While a lot of people have strong dreams surrounding ideas of property development, very few truly understand the level of work and dedication which has to go into this field. Not only do you have to keep the place up to a legal standard, but you also have to find tenants for it, make sure it’s looking good, and may even have to deal with trouble down the line. Companies like AirBnB have made this sort of investment easier over the last few years, but how exactly can you make a digital service like this drive your investment dreams?
Why not look into developing your own home before getting into the property investment game, doing something as simple as a loft conversion of the existing space you’ve got is great way to raise the value of your property and you could even rent the space out via something like Air BnB to recoup your costs and have it as a passive stream of income that could fund your next home purchase. Loft conversions don’t have to be costly or difficult, using a company such as Live in Lofts to organise and carry out the work on a loft conversion makes the process so much easier.
Support & Backing
To begin, it’s worth thinking about some of the most important benefits which AirBnB provide; security. Having a big company like this sat in between you and your clients makes it far easier to ensure that money is paid on time, issues are handled fairly, and no one stays in your property for longer than they’ve paid for. Handling this on your own will be a real challenge, and one which many people struggle to overcome. You can get similar backing with a real estate agent, though this will usually cost far more than going through a service like AirBnB.
Flexibility & Choice
A lot of people assume that AirBnB is designed for short stays, thanks to the name of the company. Of course, though, AirBnB supports both short and long stays, with features which can benefit normal landlords. This gives you the opportunity to act like a landlord or holiday home owner at your whim, while also making it possible to choose exactly the sort of people you’d like to work with. This sort of flexibility would be extremely hard to achieve on your own, especially when it comes to short-term rentals, as it can be dangerous to go down this path without the right knowledge or experience.
Handling It All
While AirBnB themselves offer a fairly self-service experience, there are plenty of companies out there which recognise the potential of this tool to be something more. An AirBnB management service can make it possible to have guests permanently staying in your home, giving you a steady stream of income without having to fork out massive fees. Real estate agents can help with this, too, but will charge a lot more, and will probably have a harder time of keeping people in your property. Of course, though, as time goes on, you could look at developing your own skills to do this work for yourself.
With all of this in mind, you should be feeling ready to get started on the time you put into making AirBnB work for you. The app makes everything much easier, but you will still have to work a little bit along the way. You will need to learn and adapt, while also altering your course to meet the needs of a growing market. It might be more profitable to have short-stays, but it could be easier to have people for longer, and this is something AirBnB can help you to figure out.