Hosting or listing a house for Airbnb has been getting more accessible over the years as the number of global travelers increased to millions to top destinations like beach cities, museums, pyramid schemes, or even simply moving from one city to another or State to State. What all these travelers have in common is the need for a place to stay temporarily, but sometimes it could become permanent and be sold off as an Airbnb property.
There are several steps to set one’s Airbnb that is slightly different from the usual selling of homes;
Where to start
There is not much to do to get started, especially with everything being digitalized today, starting your Airbnb venture is a lot easier than before. But before you start, you need to know what you are getting yourself into. If you want to get into vacation area homes or non-vacation area homes or if you might want to sell them in order to cash in and find buyers looking for similar properties.
You should also do a little research on real estate markets in your area. If I wanted to sell my house, I would consider factors such as saturation, seasonality, competition, travel trends, etc. If I want to sell my house, but it doesn’t meet the market standards, let alone competitive standards. I have to make some improvements and adjustments like neutral furniture, ensure the home is not currently occupied, or use minimal décor. The point being, hosting Airbnb is different from staging for selling property.
Goals and expectations
Every business needs goals and expectations, real estate, and Airbnb is no exception. Before you start your Airbnb, you need to set your goals; if it is making money with your Airbnb or as an investment that you plan to sell as an Airbnb property later, all these needs to be noted down.
After setting one’s goals, you need to consider reality and what you are likely to achieve and what you are not and how to move past any obstacle that may present. The difference between your goals and expectations is that your goals may be flexible, like changing your Airbnb into Airbnb property and place it in a sell your house listing.
Set your price and get it right
Once you have everything down about your goals and expectations, you need to place your price. On this matter, it is advisable to go through all the sell your house listings and compare your property with what’s on the market. This will help you get a good grasp of what price your competitors have and how you can make yours not only reasonably cheaper but still withing your profit margins.
Check your calendar
Once you get your house listed, you are bound to start getting booked by buyers who are interested in your property. It is important to make sure you are available to host and not mix dates with when you are too busy to host.
Your calendar should also be able to adjust to dates that you are available as well as keep your schedule up-to-date on any changes to avoid any mix-up.
Know your competitors
Just like any business, the business of selling houses has a lot of competition, knowing your competitors ensures that you stay one step ahead. Whether it is through the quality of your property, prices, appeal, etc. knowing you are not the only game in town is enough incentive to get you working on how to get ahead of the competition.
The housing market in Arizona can only be described with one word, “red-hot.” The economy has been good recently, leading to an increase in the purchase mortgage application. There is also a steady improvement in the technology on the housing market with software applications such as iBuyers (which is very popular with consumers) that list Houses for sale in Arizona.
This has dramatically affected how the whole housing markets transacted, from listing to closing, which is a lot faster than the traditional process. This is made possible through e-closing and remote notary processes that bypass one on one experiences.
Houses for sale in Arizona is benefiting a lot from the strong economy and is expected to be a top destination for buyers looking for both vacation and non-vacation homes.
- Los Angeles
The demand for houses in Los Angeles has always been high despite the current outbreak of Corona Virus, which has temporarily forced the closure of the housing market. Currently, there is a concern about whether prices will drop and stay that way for a while.
Both investors and buyers looking for houses for sale in Los Angeles are hoping the markets will stabilize or recover quickly in case it takes a hit. If the Los Angeles housing market stabilizes, then the steady growth will continue seeing an upside, then the sales will also improve.
- San Francisco
The current condition of the San Francisco housing market is expensive for buyers, especially with the 4% increase in home prices last year and is predicted to keep on rising. The housing market in the city favors sellers, and with the projected continuous rise in prices, investors looking to invest in San Francisco houses may enjoy profitable returns.
The fact that San Francisco has a high cost of living also doesn’t help much in ensuring the prices don’t get unreasonably high for the average tax-paying American. The good news is, there have been plans to meet housing demands that are a result of a housing shortage leading to high market prices.
There is a plan to increase the housing units to 3.5 million by 2025, which presents a lucrative opportunity for investors to get into the business. Despite the high market value for houses, there are strict Airbnb regulations in place, making it a restrictive market for homeowners, especially regulations concerning renting, insurance, and legal residency.
While all these are solutions that are expected to stabilize the housing crisis in the city’s, future projections are expected to stabilize the housing market for the better. However, this is still uncertain, especially with the current pandemic as everyone is crossing their fingers and hope the housing market does not suffer but gets better for both buyers, tenants, investors, and sellers.