Q: If you buy a weekend home on the beach or in the countryside, you may sometimes wonder if you can borrow and get some of your investment back. But is it as easy as posting your home on Airbnb?
A: A: We talked to some vacation rental experts about how to get into the short-term rental market, what you need to do to get started, and the amount of work you can expect.
I know the rules. Before listing your property, check the ordinances of your state, county, city, or homeowner’s association to see if there are any restrictions that may limit your options. You may need a permit or fire inspection, or you may not be allowed to rent a house at all. Next, make sure that homeowners insurance has sufficient coverage for commercial properties.
Form a team. Decide whether you want to manage the property yourself or hire an expert. Property managers often make up 20-30% of rent income, so work hard to interview candidates, get to know your market, and find someone with a proven track record. If you decide to manage your home yourself, ask yourself if you can (and can) answer the phone at any time of the day or night to respond to inquiries and address issues.
“What we need to really really support our guests is amazing,” said Alex Johnson, Senior Director of Business Operations and Strategy. Vacasa, Short-term rental property manager. “Especially if you are a homeowner living far away, you need to make sure you are ready to receive those calls and help those guests.”
If you go alone, you need a reliable cleaning service that allows you to hand over your property quickly and a maintenance crew that can respond quickly to problems. James Svetech, BNB Inner CircleHost coaching services are proposing to invest in software to automate bookings. Hospitality Also Hostaway..
Set the stage. Stock cabinets With plates, glasses, pots and frying pans. Get fresh linen and towels. And make wise furniture choices, including those that are durable, easy to clean, and can increase occupancy, such as sofa beds.
Add a basket-like prosperity for board games and a folder containing information about nearby attractions. Keep your personal belongings in a locked cabinet, clean the property thoroughly, and then hire a professional photographer to take a picture of your list.
“The first thing you see when booking on Airbnb is the cover photo,” said Svetec, author of “Airbnb for Dummies.” “You really want to help people imagine themselves in space.”