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We've owned a short-term rental property since late 2022 that we list through Airbnb.
Here are a few things that we've learned so far:
Perfect isn't necessary:
Most people will overlook small flaws in the property that would probably drive a meticulous homeowner crazy.
The majority of people who stay at our place are there to do other activities (boating, fishing, hunting, hiking, site seeing, etc.)
The rental is a place to sleep, have a meal, and unwind
As long as everything is clean, in working order, and has amenities like Wi-Fi, bedding, towels, and some basic kitchen supplies, 95% of guests will be happy.
Keep Records:
A short-term rental has different regulations for safety, fire codes, and insurance than a normal primary residence.
Stay on top of scheduling inspections, filing paperwork, etc.
You are also entitled to a lot of tax breaks, so keep detailed receipts for supplies, building projects, and mileage.
Communication
Many times guests will have questions and concerns.
Guide them to stay on the rental platform for all communication should there be an issue
Have a backup person who can respond to issues should you be out of service or unavailable for any length of time.
Build a network
Unless your rental is close to home and you have the time and ability to do your own maintenance, then you need to establish a trusted network of contactors who can do repairs, cut the grass, plow snow, etc.
Turnkey or not
We bought our property for a deal. The drawback was that it needed some work.
We chose to go this route to save money up front and keep carrying costs low.
All the profit that the property has generated thus far has been put back into it in the form of a new roof, new HVAC, and a covered deck and porch.
I've also done some smaller projects myself such as paint, an accent wall, lighting, and a bathroom upgrade.
Here are a few things that we've learned so far:
Perfect isn't necessary:
Most people will overlook small flaws in the property that would probably drive a meticulous homeowner crazy.
The majority of people who stay at our place are there to do other activities (boating, fishing, hunting, hiking, site seeing, etc.)
The rental is a place to sleep, have a meal, and unwind
As long as everything is clean, in working order, and has amenities like Wi-Fi, bedding, towels, and some basic kitchen supplies, 95% of guests will be happy.
Keep Records:
A short-term rental has different regulations for safety, fire codes, and insurance than a normal primary residence.
Stay on top of scheduling inspections, filing paperwork, etc.
You are also entitled to a lot of tax breaks, so keep detailed receipts for supplies, building projects, and mileage.
Communication
Many times guests will have questions and concerns.
Guide them to stay on the rental platform for all communication should there be an issue
Have a backup person who can respond to issues should you be out of service or unavailable for any length of time.
Build a network
Unless your rental is close to home and you have the time and ability to do your own maintenance, then you need to establish a trusted network of contactors who can do repairs, cut the grass, plow snow, etc.
Turnkey or not
We bought our property for a deal. The drawback was that it needed some work.
We chose to go this route to save money up front and keep carrying costs low.
All the profit that the property has generated thus far has been put back into it in the form of a new roof, new HVAC, and a covered deck and porch.
I've also done some smaller projects myself such as paint, an accent wall, lighting, and a bathroom upgrade.