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Real Estate Fiend

i. is hosting right for you?

There are several things to consider when thinking about becoming a host. While it is not for everyone, if hosting is the right fit for you, it can be an incredibly rewarding and lucrative experience.

As you begin to think about breaking into the short-term rental business, try to answer the following three questions about yourself and three questions about your potential rental space.

3 questions about you

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1. Do you have time to host?

While short-term hosting can be very profitable, it is also incredibly time consuming. To be a Superhost, you need to put your guests first. They are spending their vacation at your property and—within reason—their comfort and satisfaction come first.

2. Do you have enough to invest?

Besides paying mortgage or rent on the unit itself, a rental host needs to be prepared to make an initial investment in furnishing and getting their property ready for guests. You will be spending money before you start making money.

3. Are you prepared for the commitment?

The key to short-term hosting success is commitment. You have to commit to make your business work, to answer that email when you are out having dinner, to offer that little extra that will make a guest’s trip that much better.

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3 questions about your rental

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1. Is it legal?

It is important to find out whether short-term rentals are legal in your area. Even if short-term rentals are legal, your rental lease or your Home Owners’ Association (HOA) may have rules against guests, subletting your space, or restricting the length of a sublease or lease.

2. Is it profitable?

Hosting only makes financial sense if you are making more of a profit compared to renting the property long-term. How much of a profit depends on your financial goals. How much you need to make off your Airbnb depends on whether you own or rent the space, whether you have paid off your mortgage, etc.

3. Is it competitive?

Once you have determined that your rental business is legal and makes financial sense for you, you must determine whether your rental will be competitive in your market.

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Did you answer all the previous questions in the affirmative?

then you are ready to start your business

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