If you have the perfect space, considering becoming an Airbnb host can be an exciting opportunity! Of course, it has to be done the right way. There are plenty of things to consider when you decide to become a host, but your top priority should be understanding what it takes to turn your space into an epic rental that attracts people from all over the world.
While it can be tempting to just declutter your existing space and call it a day, there are more things to think about, including some legalities to consider before you decide if it’s the right move for you.
Putting together an epic Airbnb is essential for not only attracting people but getting five-star reviews.
If you’ve been toying with the idea of becoming an Airbnb host, let this article be your guide to getting started so you’ll have an idea of what to expect, and how to prepare.
Location, Location, Location
Airbnbs range from typical family homes to unique renovated campers. Having a cool space is only the first step in becoming a good host. The location of your rental matters for several reasons.
First, you’ll be able to attract more people if your location is convenient and nearby other attractions. It’s also essential to make sure you abide by any rules or regulations your community might have in place. For example, if you own the home you want to rent, check with your homeowners’ association about any restrictions they might have.
Depending on the location of your rental, you can choose to market it in a specific way. Some people want a space that’s in the center of all the local hot spots. Others want a more secluded outdoor experience. You can make the most of your location in your marketing efforts by taking great photos. Thankfully, you don’t have to be a professional photographer to make that happen. Keep the following tips in mind to attach great photos to your listing:
- Utilize natural lighting
- Highlight a few statement pieces
- Choose a theme and style
- Look at other listings for inspiration
Good photographs will attract attention, establish a nonverbal connection, and encourage action. If you’ve gone through the trouble of cleaning up your space, upgrading, and decorating it, make sure you have the right pictures to show off your rental and the surrounding area.
Understand the Costs
Some people look at owning an Airbnb rental as an investment opportunity. However, to make money as a renter, you need to weigh out your costs and set the right price. Some of the costs you might not initially expect include
- Upgrades and repairs
- Buying furniture and decor
- Higher utility bills
- Covering taxes
In some places, it’s difficult or even illegal to invest in Airbnb rentals, so make sure to do your research before putting money into a property.
If you’re able to invest and want to put the money in to make your property rental ready, setting the right price will make a huge difference in how profitable you are. To set the right price, you have to consider your audience and market, as well as what most people can afford. Keep in mind that Airbnb fees for most hosts are about 3% of the booking total. As a result, whatever you list the rental for won’t be the actual amount you make with each guest.
That’s one of the potential cons to consider in becoming a renter, in addition to irregular income and slow, gradual success. If you’re in a hot spot or have a really unique property, you might draw guests right away, but it doesn’t happen that way for everyone, and it’s essential to weigh out some of those pros and cons before you decide to be a renter.
You’ll Need to Stand Out
There are 5.6 million Airbnb listings across the globe. When people are planning a vacation, they can choose any location they desire, so while it’s important to have a target audience in mind, your property should stand out and seem inviting and accessible to just about anyone.
One of the best ways to do that is to decorate it the right way. That starts by using color psychology to your advantage.
Colors like blue, green, and white can evoke feelings of calm and relaxation, while bright colors like yellow can improve people’s moods and make them feel happier. Choosing the right paint colors throughout your space will help to set the tone and encourage guests to feel a certain way while enjoying their stay. Make sure you consider things like furniture and other decor when choosing the right colors. Lighting is also important. The last thing you want is to choose a great color that looks washed out or completely different when you turn on a lamp!
Finally, get creative with your decor. Even if you’re on a budget, you can make your rental stand out with things like accent walls, area rugs, and mirrors.
From finances to legal issues and from marketing to maintaining a well-decorated space, there are plenty of things to consider before you decide to own an Airbnb rental. It can be a lot of fun, and even make you some money. However, consider the pros and cons here before diving in, and decide if it’s the best move for you.
Sam Bowman authored this blog post