Getting Started Archives - Page 2 of 2 - Short-Term Rental Host Report

Short-term rental hosting is the process of providing (renting out) lodging for a limited number of days to a guest. Popularized by Airbnb, VRBO and Evolve, short term rental hosts charge a nightly fee, just like a hotel would. Examples of lodging include houses, condos, studio apartment and even RVs. Short term rentals vs. Long term rental: In this section, let’s differentiate between short and long term rentals, as you may have heard both terms. Long term rentals are simply properties that an individual or family would rent to live in, typically under a 12-month lease. Short term rentals, on the other hand, cater primarily to vacationers, travelers and business people in need of temporary lodging. Pros and Cons: Short-term rental hosting can be very lucrative. In most cases, renting a property out on a short-term basis will produce more revenue and cash flow than a long term rental. Why? In short-term rental hosting you are charging on a per night basis, therefore, in turn you can easily generate more dollars than a long term tenant. However, there can be challenges. Let’s breakdown a few of each: Short-term rental hosting pros: Excellent revenue generating possibilities Generate extra income from a property Build a trusted brand based on reviews And some cons: Must own or have access to a property/real estate that can be rented Need to understand your local regulations Can be time consuming if managing yourself. Short term rental hosting requirements: So just how do you become a short-term rental host? While it may sound challenging, it can be relative easy, especially if you already own a vacation property, second home, RV, etc. For instance, let’s assume you already own or have access to a property you would like to put on Airbnb or some other hosting site. If so, here is a topline summary of the basic steps to becoming a short-term rental host: Prepare the property. This means updated décor, fresh linens and basic guest amenities. Do this before you list the property for rent. Take amazing photos to attract guests. Sign up to host your property at Airbnb, VRBO, Evolve and other platforms. Write compelling descriptions of the experience your property can provide to guests. Provide superior guest service, ie be responsive to questions and inquiries and resolve issues quickly. Short term rental hosting summary: If you are a real estate investor, or perhaps own a vacation property, then short term rental hosting is an excellent way to generate extra income, or perhaps fund your entire lifestyle. In our experience, it has been relatively easy to set up a property and list it for hosting on the major rental platforms. And the overall time investment can be kept to a minimum. The key to success is keeping your property super clean and updated with amenities guest seek such as charging stations. And above all, you want to provide an excellent and memorable experience for your guest, as guests do come back for repeat stays!