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Wednesday, May 9, 2018
11:43 PM

Facts About Renting Your Home Out Through Airbnb   

Do you have an extra room in your home? Are you going away on vacation while your home will be left idle? Have you inherited a home and wondering what to do with it? Well, thanks to Airbnb, you can list your home or extra room for rental and make some money from it. Here are some useful facts you should know before making a listing on Airbnb.

  1. Legal Decision

Before making a listing on Airbnb, you need to make sure that you are legally allowed to do so. Keep in mind that registration and local zoning laws might be different in various states or countries. On the other hand, there are some restrictions on short-term rentals in some regions. Therefore, if you own a condo, an apartment or belong to a homeowner’s association (HOA), you might be forced to learn all the rules that apply to listing your home on the site before actually doing it.

  1. Think About The Neighbors

If you have considered all the legal implications of being a host on the short-term rentals site, you should also think about your neighbors before listing your home. If possible, you can approach your neighbors before doing it and if there is no resistance, go ahead and make the listing. Keep in mind that some neighbors might not be as enthusiastic as expected since you will be hosting different types of people. Note that, you can always specify in your listing that you live in a gated community where the neighbors should be respected to guarantee the best renters for your listing.

  1. Don’t Forget The Taxes

If your neighbors don’t have any restrictions about making your home an Airbnb listing, you need to consider the tax implications too. You can read through the site’s information regarding taxes but it’s prudent to always find an accountant to help you through the issues. Keep in mind that the taxes resulting from the listing and how they will be collected may vary from one country, state, region or city to the other. The site will not collect or remit taxes on your behalf, so you need to know how to handle any taxation issues regarding your new income.

  1. Setting The Rental Rates

Keep in mind that the short-term rentals might vary from one region or city to the other, regardless of the square footage. When setting the rates for your listing, you shouldn’t overprice or underprice because you will be missing out on customers. If possible, do a comparison of any similar properties in your area and find out their rates. If you are new airbnb Cincinnati host, you can try pricing your listing a bit lower than the competition to get more reviews and bookings. Of course, when you catch up to the competition, you can always increase to a reasonable price.

As a rule of thumb, you can offer an affordable rate for a quality place to stay. If you set a very low price, most people will assume that the listing is too good to be true and will often stay away. There are a few pricing tools available to help you make a good decision but in some cases,  they are not specific to each location. Do a lot of research before setting your price to avoid chasing away good customers.

  1. Preparing The Listing

With Airbnb listings, you can choose to rent out an extra room in your home, the entire house or simply a separate guest house in your property. Regardless of the situation, you need to prepare the listing before the clients arrive. For instance, you can create enough space in the closets, provide enough amenities and make sure the guests are comfortable. There are cases where guests might require a few essentials before moving in, so you can always make them available. Keep in mind that you can make regular bookings with good reviews. Therefore, if your guests are not satisfied, they will leave bad reviews that will tank you ratings altogether.

  1. Be A Good Host

You can show your hospitality in many ways. For instance, you can provide all the amenities the guests might require in their stay. However, you can stay around and welcome them with some coffee and fresh baked goods. Even better, you can do some shopping for groceries and food, so they don’t have to worry about where to get it when they arrive. If your guests arrive with children, you might need to provide toys and create a separate play area for kids. You can either be a hands-on host or hands-off depending on the requests from your guests. Therefore, make sure you cater to your clients’ rules for the best results.

  1. Set Some House Rules

Imagine if you have listed your home on the short-term rentals site, only to be called in the wee hours of the morning because your guests are misbehaving. It’s definitely something that your neighbors will not appreciate. Therefore, before listing your home, you need to set some house rules and make sure that your guests adhere to them. For instance, if your neighbors are bothered by pets, make sure that none of your guests bring around their pets. On the other hand, if you live in the suburbs, you can’t host people who party all night since they will cause disturbances for your neighbors.

  1. Keep It Clean

One rule of thumb to remember is that guests will always be interested in a clean place where they can sleep and relax. If you don’t want to get bad reviews on your rental, make sure everything from the counters, bathrooms, kitchen, windows, doors and floors are thoroughly cleaned. Additionally, there should be plenty of toiletries and make sure that there is enough water for daily use. All the kitchen appliances should be working properly and there should be electricity and back-up generators in the event of a blackout. Certainly, if you keep everything in top shape, your guests will leave good reviews that will increase your bookings tremendously.

Do you have an extra room in your home? Are you going away on vacation while your home will be left idle? Have you inherited a home and wondering what to do with it? Well, thanks to Airbnb, you can list your home or extra room for rental and make some money from it. Here are some useful facts you should know before making a listing on Airbnb.

  1. Legal Decision

Before making a listing on Airbnb, you need to make sure that you are legally allowed to do so. Keep in mind that registration and local zoning laws might be different in various states or countries. On the other hand, there are some restrictions on short-term rentals in some regions. Therefore, if you own a condo, an apartment or belong to a homeowner’s association (HOA), you might be forced to learn all the rules that apply to listing your home on the site before actually doing it.

  1. Think About The Neighbors

If you have considered all the legal implications of being a host on the short-term rentals site, you should also think about your neighbors before listing your home. If possible, you can approach your neighbors before doing it and if there is no resistance, go ahead and make the listing. Keep in mind that some neighbors might not be as enthusiastic as expected since you will be hosting different types of people. Note that, you can always specify in your listing that you live in a gated community where the neighbors should be respected to guarantee the best renters for your listing.

  1. Don’t Forget The Taxes

If your neighbors don’t have any restrictions about making your home an Airbnb listing, you need to consider the tax implications too. You can read through the site’s information regarding taxes but it’s prudent to always find an accountant to help you through the issues. Keep in mind that the taxes resulting from the listing and how they will be collected may vary from one country, state, region or city to the other. The site will not collect or remit taxes on your behalf, so you need to know how to handle any taxation issues regarding your new income.

  1. Setting The Rental Rates

Keep in mind that the short-term rentals might vary from one region or city to the other, regardless of the square footage. When setting the rates for your listing, you shouldn’t overprice or underprice because you will be missing out on customers. If possible, do a comparison of any similar properties in your area and find out their rates. If you are new Airbnb host, you can try pricing your listing a bit lower than the competition to get more reviews and bookings. Of course, when you catch up to the competition, you can always increase to a reasonable price.

As a rule of thumb, you can offer an affordable rate for a quality place to stay. If you set a very low price, most people will assume that the listing is too good to be true and will often stay away. There are a few pricing tools available to help you make a good decision but in some cases,  they are not specific to each location. Do a lot of research before setting your price to avoid chasing away good customers.

  1. Preparing The Listing

With Airbnb listings, you can choose to rent out an extra room in your home, the entire house or simply a separate guest house in your property. Regardless of the situation, you need to prepare the listing before the clients arrive. For instance, you can create enough space in the closets, provide enough amenities and make sure the guests are comfortable. There are cases where guests might require a few essentials before moving in, so you can always make them available. Keep in mind that you can make regular bookings with good reviews. Therefore, if your guests are not satisfied, they will leave bad reviews that will tank your ratings altogether.

  1. Be A Good Host

You can show your hospitality in many ways. For instance, you can provide all the amenities the guests might require in their stay. However, you can stay around and welcome them with some coffee and fresh baked goods. Even better, you can do some shopping for groceries and food so they don’t have to worry about where to get it when they arrive. If your guests arrive with children, you might need to provide toys and create a separate play area for kids. You can either be a hands-on host or hands-off depending on the requests from your guests. Therefore, make sure you cater to your clients’ rules for the best results.

  1. Set Some House Rules

Imagine if you have listed your home on the short-term rentals site, only to be called in the wee hours of the morning because your guests are misbehaving. It’s definitely something that your neighbors will not appreciate. Therefore, before listing your home, you need to set some house rules and make sure that your guests adhere to them. For instance, if your neighbors are bothered by pets, make sure that none of your guests bring around their pets. On the other hand, if you live in the suburbs, you can’t host people who party all night since they will cause disturbances for your neighbors.

  1. Keep It Clean

One rule of thumb to remember is that guests will always be interested in a clean place where they can sleep and relax. If you don’t want to get bad reviews on your rental, make sure everything from the counters, bathrooms, kitchen, windows, doors and floors are thoroughly cleaned. Additionally, there should be plenty of toiletries and make sure that there is enough water for daily use. All the kitchen appliances should be working properly and there should be electricity and back-up generators in the event of a blackout. Certainly, if you keep everything in top shape, your guests will leave good reviews that will increase your bookings tremendously.

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