Discussion
Hope this is in the right place.
I have a holiday home in the Lake District and I currently rent it out to friends and family etc.
We also use it a lot, but it’s just about breaking even. When I purchased it we where just going to use it as our holiday home but after 7 years it’s time it made a bit of extra cash.
According to Airbnb I should be earning about £1.8k a month from it.
Has anyone here listed a property with Airbnb and what kind of experience did you have?
Thanks in advance.
I have a holiday home in the Lake District and I currently rent it out to friends and family etc.
We also use it a lot, but it’s just about breaking even. When I purchased it we where just going to use it as our holiday home but after 7 years it’s time it made a bit of extra cash.
According to Airbnb I should be earning about £1.8k a month from it.
Has anyone here listed a property with Airbnb and what kind of experience did you have?
Thanks in advance.
Hi, we have a granny annex attached to our house which we put up on Airbnb about a year ago and we have been really impressed with everything about the platform.
It was really easy to set up the account, the booking system works brilliantly and the comms with the visitors and with the system really are first-class.
We thought we might only get a couple of nights or weekend bookings each month, but have ended up with something like 80-90% occupancy and we are probably generating around £1,500 pcm.
There are lots of nightmare stories on the web about guests wrecking properties but we have had over a hundred visitors now and the vast majority are incredibly polite, well-behaved, interesting people who seem very appreciative of good accommodation and good service.
Our home is near Cambridge and we have had some really nice visitors from just about every continent.
Airbnb seem to have a good insurance policy which covers the host for damage although we have never had to put this to the test, so I don't know what it's like if you need to call upon them to back it up.
One thing that is impressive is the analytics tool that you get as a host allowing you to easily monitor your bookings and also your gross and net revenue across any given period.
You can set your own rental rates but they do try and push their own automatic pricing tool which uses an algorithm to try and maximise your income. We were suspicious of this at the start and set our own rates. But when bookings started to fall away in the winter we switched to their automatic pricing tool to see how good it was and have been very impressed that the bookings increased and the average rates are also higher than the minimum rates we were trying to apply. It's much like a train or aeroplane booking system I guess where their system is identifying booking peaks around weekends and holidays etc as well as looking at sellout rates for the area your property is in and then flexes the charges up or down to reflect demand.
So good luck with your holiday let, and your decision about airbnb, but it certainly gets our vote and has worked very well for us.
At the end of the day they are the market leader by a country mile. So they must be doing something right.
As a result of using the system for hosting, we now use it for our own accommodation almost every time we travel and find we get a much better experience staying with locals who know the area than we previously used to get staying in hotels.
It was really easy to set up the account, the booking system works brilliantly and the comms with the visitors and with the system really are first-class.
We thought we might only get a couple of nights or weekend bookings each month, but have ended up with something like 80-90% occupancy and we are probably generating around £1,500 pcm.
There are lots of nightmare stories on the web about guests wrecking properties but we have had over a hundred visitors now and the vast majority are incredibly polite, well-behaved, interesting people who seem very appreciative of good accommodation and good service.
Our home is near Cambridge and we have had some really nice visitors from just about every continent.
Airbnb seem to have a good insurance policy which covers the host for damage although we have never had to put this to the test, so I don't know what it's like if you need to call upon them to back it up.
One thing that is impressive is the analytics tool that you get as a host allowing you to easily monitor your bookings and also your gross and net revenue across any given period.
You can set your own rental rates but they do try and push their own automatic pricing tool which uses an algorithm to try and maximise your income. We were suspicious of this at the start and set our own rates. But when bookings started to fall away in the winter we switched to their automatic pricing tool to see how good it was and have been very impressed that the bookings increased and the average rates are also higher than the minimum rates we were trying to apply. It's much like a train or aeroplane booking system I guess where their system is identifying booking peaks around weekends and holidays etc as well as looking at sellout rates for the area your property is in and then flexes the charges up or down to reflect demand.
So good luck with your holiday let, and your decision about airbnb, but it certainly gets our vote and has worked very well for us.
At the end of the day they are the market leader by a country mile. So they must be doing something right.
As a result of using the system for hosting, we now use it for our own accommodation almost every time we travel and find we get a much better experience staying with locals who know the area than we previously used to get staying in hotels.
Edited by A993LAD on Thursday 22 March 14:46
Edited by A993LAD on Thursday 22 March 14:52
They only take 3% of the rental fee from the Host which I think is amazing value
They also Levy a charge on the guest which is a fixed rate per day on a sliding scale and reduces the more days that guest has booked for.
But as a host you don't see this figure I'm just aware of it from booking as a guest
They also Levy a charge on the guest which is a fixed rate per day on a sliding scale and reduces the more days that guest has booked for.
But as a host you don't see this figure I'm just aware of it from booking as a guest
Whats the goss from the front lines?
Probably not very popular on this thread to say this, but I'm wondering if I might be able to buy one of the many 'untouchable' airbnb detached houses in my rural area that always get bidded up beyond reach if they have a decent view.
Do we think this is just a blip - is anyone thinking of selling?
Probably not very popular on this thread to say this, but I'm wondering if I might be able to buy one of the many 'untouchable' airbnb detached houses in my rural area that always get bidded up beyond reach if they have a decent view.
Do we think this is just a blip - is anyone thinking of selling?
Sambucket said:
Do we think this is just a blip - is anyone thinking of selling?
It appears some landlords are trying to shift to long term rentals - but the screws are being tightened there as well (Section 24 reducing tax relief...) I think in light of this some landlords may start to throw in the towel...https://www.wired.co.uk/article/airbnb-coronavirus...
And some more background
https://www.theguardian.com/technology/2020/apr/06...
Edited by funinhounslow on Saturday 18th April 08:01
Sambucket said:
I’m wondering what mix of domestic and overseas bookings you get. Won’t domestic plug the gap in the mean time once things get moving. Or is there a deeper problem.
It’ll be interesting to see how it evolves. Some urban Airbnb’s have really rapid turnaround and I wonder if the superficial clean they’ve been getting will remain enough to convince clients that they are free of C19? Will younger users just not care? Will older users stop using them? Will properties have to adjust to leaving 48 hour voids and promoting proper cleans?
I can see the market out here in the Cotswolds getting hit hard as the older tourists become much more selective. But maybe in London not much will change as many of the tourists are much younger.
Will people want to pay money to actually be inside someone else’s home even?
I reckon there will still be a market but it’s surely going to be different to before and harder for those who were doing it purely for net profit rather than just a bit of extra cash.
I went through this process in. I bought a duplex house and worked on it until it was ready (living in one side) to rent out the apartment side. Then I had to choose Airbnb or Leasing.
Here's a list of pros and cons I've found as a host of 3 months.
Pros:
-Earn more than via leasing
-Most guests want a hotel experience, so with automation I don't have to see them at all for some stays
-All but one guest has been very respectful of my property, and Airbnb's Host Guarantee eventually paid out for the damage from the bad guest
-Get to check on the space regularly (between guests) to ensure the home isn't being destroyed
-A bad renter is out after a week or so, rather than a year
Cons:
-This is hospitality, not real estate. More on this below.
-All utility bills are my responsibility
-Keeping up with consumables
-Cleaning the space if my cleaner is unavailable
-Added amounts of laundry to wash (bedding and such)
-Parking can get annoying if they bring more cars than planned for
-Sometimes you just get a bad guest and the wreck stuff
So, the hospitality vs real estate thing. This is an active engagement. You have to be available for every guest's check in, even if you automate the process (batteries in the smart lock die, the app doesn't work on their phone, they're not comfortable with a smart lock, etc etc). You have to be available if they blow a breaker. You have to be available if they have any questions, etc etc.
With leasing, you just sign the lease and then it largely cruises. Leasing is easier, with less time involved, and guaranteed (mostly) income on a monthly basis. That said, I reliably make more through Airbnb than I would have if I leased the space.
If you can't get out of work when somebody checks in at an odd hour, that could be a problem. If you go out of town and they pop a breaker, that could be a problem. And of course, they could break your stuff.
It's a decision you have to make. Is your time worth the added income? There are a lot of variables and you need to figure out if it's a good fit for your lifestyle.
Here's a list of pros and cons I've found as a host of 3 months.
Pros:
-Earn more than via leasing
-Most guests want a hotel experience, so with automation I don't have to see them at all for some stays
-All but one guest has been very respectful of my property, and Airbnb's Host Guarantee eventually paid out for the damage from the bad guest
-Get to check on the space regularly (between guests) to ensure the home isn't being destroyed
-A bad renter is out after a week or so, rather than a year
Cons:
-This is hospitality, not real estate. More on this below.
-All utility bills are my responsibility
-Keeping up with consumables
-Cleaning the space if my cleaner is unavailable
-Added amounts of laundry to wash (bedding and such)
-Parking can get annoying if they bring more cars than planned for
-Sometimes you just get a bad guest and the wreck stuff
So, the hospitality vs real estate thing. This is an active engagement. You have to be available for every guest's check in, even if you automate the process (batteries in the smart lock die, the app doesn't work on their phone, they're not comfortable with a smart lock, etc etc). You have to be available if they blow a breaker. You have to be available if they have any questions, etc etc.
With leasing, you just sign the lease and then it largely cruises. Leasing is easier, with less time involved, and guaranteed (mostly) income on a monthly basis. That said, I reliably make more through Airbnb than I would have if I leased the space.
If you can't get out of work when somebody checks in at an odd hour, that could be a problem. If you go out of town and they pop a breaker, that could be a problem. And of course, they could break your stuff.
It's a decision you have to make. Is your time worth the added income? There are a lot of variables and you need to figure out if it's a good fit for your lifestyle.
Edited by unbound on Friday 24th July 19:26
Afternoon everyone
I am in the very early stages of looking into Airbnb. Myself and my girlfriend are thinking of moving into her place leaving my place empty which it probably is 50% of the time. Some useful comments on here so far. Feel a bit funny about it all as its my first and only home and the thought of other people sleeping on my bed
will get over this I'm sure. I think its got great potential for Airbnb, just outside Edinburgh with lovely views of the three bridges (the rail bridge) in what is becoming a fairly touristy area.
Comment above is useful leasing v hospitality.
Do you need to tell your mortgage company?
update/take out your own insurance or can you rely on the Airbnb set up?
Cleaning - Working from home for the foreseeable I feel allows me to hopefully do the cleaning but I will look into someone to do this more locally perhaps. I also have family/friends nearby who can help out if I'm not about, as touched on above.
Bed sheets - Is it worth buying lots of bed sheets meaning I can do cleaning in less cycles?
Do you leave anything 'food' based in the property - spices, sauces etc? - odd question perhaps!
'Gift' - does anyone leave a bottle of wine etc for guests arriving? think this would be well received but wondering if anyone has feedback on this and if its worth it.
Any help appreciated, I do feel like giving it a good go.
I am in the very early stages of looking into Airbnb. Myself and my girlfriend are thinking of moving into her place leaving my place empty which it probably is 50% of the time. Some useful comments on here so far. Feel a bit funny about it all as its my first and only home and the thought of other people sleeping on my bed
will get over this I'm sure. I think its got great potential for Airbnb, just outside Edinburgh with lovely views of the three bridges (the rail bridge) in what is becoming a fairly touristy area.Comment above is useful leasing v hospitality.
Do you need to tell your mortgage company?
update/take out your own insurance or can you rely on the Airbnb set up?
Cleaning - Working from home for the foreseeable I feel allows me to hopefully do the cleaning but I will look into someone to do this more locally perhaps. I also have family/friends nearby who can help out if I'm not about, as touched on above.
Bed sheets - Is it worth buying lots of bed sheets meaning I can do cleaning in less cycles?
Do you leave anything 'food' based in the property - spices, sauces etc? - odd question perhaps!
'Gift' - does anyone leave a bottle of wine etc for guests arriving? think this would be well received but wondering if anyone has feedback on this and if its worth it.
Any help appreciated, I do feel like giving it a good go.
Edited by BREMBOV6 on Monday 28th September 13:38
My girlfriend has a four storey town house and rents the basement out on AirBnb. She can accommodate 5 guests in two bedrooms plus they have a private bathroom and private kitchen to use. It's almost a private space apart from sharing the front door to the property.
On the whole, she has found AirBnb very good. She's had no real issues with any guests apart from the small bit of damage which they've paid for. She's had a few which she wouldn't have back! She does have very good feedback and has looked after guests dogs (she does run a part-time dog walking business) and has dropped guests into town (a mile away) to save them using a taxi. I think being 'upstairs' does have it's advantages and disadvantages.
It is very quiet at the moment though. Based in Cheltenham, most of the festivals (literature, jazz, etc.) that normally brings people to the town are cancelled. The horse racing, particularly Gold Cup, can bring in almost £2k for four or five nights. She's also had some long term guests who were from India working for a local IT company.
A group of guys did bring a lady back and sharing her around wasn't the nicest of experiences but they left the place immaculate (perhaps she was a cleaner) and they left loads of their alcohol which they didn't drink. They won't be allowed back!
I spent most of the weekend using the quiet period to freshen up the walls for the entire basement.
On the whole, she has found AirBnb very good. She's had no real issues with any guests apart from the small bit of damage which they've paid for. She's had a few which she wouldn't have back! She does have very good feedback and has looked after guests dogs (she does run a part-time dog walking business) and has dropped guests into town (a mile away) to save them using a taxi. I think being 'upstairs' does have it's advantages and disadvantages.
It is very quiet at the moment though. Based in Cheltenham, most of the festivals (literature, jazz, etc.) that normally brings people to the town are cancelled. The horse racing, particularly Gold Cup, can bring in almost £2k for four or five nights. She's also had some long term guests who were from India working for a local IT company.
A group of guys did bring a lady back and sharing her around wasn't the nicest of experiences but they left the place immaculate (perhaps she was a cleaner) and they left loads of their alcohol which they didn't drink. They won't be allowed back!
I spent most of the weekend using the quiet period to freshen up the walls for the entire basement.
I have been doing Airbnb the past 4 months and so far it has been a success but I don't yet know if that is because it has been summer season and the end of lockdown, I have no further bookings from the end of October but I'm confident that I will pick up a few weeks/weekends. For anyone interested in doing Airbnb I recommend joining the 'Airbnb hosts Uk' facebook page as you can get advice for any and all queries you might have.
BREMBOV6 said:
That's great will look at the facebook page. Does anyone have any advice on telling your mortgage company and assume you will be required to get the correct insurance in place?
I'd be interested to know the answer to this ^^^.I'd also like to know, if you add another kitchen (in your own home) as part of the Air BnB accommodation, won't this hike up the rates on the property - or couldn't it count (from a local council perspective) as two dwellings = 2 lots of council tax ?
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