Your guests are planning to stay at your home because they want a more authentic experience of Madison, so give it to them! Below are 5 things you can do to maximize the benefits of a short term rental while increasing your passive income.
1. Know your dates- In Madison we love our summer festivals, outdoor activities, and FOOTBALL. Planning to be out of town to avoid the craziness of one of these events? Anytime you plan to be out of town, check the local event calendar to see if you can maximize your profits for that weekend. UW football is no laughing matter, and if you have an Airbnb within walking distance of Camp Randall, then you can plan to adjust your pricing based on the demand for rentals during that time. Same goes for lots of events - Ironman, Crossfit Games, holidays, etc.
2. Know your numbers- Month over month, you should know exactly how much income your home is making and what your expenditures are costing you. This might sound easy but it can quickly get out of hand during a busy rental season. The better you know your numbers, the more you can slim down your expenditures and increase your margins for a better pay off in the end!
3. Get a good cleaner … and handyman- If you are planning to have your home cleaned a few times a month, make sure that you have a trustworthy cleaning service at the ready. Depending on how often you have the home cleaned, you could even consider negotiating a better rate with your cleaning crew since they know you are going to be a steady customer. If you really want to keep costs low, clean up the place yourself or hire a friend to come and help you for an hourly rate. Also, you never know what could happen so spend some time asking around your friend group for a good handyman recommendation. Because if the something goes wrong while you are out of town, you need someone who can show up to handle any mess that might occur.
4. Get personal- If you love it and you would feel terrible to lose it, plan to pack it away for the weekend. It can seem like a hassle, but the best way to ensure a stress-free weekend is had by all is to declutter your space and stash away all of your personal belongings. If you are going to be traveling frequently, replace one of your closet knobs with a lockset so that you can easily lock these things away without having to remove them from your home.
5. Be unique Want your listing to stand out?- To give your guests an Instagram-worthy experience while also being practical with your decor budget, consider gently used items from Craigslist, Goodwill, or vintage resale shops. Mismatched dishes, funky artwork, weird lamps and other fun knick-knacks are an easy way to accomplish this. Not only will these be more unique offerings for your guests, but you also won’t have to worry if something gets broken.
Do you know someone who might be interested in learning more about #homehacking? Forward on this article to them!