Having a side hustle is pretty common nowadays. People want and need the financial flexibility that it brings. A recent survey conducted by The Harris Poll showed that 34% or one in three Americans already have side hustles, and 24 % of those without are planning to start within this year.
Getting extra work done after your nine to five can help you achieve the financial freedom that everyone’s coveting. However, having multiple jobs also means getting less rest. And that’s clearly not good for your health.
That’s where Airbnb comes in. Home rental businesses can be the perfect way to earn money passively. And here are nine of the most important tips to consider and follow so you can start a marketable and profitable Airbnb rental.
- Choose the right location. Choosing the right property to buy is the key. Go where the business is. Find places with high demand. Mind you, it doesn’t necessarily have to be near a tourist spot. But having a home rental business within the accessibility range of offices, supermarkets, events areas, and most especially, bars and pubs would definitely increase your marketability. Ironically, setting up shop in the Airbnb market can also be a breeze if you choose to go the opposite direction and choose a property away from everything. A nice lodge in the wilds or a comfy and serene ranch house can give experiences that people usually go for.
- Do it legally and get your permits. One of the most common rookie mistakes ever is ignoring the importance of permits. Having to pay a few bucks can save you from expensive penalties and, worse, having to shut down. Tedious paperwork and unresponsive city hall officials cannot be used as excuses anymore since you can even do it online. Do it right to avoid unnecessary problems.
- Get insured. Yes, health insurance is important, and you should certainly get one. But as much as your body needs protection, so too does your investment. You’re putting time, money, and effort into this venture. Those are investments that you should secure. Tenants and short-term guests usually have the bliss of being travelers. Sometimes what starts as a carefree spirit becomes a rowdy destroyer of sinks. And when that happens, it would be best to have rental property insurance to back you up.
- Pick a theme and stick with it. The online property gallery is arguably the best feature in the Airbnb platform. It’s like an ocular visit in the comfort of your couch. That will be your initial selling point. That’s what’s going to capture your potential renter’s attention. Choose a theme that would complete their traveling experience. And consider using a style that would probably not be used in common homes. Since most houses have modern architecture and interior design, it would be best to choose something more intriguing.
Go Bohemian and fill the house with indoor plants, vintage design pillows, and ethnic furniture to get that tribal and nomadic vibe. Or go with a more rustic and mature approach with brick walls, exposed steels, and vintage wooden furniture since industrial rentals often go viral.
- Clean it up. Customer feedback matters. Most of the time, guests check out the comment section of a property before deciding. You don’t want them to read how disgusting your investment is. Clean your place up nicely. Avoid exposed wiring and declutter. Give more time and effort to getting the bathroom cleaned. Make sure the sheets are always fresh. You know, things like these are fundamental yet often overlooked. Don’t make that mistake.
- Invest in amenities. Ask yourself, “what would I look for if I spend the night in another person’s place?” Know their needs before themselves. Aside from the beauty of it all, the Airbnb rental competition exists in the experiences offered. Make sure the Wi-Fi’s fast and the beddings and pillows are fresh. Buy a gaming console if you have money to spare. And most importantly, provide streaming and music subscriptions. You don’t know how good it feels not to worry about that during a staycation.
- Don’t cheap out on toiletries. This is very simple. You don’t want your guests to go out and buy things as basic as shampoo and soap. Give them that five-star hotel experience and make them feel loved by thinking ahead.
- Work on that photo shoot. As said earlier, people are very visual. Just like how restaurants have pictures on their menus, you can sell your place easily by showing them what you can offer. Hire professional photographers and glam your profile up.
- Take them on a journey with your write-up. Guests want the adventure. They want to check out rental properties that not only look good but sound great as well. Be descriptive and creative. Take them on a journey even before they book you.
Overall, the best way to have a successful Airbnb rental as your side hustle is to treat it as your own home.