Use good furnishings and simple ideas to increase your rental value through AirBnB. If you own or have a property which you rent out and you haven’t already tried AirBnB, stop what you are doing and read on to learn how to increase your earnings. Maybe you have heard of AirBnB and are assessing – is it worth the extra turn over vs a long term renter? Your typical rental may seem like less work, but compared to AirBnB it returns far less of a reward. In reality AirBnB customers can be far better than normal renters. I am sure everyone has heard of tenant nightmares and how tenant rights are very strict in Vancouver and other major cities like New York. If you have a bad tenant who doesn’t pay their bills, eviction is not as simple as you may think. I have heard horror stories from friends, but that is not for here. AirBnB customers are peer rated, they pre-pay, and they also pay a premium.
If you find the right property you can have your AirBnB property rented out regularly and have a very significantly higher rental price. Tenants are respectable and trustworthy as proven through the AirBnB public reviews and reputation system, and they are willing to pay a premium.
Ideally you already have a great location as AirBnB customers want to be in vibrant, walkable communities. Since most customers are in town for a short while, they don’t need a huge space but something that is functional and has style. Everyone loves a few perks, having a few add ons which cost only a little can help pay huge dividends in customer happiness and feedback. Some simple things to consider are wifi internet, tv with Netflix, video games if expecting families, and even some board games, or bicycles which customers can use to enjoy the area as if they are a local resident. An easy way to add entertainment is a Playstation 3 with a set up Netflix guest account and some digital games installed. This would only set you back a couple hundred dollars, alternatively Google Chromecast or Apple Tv are good options also.
AirBnB homes are looked at as an alternative to hotels in the same area. Guests want to save a few bucks, help out the locals and actually get a feel for what it is like to be a resident in this new city or area. That being said, AirBnB can attract prices that are very close to hotel rates, so if you can be booked up regularly you will be running a profitable business in no time and paying off your mortgage faster.
Since customers expect a hotel style stay, having the option for extra beds creates huge value. Remember a visitor to a new city is usually there for work or to see the city, so the location and a bed is what they are looking for. A zero bedroom convertible provides as much value to a single business man or a traveling couple as a one bedroom would.
Whatever sized home you have, you can always have the option for more guests through hidden wall beds. Some examples would be having a lounge with a disappearing bed behind it such as Murphy Sofa Bed option which actually folds down over the sofa. Depending on your space another invisible bed option is a wall bed desk combo, giving your customers a working space (business people also use) during the day and a bed at night, or if you really want a jaw dropper check out a revolving wall bed with dining table. Not only do these have a wow factor which will help get great reviews for your place, but they are also as comfortable as any other bed you have slept on and you certainly can’t say the same about pull outs.
Keep your place clean and simple, with a few space saving head turners like convertible tables. Full sized dining tables are used rarely, so a coffee table which expands into a dining table is all you need for both functions or alternatively a dining table which can compact against the wall to be used as a desk or console. This will free up room in your rental for your guests bags and let them stretch out a bit. Lastly a personal touch: attraction brochures, some tips for places to eat, things to do, and helpful local information make a big difference. Good luck renting and enjoy the extra income!
2050 Scotia St #108
Vancouver, BC V5T-4T1, Canada