Airbnb, which grew from a single air mattress to a multibillion-dollar corporation, remains an appealing alternative for anyone looking to supplement their income.
And, while tenants grumble about expensive additional fees and homeowners moan about a lack of respect for their property, this now publicly-traded company goes about its business as usual.
Are you considering becoming an Airbnb host? Here are a few things to keep in mind before taking the plunge.
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1. look at the Default Options
Naturally, Airbnb’s top concern would be its guests because, without them, there would be no Airbnb. Make sure to alter the default options when you create your profile and list your rental to better fit your needs.
You don’t have to accept the default settings; instead, select the option that displays a renter’s profile and ratings from other hosts, or the one that requires guests to check in with proper identification.
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2. Get to Know Your Local Rental Laws
Many countries across the world have very severe Airbnb rules and restrictions. “Airbnb rentals are occasionally considered as a potential threat to residents,” according to passiveairbnb.com. “Landlord-tenant relationships may be harmed by short-term rentals.” That is only one of many reasons.
Airbnb is governed by rigorous restrictions in Japan, with hosts required to register their apartments with the government and rental periods limited to 120 days per year.
Just ensure you’re able to rent out your room lawfully and aren’t breaking any laws in the process.
3. Strangers will be in your vicinity.
It’s against the law in several cities, such as New York, to rent out your house as a vacation Airbnb. New York’s short-term rental laws make it illegal to rent out a full flat, which is odd given that the city is Airbnb’s largest US market.
If you wish to rent out your apartment on Airbnb in New York, you must be present and no more than two renters are allowed at any given time.
So, to put it another way, you’ll have to be okay with sharing your space with strangers.
4. Ensure that you are properly insured and covered
Accidents happen, even to the best tenants, so be sure to pay attention to the fine print when it comes to insurance. It’s a game of hoping for the best, but planning for the worse; if a guest causes serious damage, or even death, as a result of something that’s slightly off in your property, you’ll need a lot of insurance.
“Given the absence of safety rules for peer-to-peer housing listings, privately traded spaces can increase dangers for guests,” say Dorine von Briel and Sara Dolnicar of the Department of Tourism at UQ Business School of The University of Queensland, Australia.
5. In your description, be truthful.
We’ve all made reservations based on the photos, and we’ve all been deceived by some outstanding photographic abilities. That anticipation vs. reality thing is genuine.
The tranquil experience of seeing the Taj Mahal is, in actuality, smoggy and busy, and a gondola ride in Venice always seems so wonderful, but it’s generally jammed with other people seeking the same experience.
6. The Rules Are Not Obeyed by Tenants
Many hosts will tell you horror stories about bad situations they’ve encountered, and one of the most prevalent issues they face is people lying about the number of visitors staying with them.
It is far less expensive to rent an Airbnb than it is to rent a location for a party. Water, lighting, and power are all provided, and there’s no need to clean up after yourself because cleaning is also included.
Houses are marketed as accommodating 8 to 10 people, yet the next minute, 20 people are crashing on sofas, partying, and causing major problems for the unwitting homeowner.
7. Next to Godliness Is Purity
We’ve all stayed in hotels where the cleanliness seemed suspect… Hair in the drain, a stain or two on the sheets, lipstick smudges on the wine glasses… It’s revolting, and this is the type of stuff that will get your establishment a one-star rating.
Of course, you can hire someone to clean your listing for you, but we’re all human, and there will be things they overlook. As a result, it’s recommended that you set aside half an hour to look over everything to ensure it passes the white glove test.
8. Make use of a pricing strategy that is proactive
Take a look at a yearly calendar to see what activities are scheduled. Let’s assume there’s an Ironman weekend in October, so raise the price to account for the extra people and make a little more money.
But be careful; you don’t want to set the bar too high and end up with no appointments!
9. You Must Have the Ability to Deal With Disgruntled Neighbors
So, you’ve done your research and discovered that having an Airbnb listing is a legal one box checked.
Your neighbors, on the other hand, are not pleased that people are now arriving in their neighborhood at all hours of the day and making unexpected noise.
When you’re renting a portion of your property, remember that you’re the one who lives there most of the time, and living next door to grumpy neighbors isn’t ideal.
I mean, it’s a little shady to make money off your listing every weekend while letting your neighbors put up with the noise, parties, and chaos. Just remember not to be a jerk, and you’ll be OK as an Airbnb host.
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10. You’re available all the time
Hosting an Airbnb listing can be quite rewarding, and you’ll meet people from all over the world, but if you’re managing the house yourself, you’ll be on “duty” the entire time you have visitors. Due to most rentals being only for a weekend, getting away for your enjoyment can be difficult.
You could be at the beach, out to dinner, or enjoying a family brunch when you’re asked to help someone who has locked themselves in the bathroom or has tripped the power and can’t find the fuse box… These things happen, and you should account for them before starting your Airbnb adventure.
