Millions of people travel to other cities, states, and countries every year. While traveling, people need accommodations. Some may opt to buy or rent a recreational vehicle or go camping. Others enjoy staying in a house, which fueled the popularity of Airbnbs.
In 2007, the founders of Airbnb capitalized on a hotel shortage by renting out their loft. Statista reports the company was worth $75 billion U.S. in 2020. Like other homeowners, you may be interested in cashing in on demand for Airbnb rentals. Let’s look at how to make your property one of the most successful Airbnb properties available and some tips for running an Airbnb property.
Install high-end features.
Rental properties attract clientele when they offer high-end features. Granite countertops are a great feature and will make your kitchen stand out from the competition. Investing in durable materials is crucial when renting your property because they’ll withstand the wear and tear that comes from heavy use. Since granite’s a hard surface, it doesn’t scratch easily, and expert countertop installers apply a sealer to protect your granite countertops from stains, ensuring they’ll look great for years to come.
Granite’s one of four natural stone countertops, making it one of the most environmentally friendly countertops, and enabling you to appeal to eco-friendly travelers. These countertops are also visually appealing. Choose from various colors and patterns, ensuring you’ll find countertops that complement your cabinets.
In addition to updating your kitchen, it’s a great idea to update your bathroom counters and flooring. You’ll also separate your rental property from competitors by adding recreational features. A pool’s a great feature in hot climate zones, but if you can’t add a pool to your property, you might consider adding a fire pit. You could also upgrade your interior recreational features with a flat-screen TV, a surround sound system, and a pool table.
Maintain your essential appliances.
Excellent Airbnb rentals contain essential appliances, such as a refrigerator, stove, washer, dryer, microwave oven, freezer, and ice maker. You may even have a pizza oven and barbecue grill at your property. Guests will use these appliances frequently, making it crucial that you hire the best appliance repair experts. Google “appliance repair Honolulu” to learn about Honolulu’s appliance repair professionals and their services. The best way to handle an appliance repair issue involves hiring trusted professionals who have years of experience servicing the leading appliance brands on the market.
Keep track of your expenses and income.
Airbnb owners must report their rental income and pay taxes on that money; however, rental property owners can also claim multiple deductions. The Internal Revenue Service (IRS) provides information about deductions, and you must familiarize yourself with valid deductions and keep track of receipts you can use to reduce your taxable income. It’s a good idea to hire an accountant who can help you maximize your deductions and correctly file your taxes each year.
Contract essential services.
Property managers book renters and handle the logistics, ensuring the property’s cleaned and stocked before new guests arrive. Hiring a rental property management company is an excellent option if you don’t want to manage the property yourself.
You may benefit from contracting a cleaning company to clean the property after guests depart. Hiring a cleaning company with a crew of three or four people is a great way to ensure the property’s wholly cleaned in a short period, enabling you to welcome new guests the same day.
Promotional materials enable you to reach potential clients and entice them to rent your property. Hiring a marketing team is a great idea. They’ll produce professional photos of your property they can use in property listings and social media ads.
Turning your property into an Airbnb is a great way to generate revenue. Update your property with high-end features to attract clients. Hire experts to perform repairs, clean your property, and promote your Airbnb.