Owning a vacation home isn’t just your own personal escape hatch from the real world. Thanks to the explosion of short-term rental websites such as Airbnb, VRBO, and HomeAway, having your vacation home up on these sites can also net you some serious cash!
After all, the tide has turned: Short-term rentals are getting to be ever-more-popular alternatives to hotels. In 2018, Airbnb made up about 20% of the total lodging spending among U.S. customers, and HomeAway, owned by Expedia, made up 11%, according to data from Second Measure.
But here’s the thing: Renting out your vacation home isn’t quite as easy as posting a few photos and waiting for visitors to arrive.
Hosts often feel that by listing the home on a particular channel that they can kick back and let the reservations come in.
Major listing websites like Airbnb and VRBO have millions of properties, and it is important to take the appropriate measures to become what they think about a fantastic host.”
In this article we’ll explain how to become the host(ess) with the maximum (est). Keep these insider insights in mind to help maximize your profits with minimal burden.
Get Some Protection
Not only are guests using Airbnb and similar websites to make travel arrangements, but the websites also offer protections for homeowners renting out their homes.
Since guests are required to pay when they book on platforms like Airbnb, homeowners don’t have to worry about getting stiffed. Airbnb does charge a host fee of 3% on the booking subtotal for most listings, but most consider that money well-spent.
Describe the Vacation Home The Right Way
It may seem obvious, but homeowners will need to be accurate in every aspect of the listing: the property description, photos, and calendar. An unhappy guest could leave a negative review, which might affect a host’s ability to attract future bookings.
If you list your home as a’luxury beachfront property,’ only to have guests arrive to find the home is more of a’quaint bungalow many blocks away from the beach,’ they are bound to be disappointed and leave a bad review, even if they ended up enjoying their stay,” he says.
Include all details about the property (good and bad), amenities, location, and rules for the home. Also, list items the home is stocked with, like a hair dryer or dishwasher.
One of the most important things about getting your listing right is making sure you clear what you’re offering and what you’re not offering.
Showcase the Home With Professional Photography
Professional photographs highlighting all aspects of the home are a necessity. The photos should accurately show off the interior and exterior of the home, along with amenities like a pool or spa and elements, to portray the home accurately.
Selecting a photographer may be an extra expense, but it’s key to maximizing profits in your vacation rental. Chances are you’re going to have a great deal of competition, and if you don’t have great pictures of a beautiful space, then you may as well not exist.
Keep Your Calendar Up to Date
A frequent mistake new Airbnb hosts make is not keeping their property’s calendar showing its availability up to date.
If the home is cross-listed on multiple websites, this may mean someone might book the home on Airbnb for the same days it has just been reserved on, say, HomeAway. As such, you’d have to cancel one of the bookings.
Not only does this send a bad message to guests, but Airbnb and other websites may penalize hosts (and potentially shut down their accounts) who decline bookings on nights listed as available.