The home sharing economy is a thriving side hustle for property owners. They offer an economical alternative for guests in exchange for a fee per night. Companies like Airbnb, HomeAway & VRBO have made it possible for hosts to list, book and manage their property online. Now creating a profile, managing your property, and offering stellar customer service can be overwhelming.
When hosts initially start hosting they are quite surprised at the amount of knowledge and support you will need. You are basically running a small business. The Cozy Oasis team gets asked a ton of questions a day. That is why started to offer consulting for hosts.
Q1. How much should I charge per night?
To decide how much to charge look at similar properties in your current market within a 3-5 block radius. Then look at what makes your property unique.
There are a few factors to into consideration.
- How far are you from the nearest tourist site? ie Times Square.
- How far is transportation?
- Do you have grocery stores nearby?
- What amenities do you offer? (parking space, washer/dryer, workspace etc)
Q2. What does my apartment need?
Everything a typical home would need. If you want to know in detail. Cozy Oasis actually created a free starter manual for new hosts.
Q3. How do I vet (screen) my guests?
Here are a few questions & ice breakers to start a conversation with the guest. You want them to talk with you. It helps eliminate suspicions and biases that immediately arise when letting someone into your home. It gives you adequate information into the person's personality. This is your property, don't be afraid to ask questions.
A. Ask them where they are from?
B. Why are they visiting?
C. Who are the other accompanies coming with them?
D. Have you stayed a short-term rental before?
E. Are you new to the city?
F. Have they reviewed the house rules?
Q4. What are biggest issues when dealing with guests?
Communication! Communication! Communication! Be very clear about what you expect from your guests in the house description and house rules area. Also reiterate what you expect from them during communication before they book. Let your guests know about check-in/out time. I always suggest never allowing late checkout. It causes headaches for hosts.
Lastly, keep a copy of the house rules and signs of indicating check-out time posted behind the front door, on the coffee table in the living, and/or nightstand.
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