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Here's What You Need to Know Before Self Managing an Airbnb - Learn From Our Airbnb Hosting Mistakes 3 года назад


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Here's What You Need to Know Before Self Managing an Airbnb - Learn From Our Airbnb Hosting Mistakes

We’ve been self-managing our Airbnb for a bit now, and through that, we’ve learned a lot of vital information we think is important to share. From insurance to guest amenities, to the simplicity of a house manual, there’s an infinite amount of little details that should be worked out before your first guest arrives. Subscribe! - http://NicAndPatrick.com/Subscribe Insurance for Airbnb: https://www.proper.insure/airbnb-insu... ★Our Business★ EmojiCrisp: https://EmojiCrisp.com TheBreakdown: https://TheBreakdown.xyz BreakdownCraft: https://BreakdownCraft.com Patrick: Instagram:   / patrickfassler   Twitter:   / patrickfassler   Nic: Instagram:   / nickingxyz   Twitter:   / nickingxyz   ----- More Information About Self-Managing an Airbnb: Running your own Airbnb listing seems like a great idea at first. You’ll make more than you would with a property manager, you have more control over what’s going on and who stays in your property, and you’ll gain some short-term rental management experience. Truthfully, it can be done, and if you have the time to manage it yourself, there’s very few downsides - excluding the time you can end up wasting running back and forth for your “passive” investment. Let’s go over what we believe everyone should know before committing to self-managing an Airbnb. First thing’s first is the topic of insurance. I feel like when we were looking for advice on running an Airbnb, this was frequently a topic that was overlooked online. Not enough people are telling you to get the right insurance, and that’s a problem. When it comes to any investment, your first priority should be to protect your capital in any way possible. Otherwise, you’re over-exposing yourself to an industry known for lawsuits. As we were told once, the second you open yourself up as an Airbnb, you’re held to the same standards as the hospitality industry. Don’t screw yourself over by skimping on insurance. It’s cheap and well worth the premium. Our 400 sq ft studio condo runs about $100/month for homeowners insurance as well as short-term rental host coverage. I’ll link our agent below for anyone interested. To my knowledge, they provide coverage throughout the US for Airbnb hosts. Moving on from the topic of insurance, let’s take a minute to talk about something a little more light-hearted and passion-filled. When it comes to hosting an Airbnb, one of the most important things you can do for yourself and your guests is provide high-quality amenities. Now, obviously high quality is subjective to the property, but there are some things I feel every host should aim to provide. It’s cheap, a tax deduction, and has always been appreciated by our guests. Looking on Amazon, you have a plethora of options for snack boxes, cereals, breakfast foods, snacks, and drinks. Order one. Trust me, putting a basket of snacks and water out for guests makes all the difference. Give your guests a reason to want to stay with YOU again. They can book any cabin, condo, house, etc. in any area. So give them a reason to come back to yours. It’s a cheap investment that goes a long way with your guests. I would, however, avoid alcohol as an amenity. Providing this poses too much of an insurance liability, and it’s far from worth the trouble. With that, maybe simply provide wine glasses so they can choose what to do with it. There’s also the topic of the guest manual or house information. Airbnb has a place for this in the listing, but it’s a good idea to have a physical copy laid out for the guests. Provide some information about the property, quirks like a door not shutting properly, and some local information. Our unit has a local guide around the area with a list of some of our favorite restaurants, shopping, bars, etc. It’s a little detail to help your guests feel more comfortable with their stay. Moving forward is the point of automation. I realize if you’re dead-set on managing it yourself, you’re likely not too interested in automation to maximize your profit. Here’s the thing, though. It’s rarely ever worth cleaning it yourself, and you really shouldn’t waste your time. Hire a professional cleaning company - specifically one that specializes in vacation rentals to take care of the cleaning and laundry. Last but not least, I rarely ever see anyone touch on the topic of taxes. Opening up yourself as an Airbnb host exposes you to new taxes, laws, and regulations. By all means, make sure that you set aside money for taxes with each stay for city and state and federal taxes. Airbnb has the option to allow tax payments, but it isn’t automatically selected for everyone. Whichever way you choose to do it, make sure you’re covered when it comes to tax payments. Talk to a local accountant for more on that, but make it a priority to stay above board.

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