First off, congratulations on your new business venture! Letting your property through Airbnb can provide great opportunities to build a revenue stream and this Beginners Guide to Airbnb hosting will help you maximise your potential. The first time you let your home through Airbnb, though, you’ll probably run up against a steep learning curve—there’s a lot to juggle, and a number of things to consider that might not have been immediately obvious. That said, Airbnb hosting is relatively straightforward if you keep a few things in mind.
Being a Great Airbnb Host Takes Time
Being an Airbnb host takes more than just making a listing and watching the money pouring in. You need to talk to potential guests, ask questions, and get valuable information before you rent out your home. It also takes time to build up solid reviews—the foundation of the sharing economy, which works on trust. As well as this, checking guests in and out of your home can take quite some time. So, you should take all of that into account in terms of your hosting expectations.
Get Smart about Airbnb and Insurance Coverage
Generally speaking, standard home insurance does not cover damages caused by short-term renters. While Airbnb offers a $1M guarantee, it is still likely that you will need additional insurance. So, go through Airbnb’s policies with a fine-tooth comb, and check to see what coverage you need. Hopefully you won’t need it, but it’s always better to be safe than sorry.
Don’t Forget the Neighbours
You will need to consider the people living next to you and just how sensitive they might be to visitors renting your home. This is especially true where you live close to your neighbours, such as in an apartment block. However, depending on what your neighbours are like, a detached house may still not be enough and all it can take is one upset neighbour to end your burgeoning Airbnb business. So, be sure to keep the neighbours in mind.
Know Thine Enemy
That’s a little dramatic, perhaps, but you do need to bear your competition in mind. Get to know what it is that they offer, and you can find out what separates your property from the pack. It could be the location, extra rooms, or something a little more special.
The Price is Right…?
The property market might be booming right now, but not all properties are equal, and they certainly don’t all command the same price. So, an important part of hosting on Airbnb is identifying trends in the market, and where your property fits in with that. You’ll need to see what other homes rent for in the community and price accordingly. You need to be able to justify your price, relative to what other hosts are charging—price it too low and potential guests might suspicious as to why it’s so cheap, and on a similar token, nobody wants to pay too much.
Create a Great Airbnb Listing and Be Honest About Your Property
Make sure that your listing is accurate, honest, and provides something that separates you from the competition. The last thing that potential renters want is to get a nasty shock, so it’s best to be honest. A relatively minor issue in your home that is revealed in the listing (along with a discounted price) goes a long way towards establishing trust.
Following these simple guidelines and making sure that your guests have as good an experience as possible means that you’ll earn more from your property.