This week you can listen to Ryanne and I argue over how much work it takes to run a rental. From my point of view, 90% of the work is done up front:
- Research to make sure a place you already own is worth renting, or choosing the right place to buy.
- Compare what other people are getting in nightly rates to make sure the 1% rule works for that property.
- Renovations. This is often the biggest job. We can't stress how important it is to invest in a property up front to make sure it's appealing to renters AND that everything works so you don't lose business fixing leaky rooks, broken pipes, and HVAC.
- Take nice photos and write a clear, inviting description for your Airbnb page. Having invested in a property, why would you not spend a good deal of time making sure the page people see is thorough?
- Think through the check-in and check-out process when a guest comes. Know what to expect. Have a list of people to call if anything goes wrong (Plumber, internet, HVAC person).
Question: If you currently run an Airbnb, was it more work than you thought? Better or worse?
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