Airbnb and other vacation rental websites have become a new term when travelling especially for those who want long term visits. If you have not heard of Airbnb or a vacation rental is is where people rent out their homes, spare bedrooms, or rental properties providing “renters” with a comfortable and safe experience. More people are using this type of service for the comfort of home, pricing, and locations. It is also great to have some local and personal recommendations for shopping, restaurants, and things to do in the area. Some vacation rental “hosts” will also leave snacks and other amenities to be more accommodating.
Have you ever thought of becoming a “host”?
There are lots of things to consider. Airbnb will take about 3% from the host and anywhere between 6-12% from the guests. You will have to have a homeowners insurance policy in place and possibly additional policies in case there is theft or vandalism. How can you trust who you are allowing into your property? Part of the Airbnb fee helps with verifying the renters name and ID. Also, there is a peer to peer rating system where you can check out the “renters” and “hosts” reviews. There may also be some addition fees that the “host” may implement for cleaning etc.
How do you fairly price your property for “rent”?
When pricing your property for short term rent it is hard to find a place to get an estimate on what is reasonable and comparable for the area. We have discovered Eliotandme.com and it has given me a lot of insight on what homes could be valued at throughout the year. I did an estimate on my personal home for the weeks of the Albuquerque International Balloon Festival and found out that I could potentially rent the entire home 3 bedrooms, 2 bath, 2100 square feet for about $3300 a week! Other months it could be as low as $138/day. It shows a percentage on what holidays and events create “surges”.
Would you ever consider temporarily renting out your home??