How to Rent Your Extra Space for Money

Do you have extra space in your home? You can make money by renting.

AirBnB is one of the biggest companies in the world. It rakes in billions of dollars in revenue every year. You can get a slice of success by joining the platform.

The concept is simple. Your home is transformed into a mini hotel. You can rent the entire property if you have somewhere else to stay. Or you can rent a single bedroom, your guesthouse in the backyard, etc. You get to set your own rate, although the website will take a cut.

 

It might sound a little risky. After all, you’ll be sharing your home with a complete stranger. Well, don’t worry. For one, you’re insured if the guests cause the damage. The guests themselves have to enter their credit card and ID information. You’ll know exactly who’s coming. Everyone who is staying needs to give you their names beforehand.

If you don’t like someone’s vibe, you don’t have to accept their request to stay with you. You have complete control.

Interested? Keep reading to find out what you need to do.

Find Your Site

AirBnB isn’t the only site where you can rent your space like a hotel. It is, however, the most popular one.

Before settling on a website, you need to work out what you want to do. Are you going to rent your entire property? There are sites devoted to that.

You can experiment with a few sites until you determine which one is bringing in the most money.

Become a Concierge

Your guests will leave reviews on whatever site you use. If you receive a string of bad reviews, it will affect future bookings. People may still rent from you from but they won’t be willing to pay as much.

It’s worth your time to keep your guests happy. That means being prepared for common questions. What’s the best restaurant in town? Is there a cool bar nearby? Some hosts go further and agree to stock the fridge and drive guests around for an extra fee.

If you’re renting your whole space, you may not see your guests in-between check-in and check-out. Still, you can add useful guides and print outs to the property for them to find.

Clean

Keep the entire property spotless, even if you’re only renting out one room. Guests hate dirt. Having a dirty property is an easy way to earn negative reviews. If you’re going to rent your space out constantly, you should consider working with a professional cleaning crew.

Don’t stock the room with anything that you don’t want your guests to touch. Assume that everything in the guest room is eventually going to be destroyed.

Know the Law

Some communities are fighting back against AirBnB. Guests often rent spaces to hold parties. The resulting noise and mess annoy the neighbors. Additionally, professional renting companies are scooping up affordable housing options and keeping residents out of them.

However, there are workarounds. Make sure you speak to your guests about community rules regarding parking, when to use the pool, etc.

Stay updated on your local law and you’ll never get into trouble.

Fix Your Space

Make your home look amazing. Your guests are on vacation, they want to be in lush surroundings. Hire a professional house painting company and update your home’s exterior. Having great curb appeal is the first step toward getting rave reviews. For more information on hiring a pro team, visit https://teaberry.net/professional-painters/.

Obviously, your home’s interiors need to be taken care of as well. Stay away from bold designs unless you want to attract a niche clientele. A fairly bland but upscale decor scheme will appeal to most people.

Set Your Price

You’re allowed to set your own rate. The tough part is figuring out what it should be. If you live next to the stadium and the biggest show of the year is in town, you can fetch a pretty high price. If your home is inconveniently located, you can’t.

If you know your city, you should have a good idea about the value of your property. You can look up similar properties on the site and see how much they’re going for.

Renting your space is a journey. You’ll be able to meet a huge variety of people. You might even make new friends. At the very least, you’ll make some extra cash. Follow the above tips to get started.

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