Nowadays, there are all sorts of creative ways to make a little extra money without getting a second job. Some people get into the MLM scene, others offer their creative skills on sites like Fiverr, or join rebate sites in order to earn a few bucks on the side, but what do you do is a side hustle isn’t really your thing? If you have the space and a knack for hospitality, opening an Airbnb rental would be a great option for you! But before you create your Airbnb listing, there are some important things you need to know to get started.
Understand What You Are Getting Into
Turning your home into an Airbnb property is a wonderful way to bring in extra income, but it does come with a price.
By becoming an Airbnb host, you are inviting strangers into your home, and even with tenant screening, this can be intimidating for some.
You are also putting yourself essentially on call 24/7, should your guests need you for anything at any time.
Responsiveness is key, and if you are striving for 5-star reviews, you have to be prepared to go above and beyond for your guests to give them the best experience possible.
Know Your Local Laws
Before you start the process of becoming an Airbnb host, your first step should be making sure that you are legally allowed to do so within your local government and homeowners association’s guidelines.
Once you have confirmed that you are within your rights to become start an Airbnb business and have applied for any necessary permits or inspections, ensure that your homeowner’s insurance will allow your residence—whether it be your main residence, a vacation rental, or an accessory dwelling unit (ADU)on your property—to be used as a short-term rental.
Please note that many landlords and apartment managers will not allow their renters to rent out their rental property.
Doing so without permission could lead to being evicted from your home.
Prepare For the Cost
Although you will make money as an Airbnb manager, there are certain costs that come with the territory.
Having a regular cleaning service to clean your rental before and after you have guests keeps your property clean and free of pests.
Maintaining a neat yard, parking space, and any other outdoor spaces that your guests might use is also a definite must.
You will also need to provide your guest with basic necessities, like toilet paper, hand and body soap, towels, linens, and pillows.
If you’re busy and don’t have much time on your hands, consider hiring a local Airbnb property management to handle your maintenance and upkeep—and even your guest communication and services if you’re really strapped for time.
Get Your Rental Property Ready
If you are using your entire main house or your vacation rental for your Airbnb rental, you will need to ensure that it is clean and in good repair.
The most successful Airbnb listings give abundant, professional-quality photos of the entire property from different angles, so the guests may take a close look at where their money is going.
If you are renting out a garage conversion or plan to build an ADU or granny flat, ensure that you have any necessary permits in place for that as well, and consider hiring a property inspector to come out and look at your rental property.
Laws for building an ADU can vary from place to place.
For instance, an important thing to consider when building an ADU in Los Angeles is the limit on how many square feet the property can be, while San Francisco has no limit on square footage as long as it fits within the property boundary but has limits depending on eviction history.
Time to Get Started
Once you’ve ensured that your rental property is within the legal limits of both Airbnb’s guidelines and the laws set by your local government, all that’s left to do is take those pictures and create that listing!
You’ll be a true Airbnb host in no time!