Thinking of delving into Airbnb hosting? Here are some tips to consider.
Airbnb allows customers to rent spaces available on the online marketplace.
You might have tried renting an accommodation with Airbnb. Or maybe you haven’t, but are seriously considering it. After all, it’s a novel experience and you get to save some money if the location is really good.
Airbnb is an online marketplace for owners of real estate to rent out their premises.
Users can post spaces available for rent; in turn, Airbnb allows customers to rent out those spaces, which could be available anywhere from a couple of days to months.
For a fee, customers can rent the premises for as long as they want and upon agreement by the owners.
There are hundreds and thousands of homes and rooms for rent all over the world.
You must also be comfortable enough to let them stay at your place and trust that they will take good care of it when they are renting it.
It is possible to rent out your own premises too. Besides the money, you get to meet local holidaymakers as well as international travellers who come to the country for either business or pleasure. Think of it as a kind of cultural exchange where you get the chance to learn about different customs, or a form of national service which allows you to become Malaysia’s informal ambassador. Overseas tourists will need plenty of information and guidance, and you can answer the questions they have about Malaysia.
So you think Airbnb hosting might be for you? If you’re wondering how to get started, read the tips below:
Specify your financial goal: Everybody wants to make money. But firstly, you need to specify your financial goal. Do you just want a side income to supplement your existing job? Do you want it to be your main income? Or do you want to mint money and start a mini real estate rent empire? Once you know what you are aiming for, it becomes easier. Remember that the more you aim for, the more initial funds you need to fork out. If you’re looking at renting your whole apartment, you will have a lot of refurbishing to do.
Be upfront and accurate: When you advertise your place for rental, guests will look at the pictures and information you’ve posted at the site. It is very important to ensure that the amenities provided are in working order. Post current pictures of your property instead of year-old photos so that guests won’t feel shortchanged. Is your home a rustic kampung house? Say so, because there are guests looking for such experiences. It’s not enough to say your house is “near the LRT station” when it takes a good 20-minute walk; these small things matter to tourists with a packed itinerary.
No matter how opulent your place is, trust and patience is what is going to make the cash register ring.
Be more open and trusting: If you want to rent out your place then you’ll obviously need to meet total strangers, interact with them and hope that they are polite and do what’s expected of them in return. On the other hand, if you are suspicious, mistrustful, not a people person, prejudiced and judgemental, then think again.
Last but not least — give yourself time: It takes more than just sitting on your comfy couch, making a listing and watching as the money pour in. You have to talk to potential guests, ask lots of questions and gain more insight on your guests before making a decision about renting out your place. Potential clients will look for solid reviews and it takes time to build and gain credibility. And a simple task like checking guests in and out can take an unusual amount of time. No matter how opulent your place is, trust and patience is what is going to make the cash register ring.
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