Many people are choosing to either buy a property or convert their own home into an Airbnb. The last decade is full of stories of success, but there are other stories that you don’t hear about too. Experiences where people failed to consider all the factors involved with owning a rental property. Bringing strangers into your home can be an unpredictable experience. And there are other factors people fail to consider, like marketing and providing services to the tenants. Thankfully, a lot of lessons have been learned, and you do not have to repeat everyone else’s journey. Here are some factors to consider when deciding to become an Airbnb host.
- Commitment: Running an Airbnb is a business and because of this you will have to dedicate a significant amount of time to it to get good reviews. Your schedule will be at the mercy of the arrivals and departures of your guests, and you will have to provide services like linens and toiletries. There will sometimes be maintenance issues as well. Alternatively, you can find Airbnb management in Surry Hills to manage every aspect of the business. If you have a popular property you will have to manage the communication with your potential guests as well as your current tenants. And you will have to find time to arrange cleaning and upkeep of the facility, especially if it has a garden or a pool.
- Setting your price: Managing an Airbnb can be a good income stream, once you get past the start-up costs. A consistently rented Airbnb can create twice the income of a full time rental property. But you will have to consider your price carefully. Especially if you are in an area with a high density of rental properties. It might be a good idea to check out the competition, maybe even rent a similar facility for a week to get a feel for the business.
- Work at your own pace: One of the distinct advantages of owning an Airbnb property is that you have a lot of flexibility. You can decide how often you want to have the property available. And you can also use the property for yourself, or family if you like. It is not necessary for you to make this into a full-year business. A service like HomeHost can help you manage your listing schedule.
There are several other factors to consider, of course each property has its own pros and cons. The important thing is that you consider all the aspects of managing your property, and by all means check out some of the hosting agencies that can take a lot of the work off your hands while helping you to become more profitable.