If you want to generate passive income, then renting your property, whether short or long term is an excellent idea. But, if you want to maximize your profit, you should consider sprucing the place up a bit.
Since its founding in 2008, Airbnb has seen explosive growth across the globe. In the U.S. alone, Airbnb has seen a 45% increase in bookings year-over-year. There are more than 1.9 million Airbnb listings, and it presents a unique opportunity for vacation property owners and travelers. But for vacation rental managers and owners, there are several critical things you need to know about running an Airbnb side hustle, mainly, the Airbnb Transient Occupancy Tax.
Vacation rental management probably takes most of your time. You are always working to ensure that the property is clean and fully equipped. You’re also busy promoting your listing and thinking of ways to attract guests.
Vacation rental investments have been growing in recent years, with the industry’s global revenues reaching a dizzying 169 billion dollars at the end of 2018. Almost half of all surveyed investors believe that now is a great time to get into vacation rentals. But while it may seem like quick, easy cash, you’re still running a business. You need to know how to best position your property, how to secure it, how to find travelers, how vacation rentals will change your tax obligations, and more.
What goes into the process of choosing a travel location? Many people may have seen a charming, beautiful picture of a place, and wanted to experience the awe of it first hand. For others, perhaps a friend or family member suggested a specific area. But many guests get to their location, and are overwhelmed with the sights, sounds, and feel of the place. For some, they often get to their destination and think, “I’m here. Now what?”
We live in a digital age and consumers expect businesses to use technology to make their services, better, faster, and more accommodating.
You’re the proud owner of a vacation rental, and they told you to get a website so prospective guests could find your listings online. Getting this website would be fun, they said. It would also be easy, they said. Are you feeling frustrated and like you’ve been lied to when it comes to online marketing?
Vacation rental properties can be an attractive target for burglars and thieves. When you own a vacation rental property, it’s easy to worry about the safety and security of your home when it is unoccupied. So, what can you do to ensure that your vacation rental is safe when no one is there to keep an eye on it?
There’s no denying that a lack of space is one of the first thing guests will notice upon arrival. In fact, one of the few objective terms used to describe properties is “spacious”. But, what if you don’t own a huge villa with a garden and swimming pool but a small studio. Can you still rent it? Of course!
It’s a strategy that seems like an obvious winner: buy property and get back your investment (and then some) by renting it. But is it really a good business strategy?