Are you planning on renting your home on Airbnb?
Some smart San Fernando Valley landlords and property managers are making serious money by renting their home on Airbnb. In recent years, Airbnb has been giving the hotel industry some challenges. It is a great way to ensure that you don’t have any room vacant while you could be making money from it.
You should consider renting your home on Airbnb if you have some vacant rooms. Instead of waiting forever to find a permanent tenant, you could be making some money from daily renters on Airbnb as you wait for a more permanent renter. However, when you make up your mind about renting your home on Airbnb, you should consider some safety concerns.
In this article, you will learn some safety tips to ensure that you stay safe when you are renting your home on Airbnb
Avoid Decorating With Valuables
You should be careful how you decorate your homes especially when you are considering renting it to strangers who will use it for just a day or two. Avoid the temptation to decorate with big screen televisions, designer furniture, and other expensive items.
Since you don’t know these renters all too well, you cannot trust them. Just keep your design modest to avoid losing your expensive items to strangers when you are renting your home on Airbnb.
Create a Screening System
It is not easy screening tenants online. Fortunately, there are few steps you can take. You can start by reading renters profile online. If you pay enough attention, you can spot if they will give trouble by what they have to say about other venues. Just like Airbnb recommended, always trust your intuition and don’t accept a reservation if you don’t feel right about it.
Set the Right Price
When you have a price that is too low, you are more likely to attract risky renters. Most landlords make the mistake of pricing their property low just to attract many renters. The problem with this is that you will end up with renters that will cause you troubles. Make sure that you price your property right. This helps you to weed out some risky tenants.
Require a Review
It is always a good idea only to accept reservation if the renter has left a review. You have the right to reject any renter that does not have any review in the past. Reviews give you insight into your would-be guests.
Get An Insurance Policy
Airbnb has an insurance program that provides coverage for up to $100,000 per occurrence in property damages done by a third-party or in case of an injury caused by a third-party. In some cases, this may not be enough. There are some damages or injury that will require more than $100,000.
See if your home insurance provider can give you extra protection for short-time renters. Insurance will give you some peace of mind.
Create Your Rules
When you have considered renting your home on Airbnb, you can make use of Airbnb template to create a list of rules for your guests and make your expectations crystal clear. Of course, you don’t have to be too strict, just a couple of rules to keep you and your guest safe.
Your manual can as well serve as a resource for your guest. It will contain your Wi-Fi password, designated off-limit areas, as well as a number of guests allowed per room.
Talk to the Neighbors
If you have long-term tenants on the property, it is a good idea to talk to them to report any suspicious behavior while your home is rented. One of your tenants can spot things you have missed. They can help you spot a renter that is using your home for illegal activities or using it to constitute a nuisance.
To ensure the success of renting your home on Airbnb, we recommend that work with an experienced property manager. Actually, Los Angeles Property Management Group does not rent short term, but we can put you in touch with the right people who do.