Airbnb Hosting is becoming a popular choice for Londoners who have an entrepreneurial leaning and are looking for new ways of making money. There are various reasons why this is such a favourable choice. Additionally, a few competitors offer a similar way for people to rent out their properties. But how easy is it to promote and become a host with Airbnb or another platform?
Aussie Man & Van works with plenty of short-term rental professionals in London. Many work with us because our range of services is ideal for their business. Not only that, but these services are far more affordable than purchasing a vehicle or renting a workspace. We’ll go into some practical tips on entering this business sector in this blog.
Turning Your Property into Profit in London –
There has been a significant shift in how people perceive job security, and many are looking for new ways to supplement their income. There are many ways to do this online and with some more traditional e-commerce settings. If you have a property you don’t use – there’s an exciting option for you to consider. And that’s becoming an Airbnb or short-term rental host.
It’s significantly different from a landlord’s traditional remit, which might appeal to those who wouldn’t want this role. You won’t have to deal with long-term tenants or major repairs yourself. In fact, it’s possible to outsource many of the daily running tasks, and we’ll cover these in this article. You’ll have pros and cons to flesh out, but you might be surprised at the ease of access this setup involves.
Anyone can enter this industry without having much or any previous experience. As we mentioned earlier, it’s not as hands-on as many think, and there are some techniques and modern tools to lighten your workload. With rising living costs set to land soon, everyone needs additional revenue. We’ll look at how Londoners are embracing this venture.
Why Londoners are Becoming Airbnb Hosts –
It’s no secret that living in the capital is expensive, with a significant portion of the city’s population paying over half their wages on rent. And with energy bills going up to astonishing levels and regular hikes in petrol, the cost of living will strain people’s finances. You can see why many Londoners are adding income streams, and there’s a unique way many are doing this.
You’ll probably have heard of Airbnb and how it gives visitors an alternative type of accommodation. Many people prefer the home comforts approach over hotels or bed and breakfasts. But did you ever think of being on the other side of things and earning money from the website? You’ll be joining a vibrant market of short-term rental hosts. If you have an available house or apartment, there are no issues with entry to this industry, and it doesn’t require any new skills.
It’s important to seek further context on how much you stand to make, so do some research. Note your property’s features in detail to see how you might promote them. Then see what similar properties are on Airbnb to compare how the owners present them and at what rates. It’s then a case of thorough costing to see if this fits your financial goals.
What Similar Alternatives Available?
Airbnb is the famous name on the short-term rental circuit, and they now cater to a staggering number of customers every year. But it’s not the only player in town, with several different platforms taking up their space on the market. Various other websites are worth checking out before committing to Airbnb, with some niching down to give a more tailormade guest experience.
VRBO’s target audience is families and providing adequate properties to house groups of people. This might be tricky for smaller apartments but would certainly work for anyone who has a suitably sized house. You’ll have to thoroughly go through VRBO’s acceptance criteria before opting to apply.
The Plum Guide – their tagline states ‘Expertly curated by us. Exceptional quality for you’. This statement of intent speaks volumes about what property standards they work with. You must have luxury accommodation with all the trappings to get a look in with The Plum Guide.
Boutique Retreats is another platform that caters to a high-end clientele, and they will have stringent checks on the quality you can offer. That said, it feels less daunting than the previous option, with a more high-quality homeliness tone to their branding.
Out of each of the alternative platforms on this list, Veeve feels like the best comparison to Airbnb. It might sound reductive, but a posher version of the popular site seems like an appropriate description. There’s still a great deal of care on presentation and quality standards that simultaneously feels more inclusive.
The process is generally the same as Airbnb when signing up to host. Most platforms provide resources and tips for how the process works and ways to get the most out of the experience. Their criteria might be slightly more stringent regarding the quality of your property, especially the ones that refer to themselves as boutiques. If you’re stuck, drop them an email, and they’ll go through any queries with you directly.
Is It Difficult to Start Airbnb Hosting?
While it does require a certain level of business knowledge to start any enterprise, Airbnb is more straightforward than many other business sectors. You’ll need to take steps to have a property to use, which is where some might struggle. We’ll go into options to do this if you don’t currently have a spare house, apartment, or holiday home presently.
You can also outsource the daily management duties and there’s an entire sub-sector for this. Airbnb management services are also rising in popularity. This means you can hire someone to oversee things like maintenance and cleaning of your property. They can also greet guests and perform other similar tasks on your behalf. There’s also an option to install a smart lock so visitors can book in and out automatically.
There’s a vast wealth of resources on Airbnb’s website to check out for anyone who’s now weighing up whether this would suit them. They go the extra mile to assist potential new hosts to join, and there are plenty of tips from current hosts to help newbies. However, they still have criteria you need to pass before you’re allowed to upload your property’s details. It all boils down to presenting a credible vacation choice for their customers, which makes sense from a consumer’s point of view.
Think of this from the perspective of someone taking a vacation in London and wants to stay somewhere that’s more homely. You wouldn’t want to pay to lodge in inadequate accommodation when you’re on holiday. If you can empathise and understand what people are looking for when they travel, you stand a good chance of succeeding.
Can I Get a Mortgage then Rent it Out?
For those who aspire to become a short-term rental host, you might feel a bit deflated when the more practical side of things are apparent. After all, you must have a spare property to rent out. And that might be out of reach if this doesn’t apply to your situation. However, all is not lost – there’s a way to turn things in your favour.
You’ll need to investigate buy-to-let mortgages and undertake some deeper research on the subject. The general idea is you get a home loan with the expressed goal of renting the property out. This will likely mean you’re baking the repayments into having an expressed line of financing it. Much like any mortgage, every broker will offer separate terms and conditions.
We’re not experts on this – please read here to get a more in-depth analysis of the overarching information on this type of loan. It’s always necessary to discuss this with a mortgage brokerage. If you understand the potential market for short-term hosting, you now have a route into the industry. You’re taking on more risk, but that’s for you to calculate and see if you’re willing to do it.
How Will I Store and Transport Furniture?
This one is easy, and we can speak with the confidence that has provided these services for many decades. You don’t need to hire or buy a van, and the same goes for a workplace. You can meet all your transport needs by using man & van and removals services. Self storage is ideal for keeping your equipment and furniture safe and secure.
A man with a van service is an affordable option to move items in and out of your rental properties. Some people rent their homes out only occasionally, and they like to swap furniture over when they’re using the property. It’s affordable when you work with Aussie as we charge by the hour instead of applying a set day rate. And you’ll get assistance from two of our team for the lifting and handling duties.
You can utilise every square inch of a storage unit to perform several purposes. In addition to storing your tools and spare parts, it doubles as somewhere to complete your admin duties. You need a desk, a computer or laptop, a router, and possibly a small filing cabinet. Before you know it – you have the ideal setup to cover every part of your short-term rental business.
Aussie Man & Van – Working with Airbnb and Short-Tern Rental Hosts in London –
The Aussie team actively works with hundreds of businesses in London and surrounding areas. We bridge the gap through affordable services that allow people to open new companies or ventures where they might have struggled via the traditional routes. By using man & van and storage, you’ll have everything you need for a short-term rental business in London.
Customer service is the foundation of our company, and it guides everything we do. That’s why so many start-ups and new business owners choose to partner with us. They know what we bring to the table – high standards and unwavering commitment to service delivery. We’ll help you create a successful business that can operate on a lean budget.
Click here, and we’ll begin an assessment of your plans for starting a short-term rental business in London. We can then provide you with quotes for local distribution and self storage for you to use when calculating your start-up costs.