Airbnb and other house-sharing services have become incredibly popular in recent years. Some people use these services to make a few quick bucks here and there, but the truth is the peer-to-peer hospitality industry could also provide people with the opportunity to make big money through their real estate investments.
The following guide is for those looking to make real money with these house sharing sites:
People who use Airbnb on vacation are looking for a place to stay which is both affordable and genuine. This is the reason those looking to make a few bucks will need to take a look at their space and make sure it fulfills the desired look for their area. What you want to do is make sure your property has a specific style so that renters feel like they are renting a special place. The more in-tune the property is with the city around it, the more likely it will be sought after through services like Airbnb.
Updates and Remodeling
The next thing you want to do to make money on Airbnb and other sites like this is to invest in your property. Guests want to stay in a place that looks updated, nice, and worth their hard earned money. Since remodeling or updating a home or living area is not cheap, you may need to consider using online installment loans for home improvement projects. Consider focusing on the most important areas like the kitchen, bedrooms, and bathroom.
It is important to invest in great real estate photography. People booking online don’t usually see a place in person but through photographs. This means those who want to make good money need to entice guests by creating an atmosphere before the guests arrive at the home. A good real estate photographer can accomplish this goal by making your place look amazing. Be sure to look through the photographer’s resume to make sure he or she knows how to take a good picture of a place or room. Do not fret if your place is small; a good photographer can make anything look great.
Good photography paired with great interior design could help you bring in more renters. A good designer knows how to make the most out of any space and make it look more appealing to potential renters. You want your room, home, or whatever living space you are sharing to look appealing. Think of a designer as a good chef who knows how to dress up a dish to make it look more appetizing. Taking this step may seem like a lot, but it is one way to attract more visitors.
Investment in More Property
The next thing you may want to consider if you want to bring in more cash is buying more property. You may have started with your own residential property, but you can purchase multiple properties to be rented out through these sites. The property you purchase could only have a few rooms, or you can look for properties with lots of rooms that can be rented out at a higher price. Of course, location does matter if you are going to purchase investment property because areas with no traffic are going to be harder to rent out.
These are just some of the things you can consider to make more money through these sites. It may also be a good idea to look into several home sharing sites to increase your chances of having year-round occupancy.