6 things to consider before renting your property on Airbnb
The demand for Airbnb’s has greatly increased in the UK. People who would like to try their hand at hosting visitors and earning some extra income in the process are making for a growing market. Before you jump into this, here are some things to consider:
Develop your property's online presence
When it comes to promoting your Airbnb property, you want to start with a strong online profile. A potential guest will ask questions and look up reviews about properties they're considering staying at. You should make sure that every detail of your apartment is well presented to ensure you attract as many people as possible.
Secure the right insurance coverage
Before opening up your home to strangers, it's important that you take certain precautions, such as securing adequate insurance. Your existing homeowner's policy may not be enough. Contact your insurer to see what additional policies you would need for hosting visitors.
Having the right insurance coverage protects you from being financially responsible for any damage your visitors may cause during their stay.
Understand the laws of your city and state
Staying up-to-date on the local laws of your city and county or state is important whether you're a full-time resident or just opening your doors to strangers. For example, many cities require special licenses for short term rentals like those on Airbnb. Make sure you check with the authorities in your area first and follow any guidelines they might have.
Work with the right property management company
There are many companies out there that will make your life as an Airbnb host much easier. They'll help you manage everything from guest inquiries to cleaning and maintenance, all for a reasonable fee. Some even offer concierge services if your guests need anything during their stay. If you're thinking about renting out your apartment as a vacation rental, consider working with a property management company such as Zizibreezi to better present the property to potential renters.
Make a list of rules and regulations
Protect yourself legally by making sure all parties understand what is expected of them before they book their stay. It's also best to put these agreements into writing as an added protection as well as evidence should misunderstandings arise later. Your visitors will appreciate this written confirmation that outlines what they can expect during their stay.
Set the right price
Lastly, make sure you set the right price. Do some research and find out how much the properties near yours charge their hosts. This way, you can develop your price structure properly.
Do not forget to also consider the expenses and taxes when setting the price for your guests to stay.
If you follow all these steps, you are well on your way to being a successful host. Remember that to have a good reputation, it is important that you avoid taking in guests who might potentially become problematic.
