How to know if your home is ready for the share economy

How to know if your home is ready for the share economy

If you are struggling to pay bills, Airbnb offers home owners an easy way to earn extra cash, but it also opens the door to many concerns.

Airbnb is not for everyone. For example, If your home is a construction zone, it isn’t safe for you, let alone guests. In Australia, you cannot put your home on Airbnb if you are renting. Hosting may also not be the best idea, if you really don’t like talking to people that much.

Whether it is renting out a room in the main house, the granny flat or separate studio, there are some things to consider before sharing your home on Airbnb.


1. Home occupants

Do you live by yourself? If so, do you feel comfortable being alone with strangers? If you have children, where will they be located in proximity to the guest accommodation? Do you have pets and are they friendly or are they territorial? These are the kinds of questions you have to ask yourself before renting your home on Airbnb.

As an Airbnb host, you will also need to think about whether you want to talk to people, greet your guests and get them settled, solve guests problems, make small talk about the weather and local attractions. As a host you will play many roles and this includes; concierge, maintenance person, housekeeper, travel guide, cook and sometimes babysitter. Listing on Airbnb may seem like a small thing, but it can take up a lot of time and energy, so make sure all your home occupants are ready for the disruption to your home life.


2. Accommodation Type

Assess whether your property is suitable for guest accommodation. Consider the size of the bedroom, whether you have a separate bathroom for guest exclusive use, if there is a separate entry, shared kitchen etc. Your accommodation must be accurate in your property description and your rate must be priced according to inclusions.


3. Guest Profile

Think about what kind of guests you want to attract to your home. Do you want to cater for business travellers, families, sole travellers with pets? You may want to specialise in a certain market or keep your accommodation offering flexible to increase your number of bookings.
Airbnb provide ways to screen your guests for added safety. You can research guests profile, read reviews left by other hosts or request identification to decrease the chances of shady characters. You might want to install external cameras at the front and rear of your home (not inside their accommodation, because this is a breach of privacy) for added security.


4. Listing Inclusions

What inclusions would you like to offer? Have a look at Airbnb listings to get some ideas. You might like to offer bathroom amenities such as shampoo and conditioner, breakfast, bicycle hire, airport pickup and drop off. The opportunities are endless to create added value and you may like to charge guests for these extras ahead of time. Airbnb now offer ‘experiences’, which give the host the opportunity to take guests on an experience whilst they stay at your home. For example, some hosts offer a pottery class, a yoga retreat or a surfing expedition. This is a great way to earn more money in addition to the standard accommodation rate.


5. Minimum Stay

Decide how many nights you want guests to stay. Do you want long-term or short-term guests? If renting a room in your home it is best for short-term guests because you don’t want anyone to start acting like a flatmate. Long-term stays are better suited to separate self-contained granny flats. You are in control of your calendar, so you can change your mind about this anytime.


Are you ready to share your home on Airbnb? Fivestarhost can help you automate your administration processes and take care of the physical tasks such as cleaning and key exchange whenever you are on holidays. Please get in touch today for a free consultation – 0416 552 754.