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Beginner's Guide to Renting Your Vacation Home on AirBnB
AirBnB has transformed the vacation rental industry and many homeowners are taking advantage of all the platform has to offer. When thinking of becoming a host, it is important to follow some steps to protect the property, one's privacy and provide the best chance at success. Learn about how to rent a vacation home on AirBnB.
Hosting Experience
A person who wants to host others in a home can gain more than financial benefits. Three main types of hosts exist:
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Someone looking to make extra money from the space
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Someone looking to support a secondary source of income
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Someone who wants Airbnb to become a business and main source of income
The more income a person desires, the more planning it will take as well as risk. Many tools and strategies exist to support a person who wants to make a sizeable income from renting rooms on Airbnb.
Set Realistic Expectations
Chat with potential guests to ask questions prior to booking. It takes time and effort to earn great reviews as well as checking guests in and out. Set expectations up front about time commitment will be required prior to hosting.
Get Proper Insurance
Home insurance plans are not a guarantee of insurance for damage due to short term renting. Airbnb provides a $1 million guarantee but it is still risky and additional insurance may be needed.
Consider Neighbors
A quiet community may be averse to having tons of outsiders coming into the neighborhood on a regular basis. If a unit is part of a shared space, it helps to keep neighbors in mind. Consider managing relations with neighbors who may ultimately put the kabosh on things if it doesn't go well.
Furnishings Matter
For a person serious about hosting guests, furnishings and amenities can make a huge difference. Each unit must have furniture. The choice of furniture must provide both function and form. Consider what pieces are important to guests and make sure it supports the best interest of those staying in the room or space.
Get the Listing Right
Once the listing is ready, get positioned for success. Great photos and descriptions are fine but don't tell the whole story. The following can help in putting up a space for a successful run on Airbnb:
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Seat clear house rules about what is off limits and strike a balance for those coming and going
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Protect identity and follow the Airbnb rules
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Keep bookings short to avoid potential squatters (people who stay for weeks or months at a time)
Renting a vacation home can be a fun, creative way to make extra money while meeting interesting people and offering a fun way to engage travelers. It can also be a headache if the research and work is not done up front. By following the tips provided, it will help to alleviate some frustration with renting to make it a more enjoyable experience for everyone involved.