Every year millions of people are travelling to go on vacations, to visit family and friends and go on work trips. With the ever-increasing price of hotels, people are seeking other accommodations for their trips, one of them being Airbnb. If you have ever considered profiting from this venture or currently have vacancies or long term tenants in your rental properties, here are seven reasons why you should consider Airbnb.
- Greater profit. Although traditional long term leases are easier to manage, listing your space on Airbnb allows for greater profitability. Why? While you can charge $500 a month for your long-term tenant, you could charge $50 a night and rent out your space for only 10 days of the month to make the same profit as you would a long-term rental. Imagine charging more than $50/night for the entire month! You could easily make double or triple the amount of your long-term tenant income!
- You get paid the money upfront. There is no hassle of tracking down rent payments or having to evict unpaying tenants, the money is in your hands before they walk through the door.
- Greater flexibility. By having short term residents, it allows you the flexibility of choosing when to rent out you place and when to keep it for yourself. This is a great way to provide a welcoming space for your out of town relatives and still have a source of income when they’re not visiting.
- Greater range of clients. With Airbnb you attract potential tenants from all over the globe looking for a place to stay, not just people looking to move into the neighbourhood. It’s a great feeling knowing that you can provide someone with a comfortable place to stay while they’re away from their own home.
- Tenant reviews. As a host, you can read the reviews from others who have already hosted that same guest(s) who is inquiring about your rental unit. You can easily find out about their living habits, accountability and cleanliness through online reviews. This is far easier than acquiring landlord letters and reference checks for long-term tenants.
- Respectful tenants. Since your guests know they will be getting reviewed, they will most likely treat your rental unit with more care than long-term tenants. They will take the time to clean up after themselves which in turn will save you time and money between guests.
- Insurance coverage. Airbnb has a $1million dollar host guarantee insurance policy to give you comfort knowing you’re covered.
Airbnb is a great opportunity for you to capitalize on. If you’re interested in this venture but think it’s too much work for you or you don’t have enough time, there are professionals that can do this for you. They will manage your bookings and market your property to ensure your profitability with minimal effort on your part. Our company specializes in managing Airbnb bookings. Check out our Reviews Tab to see what guests are saying about their stay with us.
We take care of everything from providing tips and expertise on how to professionally and suitably set up your unit, helping to furnish the unit (if needed), coordinating the bookings, communicating with the guests, cleaning the unit, and much more.
Contact us to receive our Process Package in your email to read the details on how we work. We look forward to helping you reach your property income goals.