Almost everyone has heard of Airbnb — the online rental site that enables hosts to rent out spaces ranging from single rooms to entire houses.
Airbnb has rapidly grown to include listings for over three million properties in more than 65,000 cities around the world- proving that the short term rental market is a profitable place to be.
Today’s instructors, Sarah and Nick Karakaian, are a husband and wife team that specialize in real estate investing and the short-term rental industry. Through Airbnb, Sarah and Nick have brought together their love of hospitality, design, and real estate.
They are Airbnb Superhosts, own six short-term rentals, and manage and consult on several others. Their other professional services include construction project management, home staging, organizing, and design. You might also recognize them from the HGTV series Beach Flip, where they flipped a beach house over 8 episodes.
By the end of this class you’ll have tips for creating a profitable Airbnb business, an understanding of what it takes and the risks involved, and some staging inspiration to create an Instagram worthy getaway.
How much time do you spend in a typical week?
- If you’re doing the turn-over and management alone it’s a part time job.
- There are tons of apps and platforms that make it more passive.
- Anticipate the guest’s needs and it will minimize how much time you need to spend.
- You’re always on call.
What makes a good rental?
- Location, location, location.
- Air DNA will give you a good idea of what you can make on a rental.
- It needs to be safe.
- Near high traffic locations (hospital, college, convention center).
How can you protect yourself as a host?
- Smaller units help deter party situations.
- The media likes to sensationalize things, but there are thousands of check ins every day and fear shouldn’t hold you back.
- Cameras are great.
- Noise Aware measures the decibels within the home.
- Insurance is important.
Do you need special homeowners insurance?
- There’s short-term rental insurance that specializes in Air Bnb and rentals.
- Don’t fly under the radar.
How do you create an attractive listing?
- Photos!!! Have beautiful lifestyle shots of all the little nooks in your house.
- Photos and info for your neighborhood and parking.
- Professional photos are great and you’ll make your money back!
- Changing up photos seasonally is a great idea!
What are some tips for improving the guest experience?
- Thank you cards and simple gift cards.
- Fresh fruit.
- Listen to clues about why they came to town.
- Local coffee etc.
- It’s the little things like anticipating their needs: toothbrush, toothpaste, phone chargers…anything guests might forget!
- Netflix, Hulu and extra blankets are great too! “Creature comforts”.
Is there anything you HAVE to provide?
- Nope! It’s anything you want it to be.
Hacks for staging!
- Don’t skimp on the bed or couch- make them both comfy.
- Consignment stores are really fun and create cool design.
- Have something in the rental that has drawers. People like to unpack.
- Storage is great!
- Fully stock your kitchen with tools/appliances.
- A binder with all the best local restaurants.
How do you manage a property that’s not within your town?
- A lot of management companies are virtual.
- Get someone you trust who lives in town to turn it over for you, and you can be in charge of management.
How do you budget to get your first property and then build on it?
- There are a lot of short term rental loan options available.
- Knowledge is power.
- You never know what you’re eligible for.
- Keep your options open.
- Partner with others.
- Consider a duplex and live on one side.
How to make your Air Bnb more Instagramable!
- Stand out!
- Have a hashtag for your property!
- Provide a selfie stick.
- Get a cool custom wallpaper or mural.
- Make it appealing to photograph and share.
- Bring in local artists.
- Use a CNC machine to create something fun.
- Read up on short terms rentals in your area.
- Educate yourself.
- Listen to Sarah’s podcast, Thanks For Visiting HERE!
- Write down 5 people who might be able to connect you with property and you can be involved.
- Have some Airbnb experiences.
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