We’ve all heard renting your property on Airbnb is easy? Mmmmm…
There are lots to consider whether renting a property on Airbnb and other booking platforms, like booking.com, hotels.com, expedia.com and many others. Get it right and you could have an amazing passive income for years to come, get it wrong and this could be a nightmare. See below a list of questions you should be asking yourself before you set out this journey:
- Does my lease allow me to rent my property as short term or holiday lets? Lots of leases have clauses that forbid short term letting, so check this first.
- Am I going to make more money from short term lets as opposed to long term? Check out the local market data with platforms like airbnb.com and booking.com for your specific location, they will help you get an understanding of rates and future availability to help make your decision or for a deeper paid for insight try sites like airdna.co who scrape data from these sites and help you understand your local market, basically doing the legwork for you.
- Are there tax benefits in the UK for renting short term as opposed to long term? Yes, see our blog post of the tax benefits of short term lets.
- Can I do this myself? Yes if you want to do this as a full-time job, even for just one property, managing all of the areas can be very hard work. We would always recommend talking to Professional Short Let Property Managers, in the first instance, like brightongetaways.com who can take the pain out of managing guests, bookings, cleaning, laundry, marketing, maintenance and so on.
- Will my decoration, inventory, dressing and furnishings stand out on photos? If not change them or it will cost you in bookings. Guests buy with their eyes long before they get to your property. Simply making your place bright, colourful and aspirational can be cheaply done, but will make the world of difference to guests when it comes to booking your place.
- Do I need professional photography? YES, don’t cut corners here or you will regret it.
- Agents want up to 20% for full management, are they worth it? The simple answer is YES! – A professional Management Company like brightongetways.com will more than pay for their commission several times over, by their local network of contacts, contractors, business to business networks, marketing platforms and analytics that individuals simply would not ever have access to!
- Should I manage the rates myself? We wouldnt recommend it, rates management can be a part-time job on its own, we always recommend specialist rates platform to help with this, who will sync up to most major booking platforms and will get you the best rates possible for each night and only costs maximum 1% of your booking income.
- Do I need to remove my personal belongings from the property I rent before greeting guests? Yes or at very least store away in a locked cupboard.
- Should I use technology to manage noise, keyless entry, thermostats and wifi? Yes! Always use technology where you can, this will minimise the number of times you have to go to a property to sort out a problem, reduce the opportunity for noise disturbance to your neighbours and save you money.
Hope this blog helps you in your decision-making process. If you have any questions feel free to get in touch. Watch this space for lots more useful blog posts and check out Brighton’s best places to stay at brightongetaways.com and use voucher code BLOG10 for 10% of your next stay, when booked direct.
Written by Steven Taggert – Founder BrightonGetaways.com and Serviced Accommodation Expert – contact firstname.lastname@example.org