Recently, Airbnb has transformed the way people find accommodation when they travel. Doesn’t’ just provide travellers with a platform to find and book their stays but it’s also a fantastic opportunity for homeowners to make extra income by renting out their properties.
So, if you have a property you want to turn into an Airbnb or are currently looking for an investment property to purchase for this exciting endeavour, here are just four essential tips to help you get started.
1) Choose Your Location and Set Your Budget
If you’re buying a new property for an Airbnb venture, then you’ll have a few important considerations. The first of these is the location; you want to choose somewhere that is going to be popular enough for you to have regular business. Areas have frequent tourist footfall, while probably having a lot of competition, can also help you to increase your guest stays.
It’s also important for you to consider your budget. You don’t want to pick a property that is out of your price range as this can generate a strain on your finances – especially if you’re going to have to take out a mortgage to buy.
You must also deal with the tax implications that come with running an Airbnb property. There are a lot of helpful resources on the Airbnb website. In general though, an Airbnb owner will see their tax information listed on form 1099K and form 1042-S. These forms are typically issued in January each year.
However, you could be lucky enough to win a property. Competitions such as those hosted by Raffle House can allow you to win the home of your dreams, but there’s no reason you can’t rent this home out as an Airbnb if you already have a home of your own.
2) Prepare Your Property
As an Airbnb host your goal is to provide a comfortable, clean, and inviting space for your guests. Take the time to thoroughly clean and declutter the space, and make sure to repair any damages.
You should furnish your Airbnb with functional but aesthetically pleasing furniture, as the quality of your furnishings can impact the experience that your guests have.
Make sure that you invest in comfortable bedding and create a homey and welcoming atmosphere as this will help you to garner better reviews.
3) Price Your Airbnb Competitively
Deciding on the right price for your Airbnb is crucial as you don’t want to risk pricing yourself out of the market, nor underselling your property.
It’s a good idea to research similar listings in your area as this will give you a better idea of what you should charge. Factors considered when deciding on your price are the location, size, and amenities of your property.
And, when you’re just starting out, offering lower rates can help you build up your reviews which can in turn help you to attract more guests.
4) Create an Eye-Catching Listing
Your Airbnb listing is the first impression that your guests will have of your property, so it’s important to make sure that it’s a positive one.
A well-lit and well-photographed space can be the difference between a guest booking with you and a guest passing in favour of something else. If photography isn’t your strong suit, then platforms such as Bark can be a great place for you to find professional photographers – you could even look for experts who specialise in interior design photography.
Make sure to highlight any unique features that your property has to offer, as these could provide a great selling point for your guests.
Have you set up an Airbnb? Share your experiences in the comments below!
