Millions are buying up homes to rent out as the “AirBnB-type” part of the sharing economy has exploded into a multibillion dollar business. GREEN blogger and Real Estate journalist Barbara Ballinger discusses exactly practical steps for how BOTH homeowners (who do this to earn extra income to supplement their main jobs or when they’re retired as their main source of income) and investors (make a full-time business out of buying up properties as investment income and never reside in these homes) can rent out their property to “Draw More Dollars from Your Home.”
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?