Are you thinking about investing in real estate for Airbnb in the Waterloo Region? Well, you are in the right place. Airbnb has accomplished unparalleled growth within its market since its 2008 launch. Airbnb has more 6 million listings in 81,000 cities worldwide. If you are looking at renting out your property on Airbnb, here are some useful tips to get you going.
1. Work with a REALTOR®
Find yourself a realtor to work with that knows the area. Use their knowledge to help you find properties in popular communities. The idea is to rent out fast, frequently. Another safe bet is to find properties by Universities and Colleges. You also have the option to rent your unit out on a long term basis. Your realtor will know the market value of properties in the area and can help you negotiate the price possible. They will ask all the right questions to ensure you are making a wise investment. They also have a network of professionals to connect you with, making your life easier.
2. Renovations and Touchups
You might have to make some improvements to update the look and feel of the property. Some investors might slip up the property up into multiple rental units. A realtor can help connect you with contractors and interior designers to help you. You will want to get some advice on trends, styles, and staging. To rent quickly make sure your unit is attractive and trendy. If you are not going to do renovations, do some touch-ups. Paint, add some home decor and make it look fresh.
3. Take Quality Photos
If you choose to work with a realtor, they have connections to professional photographers. It's highly recommended that you invest in high-quality photographs. Make sure that you take photos that show the identity of the place, the surrounding area, and all its amenities. The idea is to make your listing stand out from the rest.
4. Friendly Host
It's essential to make people enjoy your place. Create a great first impression by being helpful and friendly. It is said that successful hosts are often those who put themselves in the position of the guest. It is a strategy to reply quickly to all guest queries. This will increase the chances of getting picked over someone else.
5. Give Plenty of Details
To be successful on Airbnb, you have to create a virtual experience. Be sure to highlight all the features of their location and nearby activities. Make your listing stand out by adding lots of content.
It's essential to price the listing reasonably. Don't be greedy and price the unit fairly. This will help to establish your real estate with guests.
Positive reviews are essential. To build the value of your property you will have to create happy guests. Ask each guest to leave a review.
7. Have a Lockbox
One way to save time is to consider buying and installing a lockbox. This is perfect for guests that are running late or have delays. Many lockboxes are smart and can be opened with a code. Allow guests to check themselves into their Airbnb residence.
8. Legalities and Insurance
The laws and insurance surrounding renting out a property on Airbnb can be different in every city. You will need to be aware of the specific requirements and policies in your town. Ask your realtor to help you with getting more information in to the rules. Call your insurance company and ask if this is covered in your policy.
9. Cleaning Service
You can save money by cleaning the unit yourself. However it is recommended that you pay for cleaning and charge a cleaning fee for short stays.
Successful hosts are all about the extras. Stocking the place with plenty of necessities, board games, books, movies, and entertainment options. It's wise to make sure that the kitchen has condiments, coffee, tea, filters and more. Many hosts will show their appreciation with a bottle of wine for guests or other welcome gifts.
Airbnb has considerably altered the nature of the short-term property rental market. Operating an Airbnb property can provide you with extra income on the side. It is strongly recommended that you work with a professional realtor for investing in real estate properties. Mike Bolger can help you with finding the best properties to invest in. Mike will save you lots of time by doing all the research to help you uncover hidden gems. Mike also has an extensive network of professionals to help save you time and money, whether it's a contractor, mortgage agent, lawyer, or management company.
Call Mike Bolger at (519) 616-2656 now.
CONTACT MIKE BOLGER