Airbnb Guide: Make money from rental without moving a finger
A little book that teaches you how to use Airbnb in order to earn a high monthly income, without having to work for it. And how to invest in real estate that returns good profit from short-term rental.
The book tells you how to use Airbnb in order to earn a high monthly income, without having to work for it. How to invest in real estate that returns good profit from short-term rental? How could short-term rental be far more profitable than long-term? The book covers all the information needed – from A to Z, revealing the possible ways to benefit from real estate. How could we know when is the right time to buy real estate? Where and what kind of an apartment to buy and how to furnish it? How to successfully list our property on Airbnb and how should the prices be determined? How to save money from bank fees and currency transactions when receiving money from Airbnb? How to comply with the law? How to organize the managing of the property: guests’ check-in and self-check-in, communication, cleaning. What kind of guests travel in Airbnb and is the Superhost badge worth it? How to deal with neighbours and other residents? What could we get out of Google Maps and Booking.com? The book is fully practically focused, intended to be useful to current and future Airbnb hosts, as well as to people, interested in real estate.
Preface from the Author 8
What is the book about? 10
For whom is this book suitable? 12
How to read and apply 12
Pros and Cons to list a property on Airbnb 13
Key Success Metrics 15
Finance charts and return of investment calculator 19
Basis of comparison 22
Alternative in a broad-sense
Alternative in a narrow sense
Buying property to invest in Airbnb 27
The prices of buying a real estate 33
What kind of an apartment is reasonable? 33
The Location 37
Reasonable cities 38
Furnishing the apartment 41
Main things 41
A thorough checklist of what we should have in the property 42
Publishing (listing) a property in Airbnb 44
Creating a personal profile 44
Publishing (listing) the property 46
Booking settings 54
Booking policy 55
Bookings and availability settings 58
How does Airbnb’s pricing works? 61
Pricing settings 63
Special Offers 64
Updating the prices 64
In conclusion for the prices 67
Payout methods 67
Payout Routing Rules 68
Airbnb’s guests 75
What kind of people use Airbnb? 76
Reviews from guests 77
Greeting guests 77
Self-checking in 79
Personal greeting the guests 82
Cleaning, washing, housekeepers 86
What options do we have for cleaning? 86
Personal scheme 88
Order and ethics for cleaning the guest rooms 92
Fixing things and reaction to accidents 102
Buying bed linens, etc. 103
Templates for recommendations and instructions for guests 108
Additional templates 115
How to find an online communicator? 115
Changing or canceling a reservation 120
Damages, security and theft 121
Main things 121
Where should we be careful when making a claim? 123
Which are the things we could ask for an additional refund for? 123
How to make a claim? 124
Refunding the guest (compensation) 125
Cohosts and assistants 125
Contact with Airbnb 128
Problems with neighbors 131
The legal side
Google Maps 139
Booking.com – is it worth it? 140
In conclusion 143
Thank you 147
A list with helpful resources 148
Pros and Cons to list a property on Airbnb
Here follows a brief look over the pros and cons of listing a property on Airbnb.
- Better money. The income from short-term rentals generates higher profit, compared to long-term rental. Success is guarantied if the principles discussed in the book are applied.
- Cash Flow. Airbnb makes the payout to us in 24 hours after the guest’s check-in. This means that we have better cash flow and income at least a few times monthly, compared to the one monthly income from the long-term rental.
- Our property appreciates slower. For example, when Jay from South Korea comes to visit London, he would prefer to explore the city and the country. He will stay in the apartment mainly to take showers and to sleep. This is the case in most of the times. Thus, our property is not being used as much as it would have been if there were long-term renters. If John from Ireland lives in the apartment long-term, he will use the place to its full potential => the property will get appreciated far more quickly.
- We can use the property. We might need to use the apartment for a short period of time? We have guests visiting us for the holidays and we need to find a place for them? Or we are having our main apartment renovated and we should leave it for a while? We simply block Airbnb’s calendar for the dates needed and we can use the apartment. Having long-term renters would make this impossible to happen.
- Managing the property in Airbnb, dealing with guests, calendars, bookings is time-consuming and might get on your nerves. This could be overcome with the systems and principles, explained in the book.
- Issues with the neighbours. There is a possibility for tension between you and the rest of the residents (neighbors). The book has a section, dedicated to this issue, explaining the best ways of dealing with it. After all, our activity in Airbnb is completely legitimate.
When is the right time to buy real estate?
Before 2008 people were stating that the prices of real estate never fall down. The following events – at the end of 2008 and in 2009, showed us quite the opposite. No one could predict the future – neither for the real estate market nor anything else.
Here is a criterion that might be useful when analyzing the situation whether the moment for buying a real estate is right: Is there a widespread optimistic trend? Is everyone else buying? Does everyone believe that everything will be perfect, that the economy will keep growing, that the real estate prices will be raising further? Do you observe a general optimistic trend? If the answer is “yes”, that means to us that we should be cautious and conservative. In this scenario, the probability of losing money is bigger than the probability of missing opportunities.
On the other side, if we observe pessimism instead of optimism, everyone is disturbed and the market is in stagnation or correction, then this is a sign that we should be bold and take action. In these situation the probability of making money is a lot bigger than the probability of losing some.
The main role in the above-mentioned scenarios is played by The Risk. In times of general optimism, the risk for us is high. In times of general pessimism, the risk for us is low.
What is the right type of apartment for Airbnb?
Throughout the years I have received many questions such as:
- How large should it be?
- Could it be a studio?
- Could it be a 1-bedroom apartment?
- Are 2-bedroom apartments better?
The answer is always relative. But, first, let us take a look at the different types of apartments.
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