Not everyone who gets involved in the real-estate sharing economy to reap some good investment dollars wants to buy a house. Seem like an oxymoron? It’s possible, according to this business model: a savvy investor leases a property from a home owner, sublets it, and voila! Cash comes in.
Millions have become part of the sharing economy. When it comes to renting out your own home or someone else’s for business or vacation, it’s not quite as easy as it first appeared. Local communities have begun making legislation that impacts these rentals. Awareness of these regulations is essential.
Renting out your house, cottage or apartment involves posting photos of the exterior and enough of the key interior rooms, a description, and prices on one of the many rental sites such as Airbnb, VRBO, or Homeaway. Sounds simple enough. But to attract renters on a regular basis and garner good reviews—which will help attract more renters—it’s important to take time and put in effort to make your home as presentable and welcoming as possible.
We continue with more about getting into this part of the sharing economy. Our focus points include: the niceties to have on hand such as fresh linens and towels, taking good photos of your home’s exterior and rooms to post to attract guests, filling out a questionnaire about your home in the same way you might fill out a statement about yourself for online dating, and deciding on your house rules—no red wine or pets, for example.
Millions of homeowners worldwide now rent out a room, rooms or their entire home, helping this niche in the sharing economy become a multibillion dollar business, thanks to sites such as Airbnb, VRBO, Homeaway and TripAdvisor. Just how easy is it to hop on the bandwagon?