As the housing market continues to soar, many homeowners are looking for ways to make the most out of their properties. Turning your home into an Airbnb can be a good way to make some extra money. But there are some important pointers to follow before opening your home to patrons.
Symon He, co-owner of LearnAirbnb, told CNBC that you will first need to do some research.
"Many aspiring hosts do not understand that the earning potential for their property is largely determined by their location and the existing demand for Airbnb travel," they said.
The research boils down to two different categories: legality and demand.
Before you get started, find out what your local government requires.
Some state and local laws are friendlier to Airbnb than others. In some places, for instance, you may need to take a trip to your local city hall to fill out necessary paperwork before renting out your pad.
It would be wise to consult a superhost to determine what your area's demand is like and what the common obstacles for hosting are. Airbnb superhosts are experts with exceptional experience and talent. To help new hosts, Airbnb offers a service that allows interested parties to contact local superhosts to ask questions and receive guidance.
If you decide to go for it, make your listing stand out.
Once you've done your research, it's time to spruce up your pad. Here are a number of ways to make your home an Airbnb hotspot.
- Spruce up your living space with new furniture and appliances to make your home more competitive with other Airbnb hosts. Renters want to experience luxury during their stay, which can mean anything from an assortment of potted plants to state-of-the-art kitchenware.
- Take the time to snap some showstopping photos for your Airbnb profile. Consider hiring a professional photographer to make sure you get the right pictures, because visual representation is essential for your hosting profile online.
- Write a rock-solid listing for your Airbnb. From HDTVs to complimentary streaming services, identify a target audience for your listing and grab their attention by advertising all of your home's amenities. Consider who would want to visit your home and why, then cater your description to that audience.
- Amenities are a standard for Airbnb rentals, so make sure to stock up on toilet paper, body soap, towels and more. The more amenities you can offer, the more competitive your listing will become.
- Clean is king. Always ensure that your short-term renters are walking into a spotless home. It sounds obvious, but makes a huge impact on the renting experience.