What are the most important things to do when starting an Airbnb?
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When starting an Airbnb, find the best cleaning company you can. If you have a really great cleaner, then you don't need a property manager. Also, buy as many amenities as you can and the best amenities you can. Whatever category you're in, you want to be as luxurious as you can, because whether you have a one-bedroom that's really basic or you have a five-bedroom mansion, the amount of work is going to be the same.
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1. Determine your budget. You can research markets all you want, but it's a waste of time if you can't afford to be in them.
2. Call local municipalities and check short-term rental regulations. Call them directly. Do not take the advice of a social media post!
3. Look for properties that you would stay in. If you wouldn't stay there, it's likely others won't want to either.
4. Analyze. Use tools like Pricelabs market dashboards to get an idea of what similar properties in your market bring in income-wise. Subtract your mortgage and potential expenses to determine if the remaining cash flow warrants the purchase!
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2. Call local municipalities and check short-term rental regulations. Call them directly. Do not take the advice of a social media post!
3. Look for properties that you would stay in. If you wouldn't stay there, it's likely others won't want to either.
4. Analyze. Use tools like Pricelabs market dashboards to get an idea of what similar properties in your market bring in income-wise. Subtract your mortgage and potential expenses to determine if the remaining cash flow warrants the purchase!
Follow these tips to start an Airbnb:
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- Handle any paperwork or legal considerations. You may need a license or permit, business LLC, and insurance. Check your local regulations and speak with a financial or legal advisor.
- Prepare your rental. Make any necessary repairs or upgrades. Install a keyless lock and stock the property with everything from towels and toilet paper to pots, pans, dishes, and flatware.
- Set your price. Your price will depend on the location, amenities, time of year, and what your competition charges. Keep in mind that Airbnb charges a 3% fee.
- List your property. Be honest about the location, amenities, and what guests can expect. Provide high-quality photos of the interior and exterior space.
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