The modern mindset: minimum effort, maximum results. This is otherwise known as efficiency. To live this lifestyle is to live the dream. Instead of pouring one’s energy into a single job for all the days of the week, people can opt to seek other means of income, passive ones at that, especially when aiming to own a condo for sale or a home for sale that is a piece of luxury real estate.
One of the dictionary definitions of passive income is money which a person is able to earn or receive with little to almost no effort exerted. One of the most attractive and stable means of passive income, which is also a trend nowadays, is renting out an Airbnb.
Airbnb is an American company which operates an online marketplace within an application. This company which started in 2008 was able to create a digital community where people can find home stays and vacation rentals which may also feature unique and memorable experiences for guests.
If you are familiar with staying in these awesome properties, it might have crossed your mind to learn how to own and operate one, and turn it into one of your income streams.
To help you decide whether to invest or not to invest in such business venture, contemplate on this short list of pros and cons when it comes to Airbnb ownership.
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The Collins English Dictionary defines pros as advantages, or circumstances which are favorable, for someone who is in the middle of sensible decision making. The following points will answer “yes” to the question regarding making an Airbnb investment.
Talk of the town is that profit generated from Airbnb rentals can be lucrative. An Airbnb or short-term rental with high rate of occupancy can produce larger profit than a regular long-term rent or lease. With effective marketing, including setting the right price, taking care of guests properly to get good reviews, and perseverance in establishing brand and engagement, one can have a steady source of income in no time.
Although income may fluctuate from season to season, a good host or Airbnb owner can come up with solutions to address these challenges and still meet one’s desired quota.
On the average, profit from the platform can start at around $9,000, or more than ₱500,000. That makes it not too shabby to have access not just to your own vacation home, but access to a great income source as well.
Additionally, short-term rentals or Airbnb have become a trend for most travelers, because they are cheaper than hotels but they still offer a great deal of hospitality and memorable experiences.
This is one of the reasons why some have turned being an Airbnb host into their full time job.
Mostly, properties that are turned into profitable ones are found in luxury real estate like Crosswinds Swiss Luxury Resort. But, other than condominium, you can also view available lots at Crosswinds Tagaytay by Brittany Corporation: Lausanne at Crosswinds. You may also find your dream house among these Brittany Homes.
If you have booked a stay at an Airbnb or you have seen a friend did it, you know that the app or the website is easy to use and navigate. This means it is easy for potential guests to search for your rental, and it’s even easier to complete the transaction.
But, more than that, Airbnb is also user friendly and very helpful for hosts.
The platform has a Resource Center to help everyone become the best host. From setting up your account, to using the proper short-term listing language when writing for your page, to other practices and services a host can offer to guests, and even up to tips for managing your finances, the app has you covered.
When you visit the Resource Center of the platform, you can find articles and videos discussing guidelines and various topics related to hosting. Every topic is organized according to relevance and there are even a set of FAQs which are helpful for those who may not yet be sure as to what they are looking for.
Staying in an Airbnb allows adults to play for a day or more. However, guests are not the only ones who get to enjoy the experience because hosting an Airbnb can become a creative outlet for most owners.
Being a host means creating a guest-friendly space, and to succeed in such an endeavor, creativity is required.
This chance to show a person’s creative side is why most people aim to own their own short-term listing. They can create an experience, starting by preparing welcome baskets for guests that can showcase delicacies in a certain place or some items that reflect the personality of the owner, thereby sharing their story with different people who visit.
Most hosts also showcase a unique idea when it comes to the exterior and interior design of a home rental. There are out of the box designs and even places that encourage play for kids and kids at heart.
Other examples of the creative display can be found in activities that guests can do at the rental. Yes, Airbnb can be a way for people to meet outstanding and passionate individuals who don’t just create a beautiful and comfortable space to sleep in at night but also a place where they can learn a new skill like cooking or painting, or even explore mountains or forests.
There are even some rentals that are created to experience a certain culture of a country, or a place that is also a platform for giving back to a community.
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Of course, like establishing companies, hosting an Airbnb is not all milk and honey. You may also find cons when it comes to hosting, and these are a few points you have to weigh alongside the pros to decide on making an investment.
Although the digital platform is fairly easy to access and operate, the actual work can be tedious and energy-consuming. This is a business that is considered to generate passive income, but that is once you have built your name and the bookings are already pouring in. But, when one is just starting, it will take more than a simple Google search to accomplish setting up the rental home and even your account.
It is not that simple to set up a listing on Airbnb. First, you have to understand the legalities of hosting a short-term rental in your area. You also need to handle the paperwork and prepare yourself to become a marketing manager and even a customer services specialist.
Ask yourself if you are ready to file documents and dealing with agencies, if you are ready to be patient in handling customer requests and inquiries, or if it is really in your heart to be a master of hospitality. Beyond the paperwork, you also have to be ready to face any challenge your future guests might bring to the table.
Continuing on the topic that an Airbnb as a business is not as simple as it seems, once it has been set up, approvals have been acquired and your page is up and running in the app, you now have to face the challenge of keeping up with the short-term rentals game.
What this implies is that more hard work is needed in hosting an Airbnb compared to facilitating a long-term rental space or building. The reason is that property management for this type of rental requires more attention.
You need to always take action, and this goes beyond repair and maintenance. From welcome sign to interior design, hosts need to go the extra mile to stand out from competition and so that more individuals would book their property. Some hosts go as far as consulting with professional interior designers, but this can be costly. Other examples of extra effort that a host puts into his or her property which may require more labor is preparation of welcome baskets, food supplies, and other basic items for the space.
Planning to rent out your own home or condo unit? Of course, this may include furniture, decorations, and other items in your place that are extremely valuable. However, it is your passion to create a one of a kind experience for your visitors with these expensive pieces, or to tell your personal story to them and allow them to feel specific emotions.
In cases like this, you may need to find a company that offers special services such as briefly checking the background of the guest, setting up security systems which allows you to monitor your space remotely, and other methods crucial to keeping your priced possessions intact.
Pros and cons will always be present in any situation. Nonetheless, for Airbnbs, the key to thrive in the business amidst these pros and cons is to ensure that you are investing in the right property.
Good location, unique experience, and reliable housekeeping are some of the key factors for a great Airbnb, which means a condotel or a hybrid of a condominium and a hotel is a perfect choice or alternative even. See, instead of needing to worry about the operations of a unit, owners can place their unit in the hotel rooms rental program and they can simply rent it out and there is a unified lobby registration and cleaning services provided.
Brittany Corporation has developed a luxury real estate with such amenities at Crosswinds Tagaytay. Explore condotel possibilities with the luxury which Brittany homes can provide through Crosswinds Swiss Luxury Resort today.
