How many of you dream of earning some extra income for retirement? You are not alone. Since 2008 Airbnb has established 150 million users across 190 different countries, with over 4 million listings.
The idea is simple. If you have a spare room, why not make money from it? If you’ve got an extra property so much the better. Running an Airbnb can generate some extra cash to put aside. If you’re lucky you might even turn it into a full-time income.
How do you turn a spare bedroom or property into a cash-flowing success story?
Regulations
Hosting an Airbnb is perfectly legal in Australia. There are rules and regulations you need to be aware of before you get started. Regulations vary from state to state so be sure to check into the legal requirements in your state.
Generally, the rules cover:
- Obligations to guests
- Information for customers
- Duties to neighbours
- Handling complaints
- Enforcement
Contact an attorney with the legal requirements and setting up your property.
Prepare Your Rental
No matter what space you are considering renting out, it is going to need some preparation.
De-clutter the space. You want a fresh clean space that has been thoughtfully designed. Ensure that every decorative piece has a purpose and makes sense.
Remove any personal belongings or valuables from the space. Don’t leave priceless heirlooms or nostalgic family photos.
Depending on the space consider:
- Installing a keyless lock to make check-in easier
- Put in a comfortable bed
- Build a wall to close off a room
- Provide clean sheets, towels, linen, and toilet paper
- Provide a refrigerator, microwave or coffee maker
List Your Property
Write an honest description of your property. If your property has any unique characteristics highlight them and anything else that makes your space stand out from other listings.
While you are preparing your property think about decorating it in such a way as to impart a special sense of character. One of your biggest challenges will be to make your property more inviting than other choices your guests will have.
Note any accessibility features that will help your guests easily navigate the space. Include photos of the room, house or apartment and the surrounding area. Note any nearby attractions or points of interest
Running Your Rental
You have to decide whether you want to run the operation yourself or use one of the best Sydney Airbnb managers to help you.
If you decide to operate the rentals yourself, you will need to take care of emails and communication, reservations, checking in guests, accepting and processing payment, dealing with guest issues or special requests, dealing with neighbours, and maintenance and repairs.
Short of hiring an outside management company, you could bring on one or more people to help with specific tasks. You can add them as co-hosts to your listing, or keep them as outside employees or independent contractors
If you focus on creating an experience that’s different from what people are used to. You can create a listing and a business that can become a top-rated listing.
