Should you rent your home on Airbnb?
Is it a dream come true or a nightmare waiting to happen?
We take a look at the pros and cons of renting your home.
Find out by watching this video!
Transcript:
George Salas
We create Hilton experiences and just a regular house, right? So yeah, I mean, that’s it, Chris, there’s no, there’s no fluff about it, you know, and you have to. You have to deliver value in the way that you know, Airbnb, the plan to OTAs online travel agencies work, you know, you’ve got to be up there.
So you’re creating an experience, because you’re offering a very cute property, right? And just because the amenities are there, you also no need to know how to market them, right? So the marketing, part of it is one of the pillars that we teach, and is very important, right?
Chris Bounds 18:44
Oh, absolutely. Yeah. If no one can find you you’re not making any money, regardless of what kind of product you have. Now Airbnb VRBO, that, that those platforms make it easier now. But another thought that came to mind was when you’re talking about how the difference in the quality of the property. Now quality, relative term, but even if you take a really nice long term rental, by and large, and and I’m sure we can, we don’t need to go on a big tangent here because I know I can because I’ve been sued by a developer for having Airbnb.
I think a lot of communities, developers, HOAs they don’t quite understand the Airbnb industry. And when I talk with other investors, I just tell them like, “Look, they don’t understand. If we can educate them then, then a lot of these communities would probably be okay with it”. Because at the end of the day, me I own a lot of long term rentals, the end of the day, the moment that rent that house is rented, I am done with maintenance. Outside of something crazy happens and they call me like a tree fell on it or whatever, I’m done with it. They mow the lawn at their own expense and frequency. They take care of everything and they need to be doing that but it is their responsibility. We just know tenants, and how they prioritize maintenance. Not very much, right?
George Salas 20:05
Right.
Chris Bounds 20:06
So, the best condition that property will ever be in is the day it’s leased. All the way until the tenant moves out, we’re going to go back in and do another make ready within Airbnb or short term rental completely different. It must be constantly maintained at its highest potential highest condition to attract the customer, because the moment you slack on that, they’re just gonna go say, stay down the street, the next guy who’s got something better.
So I think if we can educate communities like that showing, like, hey, like, hey, look, no, I’m actually helping the community by keeping this house in like tip top shape. Um, call me if you got issues and any guess but I’m actually helping by keeping the property in such great shape.
George Salas 20:52
Yeah, I love the way you look at it. You know, Chris, you have to be able to meaning, first of all, this, the house does have to stay in great shape. So it is an asset for the neighbor, right? Now, there are some instances where, you know, maybe the tenants are gonna leave things out on the street.
So you do have some issues. But there are always ways to solve that, right? So it could be bad, it could be good for the neighborhoods. But every, every problem has a solution right? And that’s what we’re here to do. We’re here to solve problems and big problems, solve big problems, creates, you know, even a better thing for all of us, right? So. Yeah, man.