After more than 15 years working in the corporate world, I am finally starting my own small business. Wish me luck.
This is not a business venture which I had planned for, well at least not at this time, rather this opportunity was a result of a series of events that would lead me to exploring the AirBNB hosting and short term rentals.
That being said I am writing this article in hopes that maybe some of you could give me some tips or share your best practices in regards to this rental business. It would mean the world to me to learn from you guys.
And for those who are also thinking of starting your own Airbnb hosting business at some point. Feel free to follow me as I would be giving updates on how things are going for me.
Story Time
Around 8 years ago, when I was in my late twenties, me and my partner (now wife) has decided to purchase a pre-selling residential condominium from one of the well known developers in our country. It was a small place, only 28sqm. It was decent for a couple who is just starting in life plus it was within our budget. We've always lived life on the go and having a condo unit in the heart of the metro was something we find appealing to our lifestyle.
As you can see it's not a home for the rich and the famous but this is home. This is where we lived for more than 5 years. Our first investment that I am truly proud of. Not many Filipinos can afford and own a property coming from a median income
During this time as well, our in-laws already purchased a property in the same development project. It was actually them who was a driving factor for us making a purchase here. We were truly hesitant in making a big investment and committing long term but we pulled the trigger and did it anyways. Here's a layout of their property.
Just a couple of weeks ago our in-laws already migrated to the US. It has been their lifelong dream to immigrate and to continue their lives abroad. That would mean their property will have to be rented out. They gave us a deal which was difficult to refuse and since we also wanted to live in a bigger space, we gladly accepted.
And here we are now, me who has no experience at all starting a hosting service giving homes to guests in need. I do hope this will turn out well as I've always wanted to have a rental properties as one source of income stream.
The Gameplan
There's no shortage of tips and guides on the internet but for now I am keeping it simple and relying on the guide that could be found on Airbnb's own website. They mention 4 tips on how to become a host on Airbnb.
This comes easy as I have no troubles in being honest to a potential client. If they want it then good, if not then on to the next one. I wont put myself in a situation where integrity is compromised in exchange of profit. Of course I am still after making money as I am not a running a charity here and at the same time I am also worried that what I'm offering won't be as attractive to guests. I still have a target income as I am still paying of my mortgage for our property.
Truth is I am not at this stage yet where I could offer guests a fully interior-decorated property. I don't have the budget yet so this is something that would have to come later down the road. For now all I would be able to offer is a simple home for the night at an affordable price. I can guarantee that the place is deep cleaned, safe for backpackers, has 24 hour security and all plumbing plus electrical are properly working. For now, I can only provide decent resting spaces but not the staycation type (not yet).
Well nothing for me to actually say here lol. Can't really run a an Airnb business without listing on Airbnb.
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This is actually to my advantage as I could offer my space outside of Airbnb and have other listings in other sites.
What I have to do NOW(?)
Feel free to let me know if you have any tips and recommendations which would help me generate more income and improve the service that I offer. For now I can't really afford anything fancy so I would appreciate tips that would not cost an arm and a leg.
First thing on my list is to have the lavatory fixed. I already bought a replacement for the pop up and this will be installed tomorrow.
Also to be done tomorrow is a full deep clean from floor to ceiling including steam cleaning and sanitation of upholstery.
My balcony would need cleaning too and this will be taken care of the cleaners I've hired.
Your thoughts?
My place already has the following.
- Air conditioning
- A small fan
- Refrigerator
- 32 inch LED TV (its a dated one)
- tv rack
- 3 door wardrobe
- Queen size bed with pillows and sheets
- dinner table
- Stool chairs for 2
- laundry basket
- a gaming chair which doesn't really function well (will have this removed later)
- a electric water kettle
- rangehood
- rice cooker
- maybe other stuff i forgot to mention
Out of these which should I prioritize having next? washing machine, shower heater, a stand fan, induction cooker, microwave oven. or other suggestions?
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