Always dreamed of having a successful side hustle? Have you considered joining the thousands of Aussies who are listing their properties on Airbnb and pulling in extra coin?
With Australia reopening its borders to international tourism and more and more Aussies beginning to explore the country again, now could be a good time to consider getting into the short-term holiday rental market.
Let’s look at some of the benefits of hosting on Airbnb:
- Earn extra money
- Be your own boss
- Get creative with your property or space
- Meet interesting people from around the globe.
So, how do you get started? Here are some tips.
1. Do your research
A good place to start is to do some research to see what’s available in your area and what kinds of properties are in demand. Is your property going to be desirable?
You should also check whether you can legally host on Airbnb. Some municipalities may have laws restricting short-term holiday rentals. In some cases, you may need to register, apply for a permit, or obtain a licence before you list.
There could also be body corporate bylaws to consider and safety regulations to comply with.
2. Work through the finer details
Operating an Airbnb takes time, so it’s important to consider how much time you’re willing to invest. Are you going to clean the property, organise check-ins and check-outs, and respond to customer service queries or have someone else handle things for you?
Next, crunch the numbers. Your property’s location, size and amenities will impact how much you can earn, as will seasonal considerations. Do some research into what similar properties are listing for.
Consider the costs you may incur. Examples include:
- Booking platform fees
- Cleaning
- Rates
- Electricity
- Furniture
- Gas
- Internet
- Maintenance
- Streaming services
- Water
- Insurance
- Management fees
Lastly, don’t forget to check the tax implications with the ATO or your accountant.
3. Make your property shine
Now comes the fun part – decorating your room or property.
If it’s your home, remove as much personal clutter as you can. Guests will be looking for a clean, fresh space that feels like an escape. You may need to place your personal belongings in storage or at a friend’s place.
A popular design approach is to match the interior décor to the property’s surroundings. If it’s a beachside property, for example, you could go with a beachy theme. If it’s close to a forest, you may choose wooden, natural furnishings.
Another tip: creating an experience that’s different or unique will help boost your property’s appeal. Think themed styling or out-of-the-box types of properties (if you’re buying).
4. Go for quality marketing
First impressions count, so you’ll want the photos on the listing to really ‘pop’.
Ensure everything looks clean, tidy and organised. If your space has natural light, make the most of it and highlight any unique aspects of the space that could resonate with guests.
If you’re serious about turning your Airbnb into a successful side hustle, you may like to consider investing in professional photography. High-quality photos can make a world of difference to how people first perceive your property and ultimately how in-demand it will be.
When it comes to the description, be specific. Sell any unique characteristics that make your property special.
5. Pay attention to the overall experience
Your property will be your guests’ home away from home, so it’s important to make them feel welcome.
It all starts with getting the check-in experience right. Make sure the directions are clear, and the process is effortless.
Next, don’t skimp on the amenities and personal touches. Quality towels, fresh soap, tea and coffee and a city guide can all help get you closer to a five-star review.
If you do get a bad review, reply promptly and courteously.
6. Protect your property
Airbnb provides host liability insurance, which covers you up to a certain amount if a guest gets hurt or their belongings damaged/stolen while at your place.
Ready to get started?
If you’re ready to buy a property and turn it into an Airbnb, we’re here to help.
We can provide free property and area reports to help inform your purchase decision and line you up with the right finance to reach your goals. Get in touch today!
