At one point or another, you may have thought about buying a motel or bed and breakfast since you love the idea of working in hospitality. However, the more and more popular that Airbnb becomes, the more people are opting for this as a business option.
The opportunity to make big money is completely possible, and there is no shortage of people seeking out Airbnb’s in major areas. Whether they’re visiting from out of town or need a short-term rental while they find a new home, there is a lot of opportunity in this booming industry.
Before throwing your property on the website ready to rent out with a second thought, however, know some basics that you’ll need to do before getting started.
Research Your Area
It’s important to know exactly what you’re getting into. Since Airbnb tax regulations may be different depending on where you are in the world, it’s important to know how your country handles this type of business.
You’ll also need to know what kind of competition you’re up against in your area to be able to determine a listing price. Knowing which seasons are most densely populated with out-of-towners is a good starting point. This way you will know when your ideal period of time to heavily market will be.
You should compare prices with other Airbnb’s as well as hotels in the area so that you know exactly what competition is in your area.
Get a Business License
In the event that anything goes wrong during a rental, you should protect yourself by having a valid business license. This way you can operate as a real business and know your ins and outs on the taxes you’ll be able to write off.
Since Airbnb is paid directly through the website, it’s advantageous to have a business bank account so that it goes directly in without mixing with your personal funds.
Treat it Like a Business
You’ll need to treat your Airbnb business just like you would any other. That means determining the daily tasks which need to be done and how they’ll happen.
If you won’t be available full time to be able to take care of the property and service it in between guests, then you should ensure that you have someone there to do it for you. That means hiring staff who is reliable and will get the job done. You’ll have to treat and pay them the same as you would an employee for any other business so choose wisely.
Decorating your Airbnb so that it’s eye-catching for the picture in the listing is crucial. Blurry photographs taken by amateur photographers will be much less likely to stay booked regularly.
Make sure that you put time and effort into the presentation of your rental.