Episode 7: Airbnb tips and tricks
Episode Summary
Firstly, it’s important to understand that Airbnb or short term rentals may not always be the best investment for everyone. It’s a good option if you’re looking for a home that you want to use occasionally or if you have an emotional attachment to the area. However, if it’s your
1. What are the considerations when deciding to invest in Airbnb or short term rentals?
Firstly, it’s important to understand that Airbnb or short term rentals may not always be the best investment for everyone. It’s a good option if you’re looking for a home that you want to use occasionally or if you have an emotional attachment to the area. However, if it’s your first investment, it might not be the best choice as it is a bit more risky. You don’t have a steady income every single month unlike a long term rental where you have a set amount coming in. Also, the market can be oversaturated in some areas, so it’s crucial to consider the product and location.
2. What are some tips to make a short term rental property stand out in a saturated market?
One of the things you can do to make your property stand out is to allow pets. Most nightly rentals do not allow pets at all unless it’s a service animal. However, if you allow pets, especially dogs, and charge a higher cleaning fee, you can attract more potential renters. You can also decorate your property to make it more appealing to pet owners. For example, one of my clients had a property called the Puppy palace, which was decorated with dog statues and dog bones in the pantry.
3. Does allowing pets in a rental property result in more damage?
Contrary to what most people think, allowing pets in a rental property does not necessarily result in more damage. In fact, many pet owners are very careful and cautious with how they treat your property because they realize that you’re doing them a favor by allowing a pet. I have not seen a lot more damage in animal nightly rentals versus non-animal nightly rentals. A 3-year-old can be just as destructive or more destructive than an animal.
4. What factors can lead to more damage in a rental property?
Interestingly, I’ve seen more damage when I rent my place for too cheap. If you rent too cheap, you’re bringing in people who kind of say, ‘oh, this is just a cheap place. I don’t need to care for it as much.’ So if they’re spending more money, they feel a little bit more inclined to take care of it. Also, the cleanliness of the house plays a crucial role. If the house is not immaculate and clean, then they don’t feel that they need to leave the house very clean.
5. What is the impact of cleanliness on the maintenance of a rental property?
Cleanliness is critical in maintaining a rental property. If the house is not immaculate and clean when the renters arrive, they don’t feel that they need to leave the house very clean. If they see handprints everywhere or food smears, they’re going to think that you don’t have a lot of pride in your ownership of that unit. So, ensuring that the property is thoroughly cleaned before the renters arrive can help in maintaining the property.
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