Is Your Home Right for Air BnB?
It seems like everyone is making money from short term rentals, particularly in a tourist hot spot like Orlando. Listing a spare room or empty second property for short term rentals might seem like an easy way to bring money in, but there are expenses and work involved with vacation rentals. Here are some things to consider before putting a listing up:
Make Sure Your Place is Up to Standard
The competition for renter dollars in Orlando and the surrounding area is fierce, with many property owners using a professional management service to help with cleaning, marketing and the day to day business of short-term rentals. If you are hoping to do most of the work yourself and keep as much of the profit as you can, bear in mind that your rental will have to compete with those who have professional help and plenty of amenities. Some of the tasks you’ll be responsible for completing when you have renters include:
- Communicating with renters before they book a stay and arrive
- Cleaning up and restocking items like soap, shampoo and towels before new guests check in
- Dealing with any problems that might arise when renters are there, like plumbing issues, malfunctioning HVAC or any other unexpected situations.
Target the Right Renters
Continued business in vacation rentals depends heavily on the reviews that you get. You can’t control what people say about you, but you can improve your chances of getting a good review by setting reasonable expectations and drawing in renters who are looking for a place like yours. If you just want to rent out a spare room in your shared home to bring in a little extra income, you may want to target college students or backpackers on a budget. If you have a whole condo in a property with lots of family friendly amenities, you might focus on families with multiple children or larger groups of friends and relatives travelling together.
Little Touches Can Make a Big Difference
Some of the small things you can do to help guests feel welcome and at home in your property:
Create a guidebook or collection of local maps for international guests who may not have access to GPS while on vacation.
- Put some menus for restaurants that deliver to your property in case guests are tired from traveling or a long day at the theme parks.
- Make sure you have kitchen essentials, like pots, pans, salt and pepper, dishwashing detergent and coffee filters so visitors do not have to struggle to cook and clean up.
- Make Sure You’re Allowed to Rent
Some communities have rules preventing short term rentals, so check with your landlord or homeowner’s association before you post an ad.
If you’re looking for a home with lots of extra space to welcome guests, the Core Group can help. Contact us today to get your home search started!