Air BNB is an excellent way for home owners to turn a very tidy profit without having to do much at all. A lovely, welcoming space enhanced by thoughtful little touches can bring in hundreds of dollars per week. You can even go further and provide a ‘bed and breakfast’ style experience that’ll have visitors leaving five-star reviews and glowing comments in no time.
What do you need to know about setting up an Air BNB? Is it as straight forward as it seems or is there a little more to it?
The Legal Stuff
You need to have a clear understanding of what’s expected of you as a host and to ensure you meet very specific guidelines.
Money
Talk to a tax professional prior to embarking on your Air BNB career. Your earnings ARE taxable income and you may be subjected to a variety of other taxes as well. It’s important to do your research ahead of time rather than get caught out further down the track.
Rules and Regulations
You must ensure you are allowed to host before you go about setting up an Air BNB. It’s a vital step here to consult with legal representation to ensure all bases are covered. You may need to consider:
• Contractual Agreements and Permits
• Mortgage Restrictions
• Social Housing Restrictions
• Housemates’ opinions must be treated with respect
• The misuse or damage process as explained to you by Air BNB
Insurance
Air BNB provides Host Guarantee and Host Protection Insurance. This covers you for basic damages and liabilities. You should ensure you also provide your own insurances (homeowner, renter and liability) to cover yourself in case the worst happens. This is a vital step and cannot be stressed enough.
Safety and Comfort
It’s a requirement to have safety information and phone numbers posted clearly in areas that are easily accessible by your guests. You must ensure that there is an easy-to-find first aid kit, that there are fire preventative measures in place and clear access to exits.
Regular safety checks should be undertaken to assess for potential hazards as well as to fix up anything that’s faulty or that could be dangerous in the future.
If you have declared that your Air BNB is child friendly then you should also ensure that you have made the space child-proof. You should include any potential hazards in your listing so that families can make a decision for themselves.
Make sure your expectations and rules are easily located in your listing. If you don’t want smokers, for example, you must be very upfront. Don’t hide that information somewhere in the back of your listing – have it front and centre.
Your guests should have control over their atmosphere by means of air conditioning, fans or heaters. Provision of extra blankets is helpful so they can warm up – they should also be able to cool down.
The Design Stuff
Taking beautiful images will increase the power of your listing. Setting up an Air BNB is all about showcasing exactly what it is that makes your property special.
Little touches (that are appropriate and stylish) can make your home stand out and create a real experience for your guests. Hamptons-style touches for beach front abodes, rustic carvings and art for mountain homes and sleek polish for urban retreats.
Your Air BNB should be stylish enough to be memorable but neutral enough to not over-power guests – all of whom will have different tastes.
Setting Up Your Air BNB
Safeguard yourself, your home and your family prior to setting off on your Air BNB journey. Ensure you have all the appropriate measures in place to make it a great experience for you (and your guests) and then watch the money roll in!
