AirBnB has given the opportunity for homeowners to become landlords at the click of a few buttons! While this whole new world and income stream is an incredible benefit to lots of people, it isn’t all plain sailing and there are some considerations that need to be taken in to account.
See how much you could make as a host here.
Boring? Maybe. Crucial? Yes. So, without further ado, here are things you need to know if you are or want to be an AirBnb host:
When you become a host, you are responsible for the whole experience that your guest receives. One of the key elements to a guests comfort is how clean and well-presented the accommodation is. While it is generally not expected that you will offer a housekeeping service during a stay, the property needs to be up to a hotel standard if you want happy campers!
Housekeeping can be an even bigger challenge if you are attracting (or encouraging) short stays as that equates to more work! This may not be an issue for you but something to be aware of. If this seems like something you can’t do personally because of distance, other commitments or lack of interest then you should get hired help. Either search for a local cleaning company or use a management service who understand the independent hosting model.
Tax is rarely a fun topic to cover but the implications of not knowing what you’re doing are serious. It is no excuse to not know what your obligations are and to act upon them. Read up on the tax that you will need to pay on your new income and how to best manage that before your first guest arrives.
It isn’t all bad news! There are a range of tax allowances and breaks to be aware of so take advice and see what it means for you. Every property and individual will be impacted by different circumstances so it is something that, sadly, takes more than a quick Google search. The consumer group, Which?, have written up guidance that directly relates to being a host.
Sell, Sell, Sell
AirBnB provides a platform to promote your property a very large and growing audience. However, you still need to stand out from the crowd if you want to attract regular bookings. Work out and highlight why people should stay at your property rather than the one down the road.
Price? Location? Character? Service? Whatever your selling point, you need to make it clear to someone who is likely to only give you a matter of seconds before going on to the next listing.
Pictures tell a thousand words so are the natural place to grab attention. The second element of immediate “Yay” or “Nay” are reviews. You may have the best written listing but a less than glowing set of reviews will put all future punters off. You can gently encourage customers to leave a review upon departure and make an effort to respond to every comment (good, neutral and bad) to demonstrate your responsiveness and care.
Good luck in your AirBnB (ad)venture!