Creating additional sources of income is one of the most popular search terms on Google recently. That’s down to a shift in mindset as well as the necessity for people to have more than one source of earnings. When we speak to our followers via a direct message or email, they no longer feel confident in job security. It makes sense to have options readily available in case problems arise.
And just like previous blogs, if it falls within the proximity of interest, Move, Store & More will investigate to see what the ins and outs are. In particular, we’re always happy to provide tips directly to anyone who messages us, especially if those benefits help improve their income. It has been a challenging year, and we all need a helping hand wherever possible. We’ll delve deeper into the benefits and risks of becoming an Airbnb host, including tangible examples.
The Pros and Cons of Airbnb Hosting –
Whenever looking into making money online (or with an accompanying offline element), there are several stances to investigate before jumping in. Some will require an upfront investment, while others need you to purchase equipment or other assets to begin. There will likely be a focus on a skill or savvy marketing, regardless of what your medium or niche is. There are always pros and cons to weigh up before taking the plunge; otherwise, you might lose money or waste time.
The obvious distinction for Airbnb hosting is what property you’ll use. While there are plenty of ways to make money without owning a property, we’re sticking to the traditional route for this blog. You can read more about the other methods of monetising via Airbnb here. But this article is focusing on homeowners venturing into the short-term rental market.
Here are some things you’ll need to consider:
- A fully costed business plan.
- Ideas on trimming costs.
- Good ideas for technology.
- Proactive approach to maintenance and décor.
- Strive for customer service.
We’ll expand on each point as we traverse through this topic, with a view to understanding the practical steps to becoming an Airbnb host.
Is It Easy to Become a Host?
The process of becoming a host is relatively straightforward. Airbnb provides an easy-to-follow guide for doing this, and you don’t need to be particularly great at technology. They have a lot of resources and tips on their site as well. You’ll find everything necessary to walk you through each step of the initiation, in addition to further reading for when you’re hosting.
However, the journey doesn’t begin and end there. You need to consider this in terms of your first year as a host and treat it like a proper business venture. It’s ‘make or break’ for any new enterprise during the first twelve-to-twenty-four months of trading. And this needs to be thought of in those terms to make sure it’s a success.
While the sign-up is simple, the rest is anything but. That’s why we’re suggesting you put in lots of research and crunch the numbers thoroughly. You can work out if there’s enough upfront capital and free time for you to take this on. That said, there are options to outsource some of the tasks, and we’ll look at this aspect of the sector.
Move Store and More Tip #1 – prepare for research and costing exercise, culminating in a business plan.
In-House vs Outsourcing Daily Tasks –
We’re now going to consider what the choices are for in-house vs outsourcing. For those with landlord experience, you’ll probably be ready to take on most of the duties without hesitation. This is most likely the best route if you have more than one property. Also, if you’re thinking in terms of this as a full-time career where you have plenty of time to allocate.
Now we can consider things from a broader perspective to include people who don’t fit this description. Outsourcing provides an opportunity for homeowners who want to have passive income. You can hire a property manager specifically for Airbnb these days. They then manage the guests and maintenance while you handle the admin side of things.
There’s an expense to consider for this service, but that all goes into your preparation and calculations. It leaves the possibility to keep working, and this a side gig. Add a professional cleaner to your costings as well to save more time, and so you can fully delegate the physical duties. You can go the whole hog and link with a local transport company for airport pickups.
Move Store and More Tip #2 – look into outsourcing possibilities and request quotes to add to your business plan.
Utilising Removals and Storage Services –
Now we’re moving on to some practical parts of what will result in your strategy if you see this as a viable undertaking. Most short-term rental ventures require transport and storage for things like furniture. To note – the likelihood of having adequate spaces in the property itself is low. Additionally, a dedicated workspace is an advantage for any business. And it’s possible to have both cost-effectively.
Using a man and van service is an affordable option for all your collections and deliveries. There’s no need to buy or lease a van by doing this. It also reduces upfront costs, and reputable companies can become valuable partners for a long-term business association. The ones we know usually have a local distribution capability as well.
Before you consider renting a commercial building, there’s a far cheaper option for storing furniture and appliances. Self storage presents a multifaceted service that can take on more than one role. On top of the dedicated storage provisions, you’ll have an alternative office. You can catch up on admin and have items ready to swap out in the property.
Move Store and More Tip #3 – removals and storage to trim your outgoings.
Top Tips for New Airbnb Hosts –
For us, the business plan is one of the initial points we need to highlight as a game-changer. You’ll know if this works for you financially and timewise before making any commitments. Furthermore, you can identify any risks and mitigate them before you begin. What’s more, you’ll have a set idea of how your business will operate and can hit the ground running.
The second tip in this section is to consider the benefits of smart locks. This will be a cost but gone are the days of 2 pm check-ins and the need for you to be there to meet and greet physically. A temporary access code works for the duration of the guests’ stay and expires when they leave. Complete security and flexibility – most likely happier visitors as well.
Here are the highest rated smart locks on Amazon:
- Kucacci Smart Deadbolt Lock
- Level Lock Smart Lock
- ULTRALOQ Smart Lock U-Bolt Pro
- Yale Assure Lock
- August Wi-Fi 4th Gen Smart Lock
Our third and final nugget of wisdom – comfort is king when it comes to the hospitality sector. The most popular review point is a snug bed and comfortable seating. If you pay attention and spend a bit more to get this side of things right, the payoff will be immediately apparent. If you go through ratings and reviews for other hosts, you’ll notice something that crops up repeatedly. One of the frequent topics is how cosy the house or apartment is.
Move Store and More Tip #4 – check our Airbnb’s online resources and read through their case studies, and host tips articles.
A quick roundup of the rest –
- Make sure the property is well maintained and repaired.
- Keep the outside areas tidy and welcoming.
- Add a barbeque and some outdoor things like a heated lamp and wood burner.
- Sell the local area as well as the property’s features.
Evaluating the Local Market –
It’s a crucial point that you understand your potential earnings as part of your preparation. You can achieve this with some focused research on hosts with similar properties. Have a look online to see if there are any Airbnb houses in your area or close by. Then open an Excel or Word doc and note the rental price they’re promoting.
Concentrate on things like features and see if you can match or better them. If there’s potential to make improvements without much investment or extensive remodelling, it’s worth doing. As previously mentioned, good places to invest are mattresses, bedding, and seated furniture. If you’re a dab-hand at finding a bargain, maybe shop around for cheap appliance and furniture upgrades.
You’ll need to sell the place to prospective guests by showcasing your home’s best aspects. Write down all your home’s features, and then see if you can write an inviting property description. Add information about the location and any amenities or attractions. Failing that, you might need to hire a copywriter who can do this for you.
Move Store and More Tip #5 – do your homework and look at similar Airbnb properties in your area.
Move Store & More – Giving the Low-Down on Airbnb Hosting –
So, that’s the end of our article on Airbnb hosting and the short-term rental sector. It’s our mission to dig through the information that’s out there in the Realm of Google. Then, we’ll read it, compare it, compile and assess everything before deciding which bits we like. By balancing this online advice with our professional and personal experiences, we hope to provide you with useful information.
Airbnb hosting definitely has the potential for people to change careers or as a side hustle. However, neither option is easy and will require plenty of research and preparation work before you decide. Luckily, Airbnb also has many resources and articles to give you a helping hand, both before and when you start as a host.
If you still have questions regarding this topic we haven’t covered, please get in touch or leave a comment, and we’ll do some additional digging. Wherever possible, we’ll seek answers and will revert.
We’ll be back with a new blog shortly. Until then, go well, and we hope you’ll Move, Store & More with us soon.
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