If you have a second house or a room to spare in your home, you can make money from it. There are many people making extra income from renting out extra spaces in their homes. Some people will even give out their home to willing clients and spend a few nights in a month in a hotel or a friend’s house to make a little extra money. Condos are hot properties on Airbnb and you can make a tidy sum renting out yours. Here are some tips for successfully renting your condo on Airbnb.
1. Weigh Your Rental Market Options
Airbnb is among the largest and most popular peer-to-peer marketplaces in the world. However, it is not the only one you need to consider. Other options include HomeAway, FlipKey, and VRBO. Some sites specialize in specific groups of people while others are open to anyone looking to rent a space. Just ensure you sign up to the platform that will work for your needs.
2. Understanding the Law
Before you can list your condo on Airbnb, you will need to ascertain that you are complying with your local laws. It is your responsibility to understand the laws and regulations that govern your area and condo unit before you can list it.
3. Pay Your Taxes
Depending on the amount of money you stand to earn from renting out your condo, the marketplace you want to list your property on may send you a tax compliance form. They want to ensure you comply with the tax laws.
4. Get Started
There is a lot of work you need to do before you can list your property. To start with, you need to create rules for living in your house. Do any repairs and installations required to make it as appealing as possible. You can create a binder form with the attractions and emergency numbers in your area to make it easier for your guests to get acquainted with the area.
5. List Your Condo on Multiple Platforms
While renting your condo on Airbnb may be sufficient, sometimes it is better to list your condo on different platforms. This increases its visibility and ensures that you always have business coming your way.
6. Consider the Cost of Running the Airbnb
Your condo business is not without expenses. These come in the form of consumables like soap, utility bills and cleaning supplies. You need to ensure that the cost of running is covered by your pricing. You can save money on consumables by shopping in bulk.
7. Be A Respectful Host
Renters who use peer-to-peer marketplaces may not expect as a five-star reception but it is good for business if you make them feel as comfortable as possible. Ensure you are a good host and allow them to enjoy the condo without feeling like they are being suffocated.
8. Consider Short-Term Rentals to Make More Money
While it is easier to manage long-term leases, short-term leases can make you more money. In fact, you can make as much as 50% more from short terms stays than you can with a long-term stay lease.
If you are looking for a condo to buy and list on Airbnb, the Toronto condo team can help.