Maybe you’ve been renting your home on Airbnb for years or maybe you’re just starting out . Either way, you know how great Airbnb is and you can tell that your skills and expertise will make you a great vacation rental manager. Are you considering making the jump and buying an Airbnb investment property? It’s a great way to take your vacation rental management business to the next level.
Before considering an Airbnb investment
Costs can add up:
Just like when you purchase any other asset you have to consider the costs of upkeep in addition to the original purchase price. The same goes for an Airbnb investment property. Not only do you have to think about the cost of your mortgage, you also have to factor in the costs for upkeep, upgrades, landscaping, and emergency repairs along the way. Those costs can add up quickly and can easily get overwhelming if you’re not thinking about them beforehand. Do the math on the average upkeep before you start looking for properties so you don’t have too many expenses down the line.
Lots of competition:
You’re not the only one thinking about purchasing an Airbnb investment property. In fact, many have done it before you. Just because other people are doing it, doesn’t mean you shouldn’t though. All it means is that you need to be more diligent in choosing the perfect location with the right amenities to make your place really shine. Before looking for a location, do a really good search of other rental properties in the area to see what your potential competition could be. This will also help you get a better idea of the pricing strategy that you can implement down the line.
It takes time:
Managing multiple Airbnb accounts can be really time consuming. After purchasing an Airbnb investment your workload will increase significantly. More messages, more key drop offs, more cleaning and more repairs. Long story short – it takes a lot of time to have an Airbnb investment. This business venture can be an incredibly lucrative one; you just need to make sure you have the time for it before you begin the journey.
Pro tip: Managing your Airbnb investment just got easier! Now with Hosty’s professional Airbnb vacation rental management software, you can increase the efficiency of your Airbnb business. Try it for free, today!
Advanced business considerations:
When you move from simply renting out an extra bedroom in your home to purchasing an Airbnb investment property, your business practices will need to upgrade too. You may need to purchase additional insurance, calculate your taxes differently, or invest in a cleaning company. Making a purchase of an Airbnb investment property is only the first step. Prepare yourself for an amazing business venture that will require careful analysis and swift execution down the line.
A final takeaway: If you learn nothing else – know that an Airbnb investment will take time and dedication to be successful. With some commitment and of course amazing support from Hosty, your Airbnb investment will be a smart choice.