So you have a second home you have been renting long term or are thinking of an investment property and you heard people are making a killing doing this Airbnb “thing”. What are the things to look out for? What can you expect in terms of occupancy and revenue and who will you use to help you run this if anyone?
Over the next few articles, I will go into some detail outlining some of the factors you should be thinking about, questions you should ask yourself and give you a good base from which to make your decisions going forward.
Topics I’ll be discussing will range from occupancy & revenue expectations and how factors like seasonality, property size, location and market reach all play a vital role in pushing up those numbers. How R&M is a factor to be considered and the large role your service provider plays in this regard, being pro-active and switched on is the name of the game here.
With the advent of Airbnb and the massive impact, this has had on the holiday let industry as a whole, the legal situation has come into the spotlight. The local and national governments are looking at the industry as a whole and are proposing new regulations and body corporate’s are not too fond of the comings and goings of individuals through their buildings. The latter issue has some merit although I do feel they generally come down like an iron fist instead of looking at the issue from a holistic approach and building new management rules that have the future owners and tenants in mind and not only considering their current position.
Lastly, I’ll be discussing the various service provider options available, what the pro’s and cons are of most and things to consider when choosing one. Off the bat, I strongly discourage simply choosing one that simply offers the lowest commission, as with everything in life, you get what you pay for!
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