How to list your property on Airbnb
We have been renting our house on Airbnb for over 10 years and it has been a great way to make extra money and travel the world. In this step-by-step guide, I am sharing things to know before listing your property on Airbnb, how to get started and what to expect as an Airbnb host.
Why list your property on Airbnb?
1) Income Potential: One of the biggest advantages of listing your property on Airbnb is the potential for significant income. Depending on your location and the quality of your property, you can earn a substantial amount. We list our main property in Toronto when we are away in the summer months.
2) Flexibility: You can choose when to make your property available, block out dates when you want to use it yourself, and set your own pricing.
3) Support and Resources: Airbnb offers a very user-friendly platform with a range of tools and resources to help you manage your listing. Through the app, you can communicate with guests, and optimize your pricing. The platform also handles payments, providing a secure and hassle-free process.
Where to begin when you want to list your home on Airbnb?
Getting started on Airbnb is really quite simple! Start by going to airbnb.com and select ‘Airbnb your home’.
Create an Account: Sign up for an Airbnb account. If you already have one, log in and navigate to the "List Your Space" option.
Describe Your Space: Provide a detailed description of your property, including the type of space (entire home, private room, etc.), number of guests it can accommodate, amenities, and unique features. Airbnb will prompt you to think about how to describe your space with the size of beds, bathrooms, etc.
Set Your Availability: Use the Airbnb calendar to set your availability. Block out dates when the property is not available and choose the dates you want to host guests. Fras and I often leave our calendar open to see what comes in. We normally only rent out the house in the summertime, but sometimes, we get a request for when the kids are on a school break. You can always decline an airbnb request.
Upload Photos: High-quality photos are essential however mine are taken from my iPhone. No need to hire a professional. But you should clear out as much ‘personal’ items as possible so the space looks clean and inviting. Photos are the first thing potential guests look at. Consider using the editing app to brighten the photos.
Set Your Pricing: Determine your nightly rate, cleaning fee, and any additional charges. Airbnb offers a Smart Pricing tool that adjusts your prices based on demand, but you we find this tool lowballs the price so do some research of properties in your area and price according to what you see.
Is there a cost to list my property on Airbnb?
Listing your property on Airbnb is free. However, Airbnb charges a service fee for each booking. For us, this fee is 3% of the booking subtotal.
Do I need extra insurance on my property to rent it on Airbnb?
Airbnb provides Host Protection Insurance, which offers primary liability coverage up to $1 million USD in the event of third-party claims for property damage or bodily injury. . However, it’s important to review the terms and consider additional insurance to ensure you are fully covered. You probably also have your own home insurance, so be sure to review that before listing your property on Airbnb.
How Long Does It Take to Get the House Booked?
The time it takes to get your property booked can vary based on several factors, including location, pricing, seasonality, and the quality of your listing. Generally, properties in popular destinations can receive bookings within a few days of being listed! To increase your chances of getting booked quickly, ensure your listing is complete, visually appealing, and competitively priced.
Also - Airbnb has a great Renter/Guest review process. Once your first guest checks out after their stay, you are both encouraged to leave a review of each other, which goes on your profile for other potential renters to see.
What Are the Local Regulations?
It’s important to check local regulations regarding short-term rentals in your area. Some cities have specific rules, registration requirements, or limitations on the number of nights you can rent out your property. If you are considering renting in Toronto, you’ll need to reference this guide from the City of Toronto.
Can I set my own house rules?
Yes, you can set house rules that guests must agree to before booking. These are things like whether you allow pets, smoking, parties, etc. You can also set the duration minimum. We rent our house out for a minimum of 1 week - but we favour renters who stay longer than that. It’s to much work to get the house ready for just a few nights.
How Do I Handle Cancellations?
On the Airbnb platform, you can choose different cancellation policies. These range from flexible to strict. There is nothing worse than having a rental fall through after you’ve gone and booked a European vacation for your family (been there! lol). Choose the cancellation policy one that best fits your comfort level.
What are the Responsibilities of an Airbnb Host?
Hosting can be incredibly rewarding! I love welcoming people from around the world to our city and our home. Truthfully, I’m always a little surprised by who wants to book an Airbnb in Toronto in the summertime! Usually, we get families who have moved away from Toronto and are coming back to see family and friends. We’ve also welcomed a director from LA who was up shooting a film and a professor who was staying in Toronto to teach at the University of Toronto. Occasionally we get friends having a reunion or tennis groups coming for tournaments…..we’ve seen so many people!
As a host, you are responsible for maintaining the property, ensuring it is clean and ready for guests, and providing essential amenities. Communication with guests is also crucial for a positive experience.
My Airbnb Rental System
I have a separate set of sheets and towels that I use for our guests. These towels are great and inexpensive. And these sheets wash well. I created a ‘guidebook’ for the house and the area, to help our guests feel settled.
The house guidebook informs them of things like garbage days, when the landscaper will be there, how to work the thermostat and where to find certain things around the house.
The area guidebook outlines the popular area grocery stores and where to find specialty items like cheese, meat and wine. It tells the renters where the local parks are, how to use the subway/bus system and some of Toronto’s biggest attractions.
When I am packing us up, I remove EVERYTHING from the closets. I have 2(.5) closets that I keep to store our stuff. We also have a large garage. I make good use of the storage space under the beds. I use these vacuum bags to compress everything down and organize them by each family member’s belongings.
Please share this post with someone who is curious about the Airbnb process!
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