Having an extra room in your home, or a place you don’t use, starting an Airbnb may be a logical step if you want to make some extra money, but you need to do it right. There are a lot of things to learn and if you’re not familiar with renting out homes, it can get quite confusing. In the world we live in today, it may seem as easy as downloading an app and bam, you’re on your way to extra income, but that is not the case. There are some very important things you need to know before you start your Airbnb business and have guests coming into your home to eat, sleep and play.
Airbnb 101
- Before you even list your home on Airbnb, set some house rules. You want your guests to have a great time, but you need them to respect your home. We’ve all seen the horror stories of Airbnb’s gone wrong and you don’t want that to end up being your home. These stories shouldn’t scare you, but they should be a cautionary tale into making sure you run your Airbnb right. Create a list of house rules for guests to abide by on your listing they have to agree to before they even arrive to protect yourself.
- You should be providing is a list of local attractions near your space your guests can enjoy while they are there.
- Make sure to leave your Wi-Fi password for them so they can connect! For a more personal touch, you can leave them a hand written note.
- Post gorgeous pictures of your Airbnb listing and consider hiring a photographer to take them. You want the pictures to be as high quality as possible. If you are in Halifax, we recommend Fraser Photography.
- Make sure you know what the laws are in your area in regards to renting out your space. There are a lot of places in the world that have very strict home-sharing rules. Make sure you are protected and know your rights.
- Don’t forget to report the income on your tax return. You are making rental income, so this needs to be reported every year. The responsibility is solely on you to report this, so in the future this doesn’t came back to bite you financially. Download this guide from HR Block to see more on your tax obligations as an airbnb host.
- Make sure you are competitive with your fees. You want your place to stand out among the other listings, so make sure your price reflects it. Once your Airbnb business takes off, you can increase the fee you charge. Check websites like Airdna, for average rates in your area.
- Don’t be naive and assume this isn’t a huge time commitment. Having an Airbnb means you need to be GLUED to your phone and email in case a guest or potential guest has questions or needs something. Last minute rentals are quite common so you need to always be on alert. This means the space always has to be clean and ready for a guest at any given moment.
Starting an Airbnb is a lot of work and sometimes it’s best left to leave it to the professionals. HostOften is a Canadian Based Property Management Company that specializes in Airbnb Listings. We offer full service management, and dependable turnover service. From the listing creation and optimization, to 24/7 guest communication we are committed to each client. Our team is available around the clock to answer guest questions, solve issues and make sure you, the homeowner, feels they put their property in the right hands. If you’re considering starting an Airbnb and don’t have the time, let us do the grunt work so you can sit back, relax and start counting your extra money.