Turning your home-sweet-home into someone’s home-sweet-Airbnb.
Your home’s next venture.
You and your home have likely been through a lot together.
Maybe it was your first home.
Maybe you watched your kids take their first steps in the yard.
Maybe you welcomed a puppy to the family there, and then later watched him use your pillows as chew toys.
The classic adage of “home sweet home” really, well, hits home for most. Now, you’re thinking about moving on to the next big thing — and maybe your home can too. Maybe it’s your home’s time to become an Airbnb and become a home away from home, to be enjoyed by many, just like it had been for you.
Short-term rentals are booming. New investors and traditional long-term rental landlords alike are realizing just how lucrative short stays can be, and guests are flocking to Airbnbs for their home-y appeal. In fact, guests are flocking so quickly to short-stay properties that there isn’t enough supply to go around. Prospective hosts are itching for good Airbnb home opportunities, and your home might just fit the bill.
Including in your listing that your home can operate as an Airbnb can bring troves of anxious investors to your door, or you can choose to list privately to our 50,000+ engaged Airbnb investors and by-pass public listing altogether. Including Airbnb opportunities in your listing can shorten time on market, increase numbers of interested buyers, and even bring you in more cash. So, is your home a good Airbnb home?
What’s the equation for a good Airbnb home?
A good Airbnb home can look like a lot of things. It can look like an A-frame cabin in the mountains of Oregon, or a multi-family building in an urban metropolis. It can look like a beach cottage off the coast of Florida, or a rustic ranch off-the-beaten path of Montana. What do all really great Airbnbs have in common though? All great Airbnb’s check off all of these boxes.
- Neighborhood regulations. Many cities, counties, neighborhoods, and HOAs are enacting regulations against short-term rentals. Not all of these are deal breakers, though. Many of these require a minimum night stay, a boots-on-the-ground property manager, or other minor nuances. Ideally, there are no regulations for your home to operate well as an Airbnb home. Though, if minor enough, it can still be successful for your Airbnb buyer.
- Neighborhood stats. What’s your neighborhood look like? Would you want to visit it if you didn’t live there? Even if the neighborhood itself isn’t a destination, what is it close to? Are you close to a downtown area that offers unique food, a lively nightlife, and events that might bring people to town? Are you near a beach, where families can take vacations to get away from it all? Does your neighborhood turn into a Winter Wonderland, boasting Hallmark movie views from November — February? If the answer is yes, then we’re on the right track.
- Proximity to airport. This is an important one: how accessible is your home? While people have needs for Airbnbs just about anywhere, your property will look much more attractive to buyers if it is close to an airport as it will offer them better occupancy rates from guests looking for convenience. Ideally, your home would be about 30-min or less from an airport, but given airport location varies wildly per city and state, you can use your best judgement on what “close” means here.
- Nearby amenities and attractions. This is similar to the neighborhood stats, but a bit more granular. What is there nearby that your guests can enjoy? One of the top things we hear from guests for properties that we manage is that they love when their hosts give them local recommendations. An Airbnb buyer is more likely to find your home attractive if there’s a lot they can recommend nearby. Amenities and attractions can include things like cafes, restaurants, gyms, nightlife, ice cream shoppes and more. We’ve personally found that a close proximity to breweries and coffee shops lend themselves to the highest Airbnb success, so if that’s you, make sure to highlight that to your buyer.
- Biking and walking score. Bikeability and walkability = Airbnb-ability. While this factor may differ for some markets, generally speaking, a property that is highly walkable or bikeable is very attractive to guests, and thus, hosts whom would be your prospective buyer. Interested in what your biking and walking score is? Check it out here.
- Safety and security. Hosts want to feel confident about the location of their property, and guests want to feel comfortable in their accomodation. Is your property in a relatively safe area? This is a key feature to point out to prospective Airbnb buyers.
- Occupancy taxes, licensing fees, and other expenses or requirements: Certain markets or jurisdictions are subject to higher occupancy taxes which are charged to the guest, licensing fees, business license requirements, or other mandates. Each of these things can be a hurdle for the host, your potential buyer, or can make their listing less attractive to guests. If your property is in a jurisdiction that welcomes short-term rental operators and keeps regulations and fees low, make sure to include that in your listing. That’s huge for Airbnb buyers.
- Nearby comparables. Not sure about all of the above? A good way to see if Airbnbs will thrive in your area is by searching nearby comparables. Take a look at our Insights tool to plug in your address and see how nearby, comparable properties are performing. A bonus of doing this — you can include this in your listing to Airbnb buyers so they can see projected performance metrics.
Does making your home’s legacy into an Airbnb sound exciting? Do the perks of including “Airbnb opportunity” in your listing sound interesting? Let us know. We can help you navigate our golden checklist above, and even get you in contact with 50,000+ Airbnb buyers. We’re just a call away!