Real estate is an excellent investment, and property owners can bask in the benefits of renting out excess spaces. But long-term rental is a huge commitment and can be difficult for several reasons. First of all, there is no guarantee that you will be paired with respectful tenants. Even the seemingly perfect temporary owners of your home can end up being careless and wreck the property under your nose.
A long-term lease also means that you have little control over your property during that time frame. You are responsible to handle repairs and renovations (and sometimes, you will not always be able to determine whether it is the property or the tenant at fault).
As a result, homeowners are shifting their interests to short term rentals. This vacation rental system was popularized by booking platforms such as Airbnb. It offers travelers and tenants the ability to find a place to stay in foreign cities securely and gives homeowners the luxury of putting their properties for rent in a short period of time.
Whether you own a space or an apartment to rent out or would like to know how to make money off of short term rentals without owning property, here are some tips to get you started.
The most crucial element in jumping into something new is learning how it works. Especially in the field of business and real estate, knowing the ins and outs of every aspect of short term rentals will help ease your mind. The worst feeling in the world is being unable to sleep at night thinking about how your temporary tenants might be doing all sorts of illegal things in your home. Being prepared will save you from mental trouble.
Experience is a great teacher, especially in the business of hospitality. The more you know about tourists, travelers, and the usual short-term renters, the more you are capable of elevating your service to suit their needs.
However, jumping into gaining experience without context is risky and can be detrimental to your business. It’s always a good idea to find consultants or industry experts to help you get started.
There are people like Brian from the BNB formula who offer training and consulting services specifically for people who would like to make money off of Airbnb without owning a property. But even if you have a portfolio of apartments to rent out, his services will still give you great insights and know-how in the short-term rental world.
Familiarize Yourself with Airbnb
Airbnb is an online booking platform that specializes in providing various vacation rental options all over the world. It is beneficial for homeowners and travelers because both parties can benefit from their services.
As a host, your job is to provide accurate information and photos of your listings. Travelers are always looking for something specific, so you probably cannot please everyone. Ensure that the space you are renting out is well-decorated, spacious, and will cater to a particular audience. Airbnb imposes high standards in their listings, but proper training and industry consulting will ensure that your properties are compliant with its regulations.
Once you are prepared and ready to jump into the business of property rentals, temporary tenants are sure to flock your property. Moreover, if you do not have one but would like to get into the business, now is the best time to learn how to do it.