It’s 2016, so many of us have rented or know someone who’s rented an airbnb at this point. If you’re unfamiliar with the airbnb (click here), it’s a simple app that lets individuals rent someone’s home for a short amount of time. For some, this opened another stream of income without the headaches that come with long term renting. You have the opportunity to bring few extra bucks here and there and if you’re ambitious, grow it to become a main source of income. With that being said, we wanted to list some tips here on our blog for people who were seeking some advice, and were interested in renting out their properties airbnb style!
Know your Clients
Take a look at the property you’re thinking of renting and visualize the type of client that would consider staying there. Are you close to a business district? Is nightlife lively? is it located in a remote area? Understanding your niche will help give you leverage when marketing and pricing your airbnb. It’s not enough just to market to everyone, so really take your time here.
You have neighbors!
Some of you might have neighbors next door, or even above you if you plan on renting an apartment. Do you live in a quiet neighborhood with early bird neighbors? You need to keep this in mind when renting out to a client. It is important to have a good relationship with your neighbors if you plan on renting out your space. An angry neighbor could destroy your chances of an airbnb business. Remember to always be respectful and polite.
- Be respectful
- Be aware
- Be professional
Marketing is key!
If you want potential clients to choose your listing you have to SELL IT. That doesn’t mean just putting up photos with your favorite filter, or writing up a cute description and thinking you’re done. Remember you are targeting a specific client, so tailor it specifically towards them. If you live next to a certain district highlight it, if you’re okay with them throwing a party and the neighbors are informed and approve it, help paint them that picture of a great party.
- Target a specific group
- Be aware of events
- Know you’re neighborhood
Set the Rules
You want to be clear with your list of rules beforehand, but remember not to go overboard and scare all your potential clients. A printed copy of house rules will be the best solution in making sure your guests are clear on what they are. Some categories to think about would be:
- Extra guests permitted?
- When are quiet hours?
- Are Pets allowed?
Get the price right
Setting the price right can be tricky and requires constant updating. you don’t want to be over priced where no client would want to stay, or place it too low where you would be throwing away money. To learn a good strategy check out this article.
If you follow these tips you’ll be on your way to extra income in no time. So get out there and make sure this a fun experience for you and your clients. If you have any questions on investing in properties in the San Diego area for airbnb make sure to contact us today!