If you’ve ever considered renting out your home on Airbnb, there are some things you should consider. Here are 14 tips from Airbnb, VRBO, Booking.com hosts on how to rent out your property the right way. And how the professionals at Palmaway.com can help you get started.
1. Ask Yourself Some Questions
Before diving into the world of short term rental (STR) hosting, it’s important to ask yourself a few key questions. Determine whether you want to make some extra cash occasionally or run your STR as a full-time business. Consider if you are willing to handle emergency maintenance issues and how you will deal with any potential damage caused by guests. Assess whether renting your home on Airbnb, Booking.com, and VRBO will be worth your time investment.
2. Be Honest With Potential Guests
Transparency is crucial when listing your home on booking sites. Guests will have certain expectations, so it’s important to be upfront about what amenities your home offers. If your property lacks laundry access, parking, or Wi-Fi, make sure to mention it. If your home is located next to busy train tracks, inform guests about potential noise. The more open and honest you are, the better ratings you’ll receive from guests.
3. Know Local Laws
Cities and towns often have regulations regarding short-term rentals on platforms. It is your responsibility to be aware of local ordinances to avoid potential fines for violating these laws.
4. Don’t Forget Taxes
Keep in mind that you’ll likely need to pay taxes on the income generated from renting out your home on Airbnb. Consider this factor when assessing the profitability of operating your property as a business.
5. Check the Calendar
Ensure that your STR calendar is always up-to-date. Failing to mark unavailable dates accurately can lead to frustrating experiences for both you and potential guests. Experienced Airbnb hosts suggest marking definite open dates on your calendar to minimize guest rejections, as this can improve your search ranking on the platform.
6. Consider Expenses
Listing your home as a STR entails ongoing expenses. You’ll need to stock your place with essentials like kitchen supplies, towels, soap, and toilet paper unless you go with a company like MyHomeWizard.com who provides turn key STR cleaning, linen, amenity packages, and ongoing maintenance. Expect a rise in utility bills as well. Additionally, you’ll have cleaning expenses, whether you handle it yourself or hire a professional turn service like My Home Wizard. If you plan to travel soon, reading about VRBO, Airbnb, Booking.com cleaning fees can be helpful in managing costs.
7. Make an Information Binder
Create a binder for guests that includes not only local entertainment and restaurant options but also practical information such as the Wi-Fi password, your contact number, and house rules (e.g., no pets). If there are any quirky features in your home, provide instructions on how to operate them, such as the television or coffee maker.
8. Be Choosy
Experienced hosts recommend screening potential guests to ensure a positive hosting experience. It’s essential to have some information about the individuals or groups you are renting your home to. If something seems suspicious, don’t hesitate to decline a booking. Some hosts only accept guests with positive reviews. Consider upgrading your property with a smart lock to simplify the check-in process for both you and your guests.
9. Think About Turnover
Apart from deciding how frequently you want to rent out your home, consider the time required to clean and prepare it for the next guests. Determine whether you need a 24-hour gap between bookings or if you can efficiently get the home ready in just a couple of hours.
10. Be a Good Host
If you plan on staying in the home with your guests, strike a balance between being welcoming and giving them space. Offer friendly tips to help them enjoy the area, but avoid being too intrusive. Enhance your Airbnb decor by seeking inspiration from designers and experienced hosts.
11. Set the Right Price
Before listing your property, research the prices of nearby hotels and similar properties. If you’re located in a bustling city, you can likely charge a higher price compared to a home situated outside the main attractions and amenities.
12. Consider Extras
Take advantage of any unique features your location offers. If you’re near a popular beach, provide beach chairs and sand toys for guests to use. Offer the use of bicycles if you have them available. If you need to pay for parking at your property, consider including a parking pass. These thoughtful extras can make your home stand out and attract guests.
13. Get Insurance
Your regular home insurance policy may not cover damage caused by guests who rent your property. While booking platforms provide some insurance coverage, it’s advisable to explore additional coverage options for peace of mind.
14. Take Reviews Seriously
Guest reviews can greatly impact your Airbnb rental success. Pay close attention to guest feedback and address any issues promptly. If there are complaints that can be easily resolved, take the necessary steps to fix them. As a host, it’s your responsibility to ensure guests feel welcome and comfortable during their stay.
All Said and Done:
Renting your home as a STR can be a rewarding experience, but it requires careful planning and attention to detail. By following these 14 tips from seasoned hosts, you can maximize your earning potential and provide a positive experience for your guests. However, if you find the process overwhelming or lack the time to manage your property effectively, Palmaway.com offers comprehensive marketing and property management services for vacation rental properties. With their expertise, you can entrust the marketing, guest communication, booking management, and maintenance tasks to professionals, allowing you to enjoy the benefits of hosting without the stress.
Ready to optimize your Airbnb hosting and increase your income?