8 Tips to Airbnb Out Your Space & Generate Passive Income
Get the most out of your space by converting it into an income-generating Airbnb! If you have extended travel plans for work or pleasure, why not rent out your whole home? Or, transform just a guest suite - ideal for an Austin City Limits or Formula One visitor.
Here are 8 starter tips to make it happen…
Measure Your Income Potential
What’re people charging for Airbnbs in your area? And, which of these listings resemble the space you plan to list? Use Airbnb’s map and search tool to calculate a price range per night, subtracting cost for supplies, set-up, and/or management. An estimate is okay here, as long as you’re shooting for an average!
Create a Sneaky Duplex
Uh, what now? Do you have a room in your house with another exterior entry, perhaps a private patio area? Does it also have an attached bathroom? To create a sneaky duplex, block this space off from the rest of the home and add a microwave + mini-fridge kitchenette. Read more about this strategy and how to get started, here.
@openhouseaustin “Sneaky Duplex” is a house-hacking strategy we coined & love! #househacking #firsttimehomebuyer #sneakyduplex ♬ Paradise - Ikson
Hire a Property Manager
Totally up to you if you’d like to communicate with guests or pay a friend to turnover the room(s). If you plan to fully log off while you’re out, investing in a property manager can be well worth it. Our team has worked with Pink Bubble Properties and Good Bones in the past.
Furnish With Facebook Marketplace Finds
If you’re working with a spare bedroom that needs a side table or two, look no further than Facebook - but actually, Goodwill, Craigslist, and Buy Nothing groups are pretty great too. Offer on pieces that you’re able to pick up quickly. Remember that a couple coats of paint go a long way!
If you live in Austin, check out another secondhand marketplace: AllHers.
Curate Personalized Recommendations
This is a fun one! Jot down all of your favorite places. What’s within walking distance? What’s iconic to your city? Example: Austin = shopping on South Congress; Denver = visiting the Museum of Nature & Science. Where do the locals eat and drink? Take on the role of tourist and you can either print out your guide on a simple hand out or create a book on Canva.
Get Inspired by Joining a Group
Like, the Open House Women Investor Group! ;) Plenty of our members share their rental properties - as they’re creating them, what the rooms go for, and so on. We also host meetups in the Austin area, where you can touch base with other short-term experts.
Offer Hotel-Like Touches
This would increase the initial cost of setting up your place, but it can set you apart from the competition. Guests love plush robes and towels as well as sulfate-free shampoo.
@openhouseaustin 5 ways we make our beach house a quality Airbnb. #30a #airbnbtips #beachhouse ♬ Under the Sea (Instrumental) [From "The Little Mermaid"] - London Music Works
Start By Doing
Your mindset can be the most difficult barrier to overcome.
You might be saying to yourself, “What if I don’t like giving up part of my space?” Or, “How do I know the money will be worth it?”
It’s totally reasonable to have these concerns. But, what if you could take those questions and transform them into these statements: “I’m sharing part of my space so someone else can enjoy a unique stay in the city I love.” Or, “Now I know exactly how much money I can earn by doing this, so I can make an informed decision on how to proceed.”
What do you think? Is this a strategy that you’re open to, excited about, or still wary of?
For more house hacking tips, follow us on Instagram and TikTok. If you’d like to connect with one of our Realtors to start your home buying journey, schedule a brief introductory call with us here.