If you’re a property investor, you may be wondering if it’s worth listing your investment properties on Airbnb.
After all, traditional rental agreements can be quite limiting – not to mention the hassle of finding and screening tenants.
Airbnb offers a more flexible way to rent out your property, and can even be more profitable in some cases. Here are just a few reasons why you should consider listing your property on Airbnb:
1. You can set your own rates
With Airbnb, you’re in control of how much you charge for rent.
This means that you can adjust your rates according to demand, and even offer discounts for longer stays. Here are a few best practices to consider when setting rates on Airbnb:
- Start with a competitive price: Take a look at similar listings in your area to get an idea of what other hosts are charging.
- Consider discounts for longer stays: If you’re willing to offer a discount for guests who stay longer than a week or month, you’ll be more likely to attract bookings.
- Take seasonality into account: Rates will naturally be higher in peak travel periods, so be sure to adjust your rates accordingly.
2. You have the freedom to choose when and for how long guests can stay
Traditional rental agreements can be for a set period of time, usually 6 or 12 months.
With Airbnb, you can choose to rent out your property for shorter periods of time, such as a weekend or a week. This gives you more flexibility in when and how you rent out your property. Here are a few best practices when it comes down to setting how long guests can stay:
- Start with a minimum stay: This will help to filter out guests who are only looking for a place to stay for a night or two.
- Be flexible with check-in and check-out times: This will give you more control over when guests can arrive and depart, and can even allow you to accommodate guests with early or late flights.
3. You have more control over who stays in your property
With Airbnb, you have the opportunity to screen guests before they stay in your property.
This means that you can choose guests who you think will take care of your property and respect your rules. To make sure that you only let good guests in, follow these suggestions:
- Read reviews from other hosts: This will give you an idea of what kind of guest the person is.
- Check out the profile: Take a look at the profile page to see if the guests have any mutual friends, and what they’re saying about them.
- Verify ID: You can require that guests verify their identity with Airbnb before they can book your listing. This helps to ensure that they are who they say they are.
4. You can earn more money with Airbnb
Because you’re in control of your rates, you have the potential to earn more money with Airbnb than you would with traditional rental agreements.
To make sure you earn the most out of your property, consider the following suggestions:
- Take advantage of peak times: If you live in an area with high tourist traffic, you can charge a premium for your rental during these times.
- Offer additional services: If you’re able to offer additional services, such as airport transfers or laundry service, you can charge a higher rate.
- Provide amenities: Guests are always looking for listings with amenities, such as Wi-Fi or a pool. If you’re able to provide these, you can charge a higher rate.
5. You have less hassle to deal with
With a traditional rental agreement, you’re responsible for finding and screening tenants, as well as maintaining the property.
With Airbnb, you can outsource these tasks to a professional property management company. This will take the hassle out of renting out your property, and will allow you to focus on more important things.
If you’re a property owner looking for a hassle-free way to rent out your property, then Airbnb is the perfect solution. With its flexibility and potential to earn more money, it’s no wonder that more and more property owners are choosing to put their properties on Airbnb.
To learn more, get in touch with us today.