Important Things To Know Before Starting An Airbnb
BY MIKEL HUBBARD
FORMER HGTV PRODUCER | CO-FOUNDER, THE HOST CO |
OWNER, TIMES EIGHT PROPERTY & DESIGN
Starting an Airbnb can seem like a lot! After over 10 years of hosting, we have gathered some things to think about that we’ve learned as well as know before you start your Airbnb journey.
READ MORE: WHAT FEES DOES AIRBNB CHARGE?
Items in the Home
Remember, you are essentially inviting strangers to stay at your property. With this, you want to make sure that you do not have sentimental or extremely valuable items to you. Yes, you may be vetting each guest, but accidents happen, and you don’t want your grandma’s china to be broken.
Your home is essentially a hotel. Treat it as such! This means you should supply anything you’d expect during a hotel stay and then some. A hair dryer, full length mirror, towels, soap, shampoo, and coffee are customary in a hotel. Because you probably have a kitchen space too, that means dishes, paper towels, dish soap and sponges are all standard. Times have changed and the BYO-vacation rentals of yesteryear are over. Guests expect to come to a fully stocked space now so other than food and toothpaste, you should be prepared to have everything on site to make their vacation easy.
Think of what you wish previous vacation homes or hotels had. For example, guests want to hang or put away their clothes, so offering a dresser or hangers can be a big plus. A tea kettle is easy to overlook but super helpful! Flashlights, extra batteries, outdoor lighting… these are all things you would never need… until you need them.
Pricing
Pricing your property is not something you only do once. You want your home to be around market value for a rental, as well as still profit from it. By fluctuating your rates often and experimenting, you can keep a competitive edge and make as much as you can while staying booked throughout the year. We recommend listing your prices high and then coming down as it gets closer to the date if you’re unsure.
Time Commitment
If you live near your property and have opted out of using a co-host or company to clean and maintain your property, know that you may have to go to the home at the least convenient moment. Guests will be contacting you for anything that may go wrong. Although you may seem prepared, guests will still have questions, and maintenance issues arise.
Overseeing guest requests may seem burdensome at first, but usually folds easily into your lifestyle and you get used to it! Will you occasionally wind up walking out of fancy dinner to trouble shoot issues with the internet service? Yes. But once you really get your space dialed in, these die down and auto responses will save you a ton of time.
Don’t let these topics worry you too much; you can do it! Just remember that you need to find checks and balances in your life, and if your property is taking up too much of your time, or if you have multiple properties, hiring a co-host or third party company may be well worth it to you!