In the digital age that we live in, there are many opportunities to create multiple streams of income. Long gone are the days where people solely relied on their full-time job — we all can build profitable, fulfilling businesses that help us reach our financial goals if we put in the work.
Entrepreneurs of all stages should consider establishing a rental property business. Platforms such as Airbnb and HomeAway put entrepreneurs in a position to secure a passive income and build equity.
I started BackHome, a boutique hospitality & property rental business that features smart home technology and unique DIY touches in 2018. This business has been a blessing and I want other entrepreneurs to carve their lane in real estate, so I developed the Confessions Of A Superhost ebook.
Here are three reasons why running an Airbnb is the business venture you should be thinking about:
1. Achieve financial freedom
Whether you’re hoping to make extra money or expand your investment portfolio, a rental property is a good move. Not only can it help you build equity and operate as your safety net, but there are also a lot of tax benefits to owning a home.
Having another income stream gives me peace of mind and inspires me to live life on my own terms. I was able to write off my business expenses on my taxes and use the refund to support my travel lifestyle.
You don’t have to buy property to get into this lane. If you aren’t able to make the investment at the moment, you can rent out a spare room or your entire home if you’re traveling. You can still open an LLC and run a legit business without purchasing property.
2. Build your brand as a Superhost
“Superhost” is a status popularized by Airbnb that acknowledges hosts who provide extraordinary experiences for their guests. From making booking a breeze to maintaining a spotless space, it takes dedication and thoughtfulness to reach this honor.
While running my Airbnb in St. Louis, my hometown, I received a $100 travel coupon for maintaining Superhost status for four consecutive quarters, in addition to other benefits such as priority placements and an extra referral bonus.
Becoming a Superhost speaks volumes about your work ethic and communication — transferable skills that spill into other aspects of your life and represent your personal brand.
3. Leverage marketing resources + technology to create a better experience
There’s a wealth of resources available to help you build a thriving rental property business.
Airbnb launched a custom web address tool to make it easier for Superhosts to promote their listing. Users can create a unique link to their property to drive directly to their booking platform. Airbnb often releases new features like this to help Superhosts effectively market their business, so you’ll receive the support you need.
Another way to create a better experience for guests is to invest in smart technology, which can also save on utilities. A programmable thermostat, such as NEST, can lower utility bills, while a keyless entry helps avoid scheduling issues and conflicts. Managing these tools from my mobile device has been instrumental in my business.
If you’re serious about building an investment property business, pick up the Confessions Of A Superhost ebook. This playbook shares the do’s, don’ts, and pro tips to running a rental property as an Airbnb Superhost.
Grab a copy at SuperhostConfessions.com.
Do you have any reservations about getting into the short term rental investments or purchasing a property that we can explore? Share your thoughts in the comments below!