I hate to break it to you, but if you only have one income stream, you may be in trouble. With the market as tumultuous as it is right now, one of the best ways to protect yourself is to diversify your income.
Before you panic, don’t worry! This does not mean taking on a second job. At least, it doesn’t have to.
These days, there are several ways to bring in a second stream of cash without doing daily work. One of the most popular methods? Becoming an Airbnb host!
Airbnbs have soared in popularity over the last several years, with people realizing that renting out a home can be a solid source of income. However, an Airbnb business doesn’t run itself. If you want to start a successful Airbnb business, read on to discover tips you’ll need to know.
Location is Everything
Before you set up your Airbnb, consider the audience that you’re targeting. Properties in high-tourist areas are certain to get more activity than quaint houses in the suburbs. This isn’t to say that only beachside properties are worth setting up, just be realistic about how often you’ll have guests and factor that into your Airbnb profitability
Knowing your target audience will also help you tailor your listing on Airbnb so that you’re attracting the right guests. There’s a huge difference between a cottage getaway, a beach house, and a party pad.
Get Your Ducks in a Row
While the concept of owning an Airbnb home may seem simple enough, there are a few hoops you may need to jump through first. Check your local laws and leasing agreement to ensure that you’re aware of any restrictions on Airbnb properties or special permissions that you may need to acquire. Certain locations require permits or other licensing to launch an Airbnb.
Doing this research upfront can help you avoid a hefty fee later on.
Outsource Where You Can
You may feel pressure to do everything yourself, but outsourcing some of the work can save you a lot of time and stress. For example, having a professional clean the property in between stays can take a huge load off you.
If you want to be even less involved, you could hire a property manager to respond to emails, requests, and administrative tasks for you.
Make Your Airbnb Business a Home
Staying at an Airbnb is like staying at a hotel or renting a condo. Consider little touches that will wow your guests (and boost your rating). This might mean adding a keypad lock so guests can check themselves in.
Providing linens, coffee, or even board games could also help your property stand out.
Get Ready to Fluff Some Pillows
At the end of the day, starting an Airbnb business can be a great gig, but it does require a bit of setup.
Maximize your Airbnb profitability by doing your research, investing in your space, and garnering good reviews and you will thank yourself later!
Written by Callum Jackson