Many people want to make some extra money by creating passive income that they can utilize regularly. Airbnb is one of the most popular methods out there to generate income into your pocket while renting your property. Dozens of people use Airbnb to temporarily rent a place to stay during events, travel, and more. However, there are pros and cons attached to this method of income just like everything else out there. Let’s take a closer look at some of the pros and cons of renting out your Airbnb property that will help you decide if you wish to pursue this avenue.
The Extra Cash
Everyone could use some extra cash every now and then. This is why people decide to rent out their Airbnb to people who need it. This is one of the most common motivating factors that people use to persuade themselves to pursue this avenue. You can charge more depending on if there is a large event going on (SXSW in Austin, TX is a huge example) or if the area has high real-estate values.
Let’s imagine for a second that you want to quit your job and end up becoming a gigging professional. This is one of the best ways to increase the flexibility in your life if you are looking to make your own schedule. Thankfully, renting out your Airbnb can help you make your schedule to suit your needs.
You have the potential to meet some incredible people whenever you are renting your Airbnb out to the public. You will meet interesting people as you rent your property out to multiple people, families, or organizations. This is a perfect opportunity if you’re an extrovert who likes to meet new people regularly.
The Market is Growing
One of the best things about the Airbnb market is that it is growing steadily. More people prefer using Airbnb over renting an actual hotel. You get more bang for your buck since you will be able to stay in an actual furnished house and not inside of a drab hotel. Consider this if you wish to grow your Airbnb businesses for the longterm.
While we did mention before that the money in the Airbnb market is good, you do have to put your time in to build your business. This means that you will not achieve instantaneous success the moment you list your first listing online. It takes time to build your client base and in your payments by proxy. It is not advised that you come into this assuming that you are going to make maximum profits from day one.
One of the biggest drawbacks to owning an Airbnb rental property is the fact that there is a lot of maintenance involved. You will be performing the majority of the maintenance unless you decide to hire a cleaning crew. This means that you will end up being the one who does the laundry, cleans the dishes, and more. Maintenance also ties into our next point.
While your schedule will be technically flexible, owning an Airbnb can be incredibly time-consuming. This means that you need to be constantly marketing, cleaning, handling people, and more in order to maintain your business. You will need to constantly be at your computer to monitor inquiries on your rental property. This can be difficult if you are working a full-time job and have to split your attention to manage this project.
You always run the risk of potentially booking rude guests at your property. People can unexpectedly cause problems and even damage your property. Do your homework in order to find out how to avoid this problem by reading the reviews on guests online. Airbnb offers this feature to help property owners know what they’re getting into before its too late.
Making Your Business
There are plenty of people out there that have proven how to make money with Airbnb. We want you to use this guide to help you decide whether or not you want to pursue this project. Thankfully, those who do pursue the Airbnb market find themselves very satisfied regardless of its shortcomings.