Airbnb & Short Term Rental Expectations vs Reality
Airbnbs/short term rentals can be tough, but what does it look like in reality compared to your expectations? It’s not all sunshine and roses (you’re probably not going to make millions from one property), but it can be quite rewarding!
Here’s 5 things that are probably different than you’d expect:
1. The owner is living in the unit with you.
They’re not just renting out a spare bedroom. They’re renting out their entire place and they’re there too! This usually applies to owners who are just starting out, they’ve gotten their first time buyers loan and can’t rent it out while they’re not there. This is not a bad thing but should be made clear on your listing, there’s a market for everyone and when you do this not only can you pay your mortgage while living at home but you can also make a profit!
2. People will break things.
People will break things — even expensive items like glassware or other fragile items (even if they say they know how to use them). Don’t be surprised when this happens; instead, prepare for it by having extras on hand for guests who may forget or simply need replacements due to carelessness or clumsiness — like kids! If you run into this issue it may be worth while to either switch to plastic or make sure the glass you buy can be bought for a good price and possibly in bulk!
3. Your neighbors aren’t as friendly as they look.
… or maybe they’re even more friendly than expected! Either way, they will probably be around a lot since most AirBnBs/short term rentals are located in residential neighborhoods. Some neighbors are totally fine with Airbnbs while others might be ready to protest, do your due diligence, some owners have even given gift baskets to their neighbors to ensure they’re on their good side!
4. Cleaning is your responsibility
Cleaning is your responsibility. The truth is, if you don’t clean up after guest leave, people won’t want to rent from you again. Having a professional cleaning service deep clean every six months or so can help reduce stress and save time on the regular maintenance of your property. Don’t forget about daily cleaning tasks like sweeping! Guests can also be messy, this is why there are cleaning fees. Make sure you have clear guidelines as to what’s an acceptable amount of mess, when guests go beyond that acceptable amount that’s when you can clearly up charge to make up for the fees you had to pay to your cleaners.
5. You still have to take the trash to the curb every week without fail!
Taking the trash to the curb every week, up and down (4 times a week, trash out/in then recycle out/in = 16 times a month) can be a lot of work! It’s a simple task but if you even miss the pick up once you can be left with overflowing trash, bad smells, and unhappy guests! This can be doable when you only have one property, but as you grow and add on more this number goes up very quickly. That’s why you’ll want a service like CanMonkey, they are not only affordable (starting at $45/mo) but you’ll never have to worry about taking the trash out or in again! This is an essential part of atomization for your business, the less you have to worry about the more effort you can put into generating more money.
Are these 5 things part of what you’d expect for owning/running an Airbnb? We hope this helps you on your journey, if there’s anything else you’d like to learn about send us a message and we can help explain further!
Bye for now, thanks for reading!