Posted on January 22, 2019
Renting out your home for short stays could be a great way to make a decent sum of money. Hosting travellers and guests calls for consistent effort, time and some investment. If finding clients looks the difficult part, you now have AirBnB that facilitates this business by providing a platform to list your home and reach out to people looking for a good stay.
You can list your home, a rented home or even multiple properties on AirBnB. But simply listing your home on AirBnB won’t suffice. Before choosing to start hosting on AirBnB, you need to consider quite a few things.
Get Your Home Ready
Before you start hosting, you need to get your home ready for potential guests. Guest expectations are growing, and you need to make sure your home meets them. Certain amenities and furnishings are a must-have in your home. There is no point in being frugal about decorating your home. Be sure to choose furniture that meets both form and function.
Manage Neighbour Relations
You need to make sure your neighbours are okay with your hosting business. Noise disturbances, check-ins and check-outs at odd hours, sharing space with new people can be quite disturbing for your neighbours.
You need to maintain good relations with your neighbours and at the same time invest in noise management products and systems. You will have to juggle between keeping your guests comfortable while ensuring your neighbours aren’t disturbed.
Study the Market and Pricing
Hosting on AirBnB is not just about earning money out of your home. You need to do your research on how the business works and what it can do for you. Understanding the pricing, expenses, rental arbitrage and more importantly, the ability to wait till you start getting regular clients and recurring business are things you need to keep in mind.
Start Your Search
Investing in a home that can eventually earn rental income is a good business idea. With time, money and effort as the initial investment, you can be assured of a good income source over a longer period of time. Whether it is a single unit or multiple units, you just need to find the right home that guests will be only too happy to rent.
Your search for estate agents in Newcastle ends with us. At Wright Residential, we are here to understand and help you buy or rent your house anywhere in the North East.