Airbnb continues to be one of the largest companies in the hospitality industry, with over four million hosts worldwide. Short term rentals have become ever so popular recently due to the fact that an owner can frequently achieve anywhere from double to quadruple the cash flow as a traditional long term rental property.
Airbnb provides many opportunities for earning more from a property. However, certain myths prevent many property owners from listing on Airbnb. In this article, you will learn about the common misconceptions of Airbnb hosting.
One myth about joining Airbnb is that landlords will have no control over who can rent their property and that their listings might not appeal to their preferred audience. Many rental property owners believe that their property has to be a “vacation” rental. This is false since the company has an algorithm that generates search results to ensure guests find their ideal lodgings.
When you sign up for Airbnb, you create a description of your property and list its amenities and house rules. When an Airbnb user searches for a property, they have the option to filter by location, amenities, and property type. If your rental matches your needs, your listing will appear in search results.
By describing your property in detail, you can attract the right renters. For instance, if your property has free Wi-Fi access and a workstation, it can catch the attention of professionals in need of accommodation for work reasons. Or, if the property has a pool and outdoor activities, you’ll attract families and groups looking for a quick weekend getaway. Airbnb is not just limited to vacation rentals.
Hosts can communicate with potential guests through the app to discuss the inclusions of the rental and learn more about the guest. Also, Airbnb hosts can decline a booking request for reasons allowed by law. For instance, you can refuse to rent your property to a person who smokes or plans to bring their pets.
Managing an Airbnb property can be challenging, as it requires attention to detail, frequent cleaning, and regular maintenance. Property owners may think that managing one will be too tedious and time-consuming, especially since they must check on and clean it each time a guest leaves.
This belief has prevented many potential hosts from putting their property up for rent on Airbnb. However, the popularity of Airbnb has resulted in the rise of property management companies that specialize in Airbnbs. They provide assistance to property owners by screening and coordinating with guests. Additionally, they take over administration and management tasks like accepting and confirming bookings, overseeing daily operations, scheduling cleaning, arranging routine maintenance, and discussing house rules with guests. Partnering with Plus One Syndications is one option available to interested Landlords who do not wish to deal with the management of an Airbnb property.
Landlords also fear that their property will be damaged, especially if they get rowdy guests. However, they shouldn’t worry about this since Airbnb has policies in place to protect properties.
For starters, users must create a profile before renting any property on Airbnb. This requirement allows hosts to know a bit about the guest who plans to rent their property. They can also even rate them after their stay. A professionally managed Airbnb can also screen potential guests before they book the property.
The company also has an anti-party policy that prohibits guests from holding parties in an Airbnb and the host gets to set the only limit to the number of guests that may stay at the property. Renters who violate the policy despite being informed beforehand may face legal action from the company.
They also provide Host Protection Insurance, which provides the host with up to $1 million in coverage for cases of property damage, theft, or injury to a guest during their stay. Airbnb’s efforts show the company’s commitment to protecting its hosts.
Airbnb provides many property owners the ability to earn from their properties without being the day to day host themselves. If you would like to either convert a current rental or invest in a property as an Airbnb rental, reach out to Plus One Syndications.
We offer various investment opportunities for experienced and first-time investors looking to generate passive income. Our team oversees every aspect of the process, from property acquisition to property management.
Our services free investors from the challenges of managing and maintaining their properties. Contact us today to learn more about our solutions and find properties you can invest in.