If you’ve always dreamed of owning a rental unit or an Airbnb property, now is a great time to get into the market. Highly rated rental units in tourist destinations can be booked solid, months in advance. Before you start taking reservations, however, you should get your ducks in a row so that you can start off with as few growing pains as possible.
Hire People To Help
Unless you are renting out a very tiny unit next door to your house, you are going to want to hire people to help you. To start with, call in an exterminator, a plumber and an electrician to give your systems a once-over. Nothing will kill your landlord dream faster than a series of one-star ratings and comments about “not enough hot water” or “broken A/C.” Once your property is given a clean bill of health, consider hiring a custodial service to be on call after each party checks out. Cleanliness is high on most renters’ “must have” list. Finally, investigate hiring a rental management Spanaway WA company. Unless you have experience taking reservations, handling money and dealing with minor complaints, it’s best to let the experts handle this aspect of the business.
Decorate in Style
The fun part of owning a rental unit is getting to decorate. Start with a blank canvas – white walls and easy to clean flooring. Then, decide what kind of vibe you want to give off such as shabby chic, beachy, artistic or sophisticated. Don’t go overboard with knick-knacks as they will tend to get broken or disappear. Instead focus on your color selections and wall art.
Airbnb claims about 15% of the rental market. Booking.com and Agoda about 14%. Direct advertisement is responsible for over 35% of bookings, so build yourself a nice website and buy some SEO advertisement using keywords including area attractions.
Hopefully, after all your hard work, the money will start rolling in. Once you understand how to run a rental unit successfully, you can add additional units to your portfolio.