Making money from space not in use?
Renting out extra space for short-term basis is a lucrative business idea that a lot of homeowners look into, but never dare to take the leap. Well here is our complete guide on how to prepare your property to become an excellent host for clients.
Before you even list, you will have to take care of a few things like:
- Rental laws – you have to be sure that you understand and comply with all the rental laws.
- Pricing – evaluate the price your place can get. You might ask more and not get any customers or ask less and fail to make profit.
- Insurance matters – make sure you are in well protection and have Airbnb liability insurance that covers any losses or damages.
- Get your landlord on board – if you don’t own the property then make sure your landlord assent, or else your product won’t even get to the market.
- Rental arbitrage – it is lucrative revenue potential that evaluates your property or area’s worth. Make sure you score well.
- Your potential – your income, workload and the amount of time, energy and tools you are willing to give will determine how much you are willing to get in return.
- Furnishing – it’s a given that you should make your rental attractive. So that your customers are visually happy but also comfortable in the space.
Once you’ve listed and start getting customers, you think about other things too
- Setting house rules – make sure you set boundaries for the renters or else you’ll end paying more than you are earning. Like restriction on pets, smoking or fire hazards.
- Protect your identity – your guests are complete strangers, they may seem nice but there are bound to be a few freaks out there. Make sure you are protected beforehand than be sorry after.
- Get feedback – I know it sounds crazy but ask your customers about their experience. Learn and improve so that you attract new customers and old ones keep returning.
- Things to avoid at all costs
- Being nosey – let your guests do whatever they want, as long as they are abiding by the rules and not causing any real damage.
- Illegitimate business – make sure all your paperwork and legalities are in order before listing. If you don’t your property can fall in blacklisting.
- No Backup and spare – keys are something that always get lost, so make sure your renters are not locked out. Also have spare towels, toilet paper or bulbs because you never know.
- Messy House – this one’s obvious. Have a clean space that feels welcoming. Just providing a sparkling and hygienic space can prove more attractive for customers than expensive interiors.
So, now that all things have been listed you can become a great host with a thriving business. However, if you’re still not sure then head onto Your Super Property Host and get help from their experts to help your BnB business.