I am in the process of changing cities and have been looking into this hustle. One of the things I realized is that in most areas, two bedroom apartments are priced extremely close to their one bedroom counterparts. People pay premiums to have a one bedroom, and because of that, landlords have to take a loss on two bedrooms to have them fill up.
I initially considered getting a 2 bedroom so I could have a small gym, office or guest room...then I realized I could make money on it by renting it on AirBnB. Here's somethings I've been thinking of.
What do you guys do to set your apartment apart from the competition and guarantee 5 star reviews?
I'm looking at doing trial size toiletries which will cost me $1/guest. Make sure I have the netflix hookup, good wifi, fully equipped kitchen, house supplies out the ass from Costco.
Legally - my initial plan is to find a landlord that will allow me to rent out. I will be transparent about my intention to rent on AirBnB and will outline it explicitly in the lease. "Redbeard is allowed to rent on AirBnB." I'll convince them to do it by playing coy and saying "I'll mostly use it as a guest room, I have people who want to come visit me all the time, but I'll use AirBnB to help out. I've done this with previous landlords and it's been fine."
After that, I need to find a good key security option. This will require the landlord to allow me to modify the house. I could install digital locks like some others posted or install a key lock box on the outside. This Kidde dial combination box has gotten good reviews from security websites.
Finding a landlord that will allow me to rent the room and modify the keys will be tricky. IF I can't find a landlord that will allow this, I'll consider buying. Only if I have to. I don't want to buy, and the liquidity of renting is important to me.
How do you guys determine what fees to charge? As far as security deposit, cleaning fee, extra guests, etc. I'm thinking of definitely doing a $20 cleaning fee, no security deposit, free guests, $10/night for an air mattress.
Great tip that I will be employing.
Good tip, and I will definitely employ strict cancellation policy to weed out people who are not serious.
What are you guys charging for long-term stays? I'm thinking of doing no minimum stay (so people will be open to staying for one night only) but dropping the price for 3-night and 7-night.
The price difference between a one bedroom and two bedroom is only around $100-$150/month. If I can rent the room at $50/night for three nights...the room pays for itself, plus I have a guest room.
I initially considered getting a 2 bedroom so I could have a small gym, office or guest room...then I realized I could make money on it by renting it on AirBnB. Here's somethings I've been thinking of.
What do you guys do to set your apartment apart from the competition and guarantee 5 star reviews?
I'm looking at doing trial size toiletries which will cost me $1/guest. Make sure I have the netflix hookup, good wifi, fully equipped kitchen, house supplies out the ass from Costco.
Legally - my initial plan is to find a landlord that will allow me to rent out. I will be transparent about my intention to rent on AirBnB and will outline it explicitly in the lease. "Redbeard is allowed to rent on AirBnB." I'll convince them to do it by playing coy and saying "I'll mostly use it as a guest room, I have people who want to come visit me all the time, but I'll use AirBnB to help out. I've done this with previous landlords and it's been fine."
After that, I need to find a good key security option. This will require the landlord to allow me to modify the house. I could install digital locks like some others posted or install a key lock box on the outside. This Kidde dial combination box has gotten good reviews from security websites.
Finding a landlord that will allow me to rent the room and modify the keys will be tricky. IF I can't find a landlord that will allow this, I'll consider buying. Only if I have to. I don't want to buy, and the liquidity of renting is important to me.
Quote: (08-12-2014 01:24 PM)Isaac Jordan Wrote:
Consider outsourcing the cleaning to a maid service.
Most services clean a client's home about twice a month; if you can offer them more business they'll be willing to give you a better price. I pay $60 per cleaning and charge my guests a $20 "cleaning fee" after each stay, so it's only a $40 net cost. I charge between $100-130 per night, so it's definitely worth it, especially if I can book a two- or three-night stay instead of just a single.
How do you guys determine what fees to charge? As far as security deposit, cleaning fee, extra guests, etc. I'm thinking of definitely doing a $20 cleaning fee, no security deposit, free guests, $10/night for an air mattress.
Quote: (08-12-2014 01:24 PM)Isaac Jordan Wrote:
Work hard up front to score a couple good reviews.
When I first started, I had a buddy of mine "book" my place for $10 just so he could leave a glowing review (he never actually stayed). Since then, the more good reviews I've earned, the more rental requests I've received. Make sure you communicate promptly and do your best to accommodate the first couple guests you have (although really you should do this for all of them). Little things, like leaving a welcome note on the counter or fresh breakfast food in the fridge, go a long way towards making a good impression. For guests with longer stays (or those that I know won't have a car), I'll offer to stock my fridge with a couple of their favorite items. I also provide them access to my bar and assorted coffees/teas, although most guests tend to go out enough to where they don't really use that much.
Great tip that I will be employing.
Quote: (11-02-2016 04:48 PM)BoneDaddy Wrote:
I've done AirBnB (and other booking platforms) on multiple properties for a while now. One thing I have noticed is a strong correlation between the short-notice of the guests booking and the guests' neediness. To prevent that, I've configured my listings to disallow same-day booking, so guests can't book and expect to check in immediately.
Another thing I do is to politely decline any request for discounts, or basically any concession requested by my guests. I have found that guests who ask for discounts or other concessions are the ones who will cause issues.
Good tip, and I will definitely employ strict cancellation policy to weed out people who are not serious.
What are you guys charging for long-term stays? I'm thinking of doing no minimum stay (so people will be open to staying for one night only) but dropping the price for 3-night and 7-night.
The price difference between a one bedroom and two bedroom is only around $100-$150/month. If I can rent the room at $50/night for three nights...the room pays for itself, plus I have a guest room.