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Thinking of Airbnb for your property in 2018?

January 31, 2018 OTA News No Comments Email Email

With Australians feeling the strain on the purse strings after Christmas, many are thinking about Airbnb to generate extra cash. However – recent media reports have highlighted bad experiences for some property owners who opened their doors to short-term tenants.

MadeComfy, Australia’s first performance-based short-term rental specialist that manages the process of hosting from start-to-finish, is urging all potential hosts to understand fully what’s involved before listing their property online.

“According to Airbnb, the average income for Australian hosts is around $5000 a year, which can make quite the impact on the hip pocket,” said MadeComfy’s Cofounder, Quirin Schwaighofer. “But it’s really important for property owners to read the fine print and understand their responsibilities before listing a property on a short-term rental site such as Airbnb or Stayz.”

Based on their own years of experience managing over $400 mil worth of assets on behalf of homeowners, MadeComfy has compiled the top five tips for any property owner considering short-term rental:

  1. Screen your guests properly – understand the purpose of the visit, and make-up of the group. Don’t approve any large groups unsuited to your home, check out previous guest reviews, and ensure photo ID for verification. Make sure your guests show courtesy and respect to the property’s permanent neighbours at all times.
  2. Make sure your STR (short-term rental) insurance is in place – understand what makes a valid claim (broken windows; holes in the walls; large stains on carpet or furniture eg. red wine; large scratches on new floor) and what doesn’t (broken appliances due to normal wear and tear; lost cutlery or crockery – anything of value should be locked away; minor scuff marks etc).
  3. Make sure your property photography, description, and pricing is accurate and appropriate – while guests expect you to highlight the best points of your property, don’t tell porkies. Nothing guarantees complaints (and bad reviews) faster than over-priced accommodation which looks nothing like the listing. Understand the supply and demand of Airbnb listings in your area for the time you are renting out to set a right price that maximises your returns and occupancy.
  4. Pay attention to detail – it’s the little things that guests are most likely to remember, and recommend about your property. Coffee machine? Make sure the pods are well-stocked. TV and air-conditioning? Make sure the remote control batteries work. Unwanted creepy crawlies? Undertake regular, professional pest control. Great guest experience means great reviews for your Airbnb listing, and that brings more future bookings and enables you to charge premium.
  5. Running an Airbnb property takes time and commitment, make sure you can give it both – Airbnb is not set and forget. Unless you can commit your 24/7 time and headspace to running the property, think twice, OR get in touch with a property management service such as MadeComfy who can manage the process for you.

“At MadeComfy, we believe happy guests make for happy property owners. We take care of everything from bookings, guests, housekeeping, maintenance and more. Furthermore, with our data focused approach, our homeowners have seen their rental returns improving by over 40% than any form of rentals.  With the popularity of Airbnb growing, so too is the demand for our services from busy property owners,” said Quirin Schwaighofer.

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