In addition to financial expenses, don’t forget to consider your time. Sometimes hosts only have a few hours between a departure and the next arrival to clean up and restock the space. Perhaps you will need to hire a cleaning service or make sure you are available to clean the space yourself. Being a host means checking your email and phone frequently to answer inquiries.
Be a respectful host- Airbnb and other similar sites are not like hotels. Many guests enjoy personal interaction with the host. Don’t overdo it, though, give them some personal space. Greet them and make sure they have what they need, but allow them to do what they want. They will let you know if they have questions.
Although long term rentals are easier to manage, short term rentals like through Airbnb can be more profitable.
Make sure you set an appropriate price based on local competition and nearby hotels and hostels. Then again, if you are always at 100% occupancy, you may be charging too low!
Consider adding value to increase the price- like if you live near a beach provide snorkel equipment and boogie boards for guests. If you want to appeal to groups, you could offer a low price for the first two guests and then a small add on fee for each additional guest.
Check reviews and ensure you take good care of your guests. Reviews help you continue to bring in guests. When something goes wrong, be polite, own up to the problem, and do your best to fix it. Guests will notice if a host goes above and beyond, even something small like greeting them with a cold glass of water.
Don’t accept just any guest- check guest reviews. If you have a bad feeling about a guest, don’t accept them. Screen your guests.
Additionally, you may consider hiring a property manager (like ME!) to handle these tasks for you and make sure your property brings you regular income without being hung up in all the details.
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Image By Corey Coyle, CC BY 3.0, https://commons.wikimedia.org/w/index.php?curid=52416762