How to Turn Your Condo Into a Successful Airbnb or Vrbo

Are you thinking about turning your condo into an Airbnb or Vrbo business? We’ve got you covered with these helpful tips.

With the ever-growing popularity of vacation rental businesses, now is a great time to turn your condo into a Airbnb or VRBO to make some extra money on the side! To help get you started, we’ve come up with 13 steps to start an Airbnb business out of your condo.

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13 Steps To Turn Your Condo Into An Airbnb or Vrbo

1. 1. • • Start by doing your research. Airbnb and Vrbo are both great platforms to use, but they are not the only ones out there. Decide which platform makes the most sense for your business and begin creating your listing. Be sure to include plenty of photos and all of the amenities that your condo rental has to offer.

        • Market your condo and make it stand out from the competition. Think about what sets your condo apart from other listings and highlight those features on your listing page. Utilize social media to help you spread the word about your business and draw in more potential guests.

        • Keep your check in process simple. If it’s complicated or unintuitive to get into your property, it can make guests feel unwelcome right off the bat. Make sure your instructions are clear so that guests know exactly what to expect once they get to their temporary home.

        • Keep up with maintenance and repairs. Whether you’ve got guests staying long term or short term, rental properties require frequent upkeep in order to stay profitable, so be sure to check in regularly and take care of any issues that arise right away. This will help ensure that guests are satisfied with their stay and encourage them to leave positive reviews for future customers.

        • Create a good relationship with neighbors. Since Airbnb rentals can be quite disruptive for nearby residents, it’s important to build a good relationship with them. Introduce yourself, explain the business you’re running, and let them know if they have any concerns to contact you directly. Plus, it doesn’t hurt to have an extra set of eyes looking over your property if you don’t live in the area!

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      • • Set competitive rates. Do some research on the local market, create a business plan, and set your prices accordingly in order to attract more customers and remain competitive. You don’t want to price yourself out of the market, but you also don’t want to leave money on the table. Be sure to factor in all costs associated with running a vacation rental business — such as cleaning fees and taxes.While many vacation rental apps have smart pricing tools that can help you out by raising or lowering prices based on factors like demand, it’s still a good idea to create a business plan to make sure your hosting business has a high earning potential.

        • Consider getting help from professionals. Starting an Airbnb or Vrbo business can be overwhelming, so it’s important to surround yourself with the right team of experts that can help make your venture a success. This may include hiring a property manager, cleaning service, accountant or marketing expert depending on what kind of assistance you need.

        • Promote, promote, promote! Once your Airbnb listing is live, start promoting it on social media and other channels. The more people who know about your rental, the more likely you are to find success. Consider running targeted ads on Facebook or Instagram for maximum visibility.

        • Make it a point to stay in touch with your guests. Give them an easy way to reach out before, during, and after their stay. This will show that you are available should they have any questions or concerns, and it also allows you to get feedback from them which can be used to improve the experience for future guests.

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      • Invest in quality furnishings and amenities. Your condo should be comfortable, modern, and well-equipped with all the necessary items a guest might need like linens, towels, dishes, etc. Provide additional items like beach chairs or umbrellas that guests can use while visiting so that they don’t have to bring their own.

      • Keep your rental spotless. This is probably the most important tip of all! Your condo needs to be clean and comfortable so that guests have a positive experience and want to come back again (and tell their friends about it).Guests expect a clean and well-maintained condo when they arrive, so be sure to keep it as spotless as possible between visitors. Consider hiring a housekeeping service for deep cleans after each guest leaves if needed.

      • Stay up to date on the latest regulations and laws in your area. Vacation rental businesses must comply with local ordinances and tax requirements, so make sure you’re aware of all the rules before getting started.

      • Make sure you have the correct insurance. You never know exactly what type of guests you’re going to have staying at your rented property. Having a good insurance policy can protect you from having to pay for unexpected costs out of your own pocket. If you keep any personal belongings on the premises, having Landlord Insurance can help pay for replacement or repair in the event of theft or damage.

Turning your real estate into an Airbnb or Vrbo business can be a great way to generate additional income and provide guests with an enjoyable experience while visiting your area. Just make sure you’re insured, just in case the worst happens.

APOLLO Insurance offers flexible coverage for owners of rented property, whether it’s for a short term vacation rental or a long term tenant. Get a quote today and have your new policy emailed straight to your inbox.

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