Talk to me about AirBnB - first time renting out a property
Discussion
Girlfriend moved in with me leaving behind her 1 bed flat. Flat is mortgage free/unencumbered so we're thinking what to do with it. We're planning to move to another part of the country medium term but a few things need to come together for this to happen which will probably take a few months.
I don't want to sell the flat and just stick the money in the bank as we should be able to make some income from it before plans come to fruition.
I don't want to rent it out on 6 month tenancy as if/when we want to move we couldn't get the tenants out
So I'm thinking AirBnB. The market for similar properties seems to be ~£100/night which is inline with a mid level hotel room. Obviously we've missed the summer season but it's a nice city which attracts business/leisure travellers year round. The flat would be fine for single person/couple but obviously no good for family/groups. The flat was professionally redecorated/carpeted 6 months ago so it's nice order. She's a very keen amateur photographer so she can take nice pictures.
The flat has a much better location than the competition as it's right in the city centre, walking distance to everything. Most of the others are a couple of miles out so we've got a clear USP here.
What do I need to consider?
Do we need permission from anyone to AirBnB it?
The flat's full of her crap (she's a hoarder) presumably we need to get the crap into storage and strip it back to sofa/coffee table/tv/bed?
Do people expect pans/cutlery/kitchen stuff etc?
The flat doesn't have internet/wifi, presumably people expect that so I'd need to get that installed?
Anything else I haven't considered?
I don't want to sell the flat and just stick the money in the bank as we should be able to make some income from it before plans come to fruition.
I don't want to rent it out on 6 month tenancy as if/when we want to move we couldn't get the tenants out
So I'm thinking AirBnB. The market for similar properties seems to be ~£100/night which is inline with a mid level hotel room. Obviously we've missed the summer season but it's a nice city which attracts business/leisure travellers year round. The flat would be fine for single person/couple but obviously no good for family/groups. The flat was professionally redecorated/carpeted 6 months ago so it's nice order. She's a very keen amateur photographer so she can take nice pictures.
The flat has a much better location than the competition as it's right in the city centre, walking distance to everything. Most of the others are a couple of miles out so we've got a clear USP here.
What do I need to consider?
Do we need permission from anyone to AirBnB it?
The flat's full of her crap (she's a hoarder) presumably we need to get the crap into storage and strip it back to sofa/coffee table/tv/bed?
Do people expect pans/cutlery/kitchen stuff etc?
The flat doesn't have internet/wifi, presumably people expect that so I'd need to get that installed?
Anything else I haven't considered?
jonsp said:
Do people expect pans/cutlery/kitchen stuff etc?
A basic set, yes. Enough crockery and cutlery to cater for number occupants.
The flat doesn't have internet/wifi, presumably people expect that so I'd need to get that installed?
Yes, I think so.
Anything else I haven't considered?
Have a look at what similar properties are advertised with.
An itinerary of what is in the property is a must. Remove/lock up what is not included. Draw up some clear instructions along with a welcome note. Showing that you have taken steps to make the stay a pleasant one rather than set up traps to catch people out will create the right environment. You will get the opportunity to accept or refuse a prospective ABNBer. A basic set, yes. Enough crockery and cutlery to cater for number occupants.
The flat doesn't have internet/wifi, presumably people expect that so I'd need to get that installed?
Yes, I think so.
Anything else I haven't considered?
Have a look at what similar properties are advertised with.
Airbnb is one way however we use Sykes Cottages for a 1 bed 2 people cottage. It could be the market but it works for us. Full from end March to November with next year filling up. Sykes deal with everything and let the cleaner know when change overs are needed, usually weekly stays. It can be a pain if you have short stays you need a lot of bedding, the cleaner uses a laundry service, can be a chore washing drying and ironing sheets guests expect hotel standards
You should have all electrical items tested, a fire risk assessment ( no candles foe example)
Every body expects a smart tv so they can use Netflix et al, Bluetooth speaker,coffee makers etc
Just think what you would like if you were stay there and start from there.
You should have all electrical items tested, a fire risk assessment ( no candles foe example)
Every body expects a smart tv so they can use Netflix et al, Bluetooth speaker,coffee makers etc
Just think what you would like if you were stay there and start from there.
If you are city centre, then look at lots of single night bookings, maybe two, with the odd longer one thrown in. For longer/one week bookings you need the seaside or a similar attraction.
Where will guests park?
It can be bloody hard work. We have just finished a seven day stint of single nights. Over £1400 in the bank but a lot of disruption.
You will need everything mentioned above and nice sheets and towels. The place will need to be kept spotless to get good reviews.
And the rules are changing too, so less to offset against income and, yes, Airbnb do report to HMRC.
Where will guests park?
It can be bloody hard work. We have just finished a seven day stint of single nights. Over £1400 in the bank but a lot of disruption.
You will need everything mentioned above and nice sheets and towels. The place will need to be kept spotless to get good reviews.
And the rules are changing too, so less to offset against income and, yes, Airbnb do report to HMRC.
Edited by rlw on Saturday 24th August 16:05
jonsp said:
What do I need to consider?
1-)Do we need permission from anyone to AirBnB it?
2-)The flat's full of her crap (she's a hoarder) presumably we need to get the crap into storage and strip it back to sofa/coffee table/tv/bed?
3-)Do people expect pans/cutlery/kitchen stuff etc?
4-)The flat doesn't have internet/wifi, presumably people expect that so I'd need to get that installed?
5-)Anything else I haven't considered?
1-)Check the legals first. Leasehold agreement and etc.. for AirBnb and you might want to check the local authority rules on these.1-)Do we need permission from anyone to AirBnB it?
2-)The flat's full of her crap (she's a hoarder) presumably we need to get the crap into storage and strip it back to sofa/coffee table/tv/bed?
3-)Do people expect pans/cutlery/kitchen stuff etc?
4-)The flat doesn't have internet/wifi, presumably people expect that so I'd need to get that installed?
5-)Anything else I haven't considered?
2-) De*clutter it, sell what you can and give what you can't. Storage not worth it imho.
3-) Very basic enough, you do not need a full kitchen set... Kettle, a clean coffee machine maybe and a pan or a basic set of cutlery enough.
4-) Depends on your visitor type. If mostly UK based, who needs WIFI ? Everyone has unlimited data with their phone plans nowadays. For overseas visitors, you might need it.
5-) IS everything working in condition ? Heating, Plumbing, electricity and etc...
Test it for a month or so, without testing your local market you never know. AirBnb is basically 'serviced - apartments' so you are running a hotel, people requests random things.
t streaks even once a week that's too much...Agree with you on wifi being essential. The TV isn't smart so that'll need upgrading - seems we can do that for ~£250 which seems like money well spent.
TV is 40" which I think is too small for size of room. Years ago somebody told me a formula to calculate the optimum screen size based on distance from TV -> sofa but can't remember what it was. Does anyone know?
TV is 40" which I think is too small for size of room. Years ago somebody told me a formula to calculate the optimum screen size based on distance from TV -> sofa but can't remember what it was. Does anyone know?
jonsp said:
Agree with you on wifi being essential. The TV isn't smart so that'll need upgrading - seems we can do that for ~£250 which seems like money well spent.
TV is 40" which I think is too small for size of room. Years ago somebody told me a formula to calculate the optimum screen size based on distance from TV -> sofa but can't remember what it was. Does anyone know?
40 inch is fine for an AirBnB. No need to replace it, just get a chrome cast, firestick or roku and leave instructions on how to use it. Will be about £30.TV is 40" which I think is too small for size of room. Years ago somebody told me a formula to calculate the optimum screen size based on distance from TV -> sofa but can't remember what it was. Does anyone know?
I’d be quite clear on your policy as regards dogs.
Self entitled dog owners will soon ruin your property. I always check the dog policy on any prospective holiday rental whether that be a mobile home, villa or apartment. This also extends to hotels.
I know a few people that rent out holiday properties and regret the day they relented and permitted dogs.
Self entitled dog owners will soon ruin your property. I always check the dog policy on any prospective holiday rental whether that be a mobile home, villa or apartment. This also extends to hotels.
I know a few people that rent out holiday properties and regret the day they relented and permitted dogs.
Rob 131 Sport said:
I’d be quite clear on your policy as regards dogs.
Self entitled dog owners will soon ruin your property. I always check the dog policy on any prospective holiday rental whether that be a mobile home, villa or apartment. This also extends to hotels.
I know a few people that rent out holiday properties and regret the day they relented and permitted dogs.
No prospect of allowing dogs. Even if I wanted to the lease bans dogs. Self entitled dog owners will soon ruin your property. I always check the dog policy on any prospective holiday rental whether that be a mobile home, villa or apartment. This also extends to hotels.
I know a few people that rent out holiday properties and regret the day they relented and permitted dogs.
We used to market and let our 2-bed apartment in Knutsford as a Serviced Apartment, we used it ourselves each year for about 10-weeks, as we lived in France. We made every effort to select people who we would be happy to live next door to. Only on two occasions did we come unstuck.
With AirBnB, scrutiny in essential. You could rent every weekend to Hen and Stag groups and really upset everyone.
Our lease did not specifically say that tourist rentals were not allowed. The clause specifically only allowed permanent residential occupation i.e. Assured tenancy, or by owner. We had to take out extra insurance cover, as the common parts insurance would not cover short term rentals citing case law in London, that cover was quite expensive. We wanted to be seen as good neighbours but when another party saw what we were doing, he went down the AirBnB route, attached a key safe to a fence without permission and fell down a worm-hole of hassle from the Man Co and ended up with am Assured Tenancy.
My other observation is that AirBnB tends to be a race to the bottom. I rented properties in France at €100 - €120 per night. I was bombarded by them saying if I could rent @ €35 per night, they could attract far more business. Needless to say the cheaper offerings were relative hovels compared to our.
My advice would be to go ahead with eyes wide-open, but do not expect money for nothing.
With AirBnB, scrutiny in essential. You could rent every weekend to Hen and Stag groups and really upset everyone.
Our lease did not specifically say that tourist rentals were not allowed. The clause specifically only allowed permanent residential occupation i.e. Assured tenancy, or by owner. We had to take out extra insurance cover, as the common parts insurance would not cover short term rentals citing case law in London, that cover was quite expensive. We wanted to be seen as good neighbours but when another party saw what we were doing, he went down the AirBnB route, attached a key safe to a fence without permission and fell down a worm-hole of hassle from the Man Co and ended up with am Assured Tenancy.
My other observation is that AirBnB tends to be a race to the bottom. I rented properties in France at €100 - €120 per night. I was bombarded by them saying if I could rent @ €35 per night, they could attract far more business. Needless to say the cheaper offerings were relative hovels compared to our.
My advice would be to go ahead with eyes wide-open, but do not expect money for nothing.
Most of my experiences with AirBnB have been great, really hands off and we don't ever see the owners. Most of the time there is a keysafe outside and we have just been sent an email with the code and how to find the property if it is not obvious. Even when we were forced to stay in a cabin in someone's garden on the NC500 as there was zero other options we never saw them while we were there.
However, we booked one in Margate, an apartment in the old converted hospital. As we were driving there the owner called us to tell us he would meet us at the property. He then insisted on showing us where to park and then took us to the apartment and showed us around and told us to leave the keys with the security guard when we left.
The whole time we were there I had the feeling he should not be AirBnBing the property, and as I handed the keys in to the security guard he told us as such. I had left my car in the visitors space as I assumed we could leave it there and he told me I had to move it immediately.
We drove into town and later on I noticed I had loads of missed calls on my phone from the owner of the flat. I called him back and he was in a bit of a panic asking us if we had left yet as he needed to get in to clean it for the next tenants.
Totally crap experience for us, and seemed like a very stressful way to make a few quid for him.
However, we booked one in Margate, an apartment in the old converted hospital. As we were driving there the owner called us to tell us he would meet us at the property. He then insisted on showing us where to park and then took us to the apartment and showed us around and told us to leave the keys with the security guard when we left.
The whole time we were there I had the feeling he should not be AirBnBing the property, and as I handed the keys in to the security guard he told us as such. I had left my car in the visitors space as I assumed we could leave it there and he told me I had to move it immediately.
We drove into town and later on I noticed I had loads of missed calls on my phone from the owner of the flat. I called him back and he was in a bit of a panic asking us if we had left yet as he needed to get in to clean it for the next tenants.
Totally crap experience for us, and seemed like a very stressful way to make a few quid for him.
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