Airbnb is a great way for short-stay landlords to make solid profit. Although using the site is easy, making it worth your time is not as simple as it seems. Many Airbnb users have fallen into the trap of complacency under the assumption that they are receiving substantial profits for the time and effort they are investing. If you check the bottom lines, however, many are doing extra work for income similar to passive landlords.
- If taken seriously, Airbnb is a great way for short-stay landlords to turn a profit
- Comply with local ordinances
- Make investments so your guests feel secure
- List offering on multiple sites
For casual home-sharers, renting on Airbnb every once in a while for some extra pocket money is understandable. Short-stay landlords on Airbnb, however, need to take the venture serious in order to compete with passive landlords’ income. Here are a few tips for short-stay landlords to succeed on Airbnb, according Al Williamson to BiggerPockets
Comply with local ordinances – As Airbnb hits the mainstream, more localities are addressing short-term renters with specific ordinances. Make sure to research your city’s restrictions because many are beginning to require lodging taxes for stays 30 days or less.
Invest upfront to make your guests feel secure – Spending money on making your property more secure for your guests is always a good investment. Williamson recommends upgrading locks, bed bug proofing your beds, removing any odors and making small aesthetic upgrades.
List on multiple sites – You shouldn’t limit yourself to Airbnb. The top three commission-based sites include Airbnb, Home Away and TripAdvisor.
Keep your goals in check – Don’t get too ambitious with your goals. Stressing over why one guest did not give you a five-star review is not going to get you anywhere. Don’t try to compete with casual home-sharers, either, as the profit models are completely different. It would cost too much to clean the property between every single one or two-day rental.
Finally, be nice and polite to your guests. It’s not personal; it’s a business. Treat it like one.