can possibly be and get all those raving 5-star reviews. Below, we’ve listed a few of them.
Why Should You Host on Airbnb
There are a lot of benefits when you start becoming a host for your Airbnb business. The biggest and most obvious benefit you can have is the income you can potentially make. A lot of Airbnb owners are making serious money from this.
But making money is just one of the many benefits of starting this business. Here are others:
- It takes less work. Especially if you hire a property manager. You don’t need to keep on checking the house. That job is assigned to the property manager you hired. That means you have more free time to do the things you love and you can just collect the income from your property. You just have to pay a small fee or commission to your property manager. WIn-win.
- It takes less work. Especially if you hire a property manager. You don’t need to keep on checking the house. That job is assigned to the property manager you hired. That means you have more free time to do the things you love and you can just collect the income from your property. You just have to pay a small fee or commission to your property manager. WIn-win.
- You can keep your property clean and well-maintained. Since the ones who look for Airbnb plan on staying for a short time, you can always keep your property clean. You can just check your property every now and then. But make sure you inform your guests before going to your property.
- You can keep your property clean and well-maintained. Since the ones who look for Airbnb plan on staying for a short time, you can always keep your property clean. You can just check your property every now and then. But make sure you inform your guests before going to your property.
- Exchange stories with your guests. You’ll meet a lot of people when you start your Airbnb business. This will open the doors for you to hear stories from other people and exchange culture and experiences with travelers.
Tip: You can also act as their local guide without being personally there. You can leave a sheet of paper recommending the best places to visit in your area.
How to Setup Profile
The first step to starting your Airbnb business is to set up your profile. Go to Airbnb’s website (www.airbnb.com) and start the process. It’s a fairly easy process to accomplish. But here are the things you need to keep in mind:
- Select the best option that describes your property. Be honest about declaring the things you have on your property. It doesn’t matter if you have a 2BR property or a studio. As long as it’s clean and presentable, people are going to book with you.
- Use professional pictures. You can’t underestimate the power of images. Don’t just take pictures of your property using your smartphone. If you can afford it, hire a professional to do this. The return on investment is very well worth it.
- Set the price right. One of the most important factors in deciding whether to book with your property is the price. We’ll discuss this later but keep in mind that the price you set needs to be fair.
How to Price Your Listing
Prices of Airbnb property fluctuates. So when you set your price, don’t let it be set into stone. You need to constantly update the pricing based on the market changes and events that are happening in your area.
Research your competitors. Look at the properties that are similar to yours and that’s within your area. Check their prices and how good their location and property is. From doing this, you can get a range of prices that’s acceptable for the kind of property you have.
Tip: Don’t overprice your property. It only hurts your listing in the long term. Provide excellent guest service and ask for a review later. As the number of 5-star reviews increases, you can gradually increase your price.
Preparing Your Property
Airbnb is a global trend where anyone with a spare space can take part in. So, wherever you’re offering accommodation, chances are you’ll face a fair amount of competition.
One of the best ways to give yourself an edge over the competition is to make it clear to potential guests that your home is one of the better-stocked ones. Although, before pouring money into the more glossy touches, it’s a good idea to make sure your home is filled with the basic amenities for safety and daily living. Small but basic things like bath mats, smoke detectors, and fire extinguishers can do a great deal to avoid damages and potential lawsuits.
Once you’ve ensured those are in place, you can move on to the various things that your guests are likely to expect. Things like wi-fi services, HD television, charging docks for phones, and so forth. Your guests are highly dependent on technology, after all.
Consider Your Neighbors
Being considerate of neighbors is important in any situation, but especially so when you’re renting your place out.
Consider how close the neighbors are, what they’re okay with, and what bothers them. Remember, your guests won’t know any of this. Create a set of house rules that align with the needs of your neighbors and lay them out as soon as your guests arrive. Your Airbnb career won’t last long if it results in constant complaints from the neighbors.
What Happens When Property Damages Occur
You should know that Airbnb offers a $1 million liability insurance plan to cover some of the potential damages that might occur during your guests’ time at your home. What’s better is that some of those damages might not be covered by your ordinary home insurance policy.
And while this is a major reason why so many find Airbnb’s work attractive, it would be a good idea to closely examine Airbnb’s insurance policy and consider whether it is sufficient. Consider the nature, size, and location of your home, as well as the sort of groups you intend to host and give proper thought to whether it might be worth it to invest in further insurance before putting your home on the Airbnb market.
These are the things you need to keep in mind when you’re starting your Airbnb business. I hope you learned a lot from this simple guide on Airbnb hosting for beginners. When you put these tips into action, you will be on your way to become the best host you can ever be.
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