Being a host, especially in the realm of Airbnb Arbitrage is one of the best decisions I’ve had the opportunity to make. However, I had to learn the hard way that there are a lot of misconceptions and hurtles that I had to pass through in order to get where I am today.
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I was worried about a lot of things: If it was safe or if I would be able to manage a rental or two on my own if the income would be worth it- Spoilers: It definitely was.
With 100% honesty, I can say that it was worth the energy and personal time that I have invested in it. If you’re seriously considering this great opportunity, keep reading. This is my personal complete summary of how to be an amazing Airbnb Host.
Be Genuine, Honest, And Transparent
Have you ever had the opportunity to meet a celebrity that seemed fake? It’s offputting and uncomfortable. What’s even worse is not being upfront as an Airbnb Host.
While working on your profile, it may be tempting to photoshop or overly stage your listing. People know that they’re getting what they paid for. Just because you don’t have the most luxurious place out there, doesn’t mean that guests won’t be interested in trying to book.
A lower price range may even entice budget travelers. Sometimes all a person needs is a small, inexpensive place to rest their head for the night. Honestly, I find that these folks are the most often likely to leave the most detailed, and best reviews.
If I’m being real with you, most guests won’t bother to read through your entire listing. Yet, it can be incredibly vital when disputing bad reviews or claims. If you want one place where your guests can find all the information they need, consider creating an Airbnb guidebook. While not required by the company, it will guarantee you an easier time when trying to showcase your listing to a potential guest.
Looking Into Legailty
Making sure your business is legal is one of the first items you need to look into when starting a business. If you’re just renting out part of your apartment without letting a landlord know, it can actually get you into a lot of trouble. This is because even if the people are staying overnight, it still counts as subleasing the property.
Another item you may want to make sure you have is the proper type of insurance coverage. Because Airbnb is a business, it’s technically not covered by your homeowner’s insurance or renter’s insurance. Slice and Proper are two of my favorite insurance companies to recommend for Airbnb Hosts for short-term rentals. They work exclusively with short-term and vacation rentals in mind.
Remember That Your Airbnb Is A Business
If you’re hoping to turn a profit from having a listing or two, it’s important to separate this endeavor as more than a side hustle. As an Airbnb host, your listing has become part of your personal business.
Break down the business into different factors and establish what can make your listing even better. The more of an experience that you create for your guest, the higher you can charge. However, this also means the more work you have to put into each booking.
While offering breakfast in the morning can make your listing even more enticing, is it viable to complete each booking? How much can you price your listing for? My biggest recommendation is to research the market in the surrounding area. How much do other hosts around you charge for a similar experience that you offer?
Whatever you do, ignore Airbnb’s price recommendations. Check them out, but don’t always follow what they guide you towards. Often times the company shoots a little bit lower than what you ought to be making.
Ready To Start?
A huge question that I get asked a lot of the time is “How do I do it?” or “How do I Start?” The answer is a lot simpler than you might think. Just do it. If you want something, go for it.
Start today, right now.
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