Make Yourself At Home

Airbnb – the fun, easy, and trendy way to make loads of cash every month? Possibly, but not quite. After around one year of operating an Airbnb unit, I’ve learned the ins and outs of short-term rentals. There are certainly many positive things that come along with operating an Airbnb, but there are also a few things that make it less desirable. Here are some of the pros and cons of owning and operating an Airbnb. Pros 1. POTENTIAL FOR INCOME The potential for income with owning an airbnb is astronomical. I have read about people who have replaced the salary of their full-time job with owning 1-2 of these. The potential for income varies based on the market and using a software like AirDNA to help research what that potential is prior to starting your business is crucial. 2. AVERAGE GUEST STAY IS SHORT-TERM Having the guest only staying for a short time comes along with many perks. First, it gives you flexibility in your scheduling. Do you have family coming in town and you want to allow them to stay at your unit? Perfect! You can just block it off. Or maybe your unit is located in a vacation destination city, you can just block it off for the times you want to visit. Other perks include yourself or your cleaning team being able to check on the condition of the unit frequently and the chances of someone being able to do significant damage to the property is slim. Finally, if you have a difficult guest, then you only have to deal with them for a short time before their stay is over and you can move on. 3. GREAT TOOLS Airbnb gives you access to a variety of free tools that help make your life AL OT easier in terms of the day-to-day management and communication of the unit. There is software that performs market research for you and pricing your unit competitively to ensure minimal vacancy. There is also software that automates the communication for you. I set mine up to messages guests immediately upon booking with a nice welcome / thank you message, confirm dates reserved, house rules, directions to the property, and recommended local spots to visit. Then the guest would receive communication two days prior to their arrival, and at check out asking for a review. These tools along with a lot of other third party tools help to automate the whole process.