According to a recent Bankrate research, nearly half of Americans have a side hustle in addition to their regular work. And those extra jobs come in a variety of sizes and forms. For many people, their side hustle is their primary source of income. That’s true, using services like Airbnb, Homeaway, and Vrbo to rent out your apartment can be a terrific way to supplement your income while utilizing an existing asset: your home.
According to Earnest, a low-interest lender, Airbnb hosts make an average of $924 each month. Of course, how much money you make depends on where you live, how often you rent out your property, the quality of your home, and the services you offer?
Being a successful host, however, entails more than just creating a smart Airbnb listing or purchasing new bedding. It takes time and money to get started, and there are some expenses to consider. In this blog by RentCubo – one of the most popular Airbnb clone app development companies brings you insights on how to rent hotels like Airbnb.
Do Elaborate Homework:
You’ll need to do some research on the demand in your area before you start sprucing up your rental space. If your house is not near an Airbnb hotspot, you may be at a disadvantage from the start. Many wannabe hosts don’t realize that their property’s earning potential is mostly decided by their location and the current demand for Airbnb travel.
After that, double-check that your rental is legal to operate. Spend some time researching whether hosting is legal in your location and what restrictions you must follow. Certain hosts, for example, may discover that they need to visit city hall to complete some paperwork. While you may be able to greet visitors without doing this step, it may save you time and aggravation in the long run. Check the rules and bylaws enforced by hotel owners’ associations, condominium boards, and landlords as well.
Get your Place Ready:
Even though your property is ideal for rental stays, it might not be ideal for Airbnb visitors. Usually, some redecorating is required. Experts recommend starting with a blank slate and then outfitting the room for the greatest outcomes. Even if you’re just renting out a spare room, a new bed frame and mattress will almost certainly be required. “You have to understand that everything should be equipped and relatively new because you’re competing with other Airbnb hosts,” Weber explains. He thinks that the cost will be around $1,500 per bedroom, plus $2,000 to $3,000 for the rest of the house and common rooms, which is comparable to other experts’ estimations.
Click some Fantastic Pictures:
According to Danny Rusteen, creator of OptimizeMyAirbnb.com and a former Airbnb employee, taking high-quality images of your space is another method to “set yourself up for success.” “Getting professional photographs is one of the first things you should do as a host.” People are visual creatures.”
If you’re serious about making money from your rental, it’s worth investing in a professional photographer. On average, a full photo session of your property will cost between $100 and $200. Instead of portrait work, look for a professional photographer that specializes in real estate photography. You can really discover photographers for this using the Google Street View professional program if your local white pages aren’t giving any leads.
It’s also crucial that the images highlight distinctive features of your place, such as odd utilities or funky design. A light fixture built out of a kayak was featured on CNBC’s “Cash Pad.” “You have to put your best foot forward,” Fletcher explains. “Digital first is the only way guests will view your property.” As a result, your photographs must be flawless.”
Draft a Descriptive Listing:
Consider the type of visitor who will most appreciate your space before you compose your listing. If you live in a fifth-floor walk-up in Brooklyn, for example, you probably shouldn’t target the elderly set. The title of your Airbnb or other rental site listing should be attention-grabbing and descriptive for the greatest results. A “55-inch Sony HDTV with complementary Netflix, Hulu, and Amazon Prime” is an example of a description that is easy to scan and contains relevant, detailed facts.
Make it clear what you’re delivering and how you’ll manage your guests’ expectations. Make a mental note if you reside in a region where critters and harmless bugs are abundant. If your building lacks an elevator, make sure to indicate that it is a walk-up. “By setting expectations, a lot of conflicts can be avoided,” Rusteen explains. “Negative reviews are almost often the result of mishandled expectations.”
Create a Good Check-in Experience:
First impressions are crucial. And if your guests have to wait an hour to get into your property because your lockbox isn’t working, the review will be less than favorable. Your guest’s check-in process begins even before they arrive at your front door. After they’ve booked, make sure to provide them with your contact information in case of an emergency, as well as exact directions on how to get from the airport, railway station, and local bus or metro stop to your house. “If you don’t live in a straightforward area, double-check your directions,” Rusteen advises, adding that you should have a friend test them.
Provide Quality Amenities:
Don’t skimp on the amenities if you want a 5-star review. You’ll need good WiFi and, depending on the size of your flat, a WiFi network extension at the absolute least. “Test your WiFi in every room of your house,” Rusteen advises. Also, make sure the network name and password are visible to visitors. A smart TV, together with detailed instructions on how to use it, is also a fantastic option.
Spring for linens that go beyond the basics when it comes to bedding and towels. Take, for example, a towel. Guests will most likely shower practically every day they are in your home, so expect them to use it frequently. “I recommend getting the softest, fluffiest, most pleasant-feeling towels you can afford,” says Rusteen.
That’s all there is to it! Everything you’ve ever wanted to know about being a better Airbnb host. You’re well on your way to recouping your travel expenses while on vacation now. What better way to go on vacation and spend money than knowing your bank account is rising at the same time?