Are you considering becoming an Airbnb host?
There are many reasons people want to explore becoming an Airbnb host. One of the most common is to make extra money, especially if a big event is coming near them.
You can make good money renting out a second home, your own home — or even a room or two — during a big event. (You cannot rent out your apartment unless you have the landlord’s permission in writing. Some HOAs and cities require a 30-day minimum rental.)
Here are some things to consider:
You may need a license or permit from your city. Call or check their website for short-term rental requirements.
Where would you go during the event? If you’re going to bunk with some nearby friends, great. Then you’d be available if something goes awry during your guests’ stay.
However, if you want to go far away, you’ll need to have a handyman in case there is an emergency need at your place.
How much can you make? There’s no way of knowing. If you list it at too much, you might not attract any guests. Yet charging too little means you’ve left money on the table.
On the Airbnb site, search for other units similar to yours in your area for the dates you want to rent out. Do their rates seem reasonable for your place? Is their place a lot nicer or worse? Check out a few hotels’ pricing for those dates, as well.
* If you’d expect more than one set of guests, you’ll need to have reliable cleaners available to turn the unit. If you already have a relationship with cleaners, ask what they’d charge to clean your place during tis event with only a few hours (or a day) between guests. They may charge a premium, which is understandable.
* If you’re renting your whole place, you’ll want to lock away your clothing, personal items, and anything you’d be sad if it was damaged. Are you willing to put in this work?
* If you’re renting a room or two in your home, are you willing to share space with strangers? If you aren’t used to tidying up the shared spaces, you’ll need to up your game during their stay. What about sharing your kitchen, perhaps encountering someone cooking when you want to make your meals? You need to be quiet during quiet hours instead of doing whatever you want when you want. You will have to get dressed before going into shared spaces instead of padding around in your slippers and jammies.
You may need to buy new sheets and towels if yours are years old.
* Nothing is guaranteed. You may not get anyone renting your unit. So you’ve put in some work for nothing. Or you may get a nice price and have some extra money for vacation, to pay off debts, or fix up your place.
* Ask your tax preparer if you’d qualify for “The Masters Rule” which means you can rent your own residence for 2 weeks or less and not have to declare the income.
* If you are interested in moving forward to become an Airbnb host and have not hosted before, use this link BEFORE YOU START YOUR LISTING to be connected to me: www.airbnb.com/r/rebeccamorgan. Airbnb will pay me to mentor you. I will offer you specific advice to make your listing stand out, and how to host. I will not come to your place, help you write your listing, or be tech support.
* If you are already a host, Airbnb won’t pay me. If you want coaching, you can engage me at $250/hour and we can get a lot ironed out in a few hours. Use this link to set up a time and we’ll do a Zoom call to look at your listing description, photos, and house rules: bit.ly/RebeccaTime. Send $250 via Venmo before our first appointment: www.venmo.com/Rebecca-Morgan-102