If you are already in the short-term rental business, or thinking about it, certainly one of the main draws was to make income off your property. A recent poll of 1000 people by real estate company Clever found that 84% of respondents think listing a home on sites such as Airbnb is a good way to make money.
However, it’s not as simple as “list the home, and the money will start rolling in.” In order to be successful at making money from your vacation rental property, you have to put in an amount of effort proportional to how much you want to make.
Of course, before you list your home on Airbnb, check out the competition – that is, the other homes in your area that are available for short-term rental. Make sure your home is at least on par with these, and that may mean investing in some upgrades for the home.
If you’ve done all that, then it’s time to market the property. Take great photos. Write a description that makes your property sound welcoming. Then, once the property is listed, make sure you are responding to inquiries in a timely manner.
If you want to secure repeat guests, then consider how you will continue to connect with those guests once they leave your home. Some timely emails can help with that.
Then, between guests, how are you cleaning the property and preparing it for the next guest? Is this a task you’re taking on yourself? Or, are you hiring a cleaning service?
So, while putting your property up for short-term rental on sites such as Airbnb can be profitable, it still requires constant monitoring and maintenance from you.