Do your homework and price your property appropriately - what does this mean? Take the time to look at other short term rentals in your area. Pricing your home below your competition may mean that you’ll have higher overall traffic and a higher income; but price it too low and you could draw in the wrong travelers - don’t underestimate the value of your home.  

More beds and flexible sleeping arrangements will fetch more income as groups of travelers will often split the cost. Consider a pull out couch or extra futon to allow for more guest flexibility. Additional sheets, blankets, and pillows may also offer more flexibility to groups. 

5 Star Reviews will allow you to ask more in rent per night or stay. Check out the reviews for listings in your area - you can't change your location or your home attributes, but you can find out what matters most to guests visiting your city, and cater to them! Here are some tips to get your 5* Reviews:

• Keep it Clean! Cleanliness the number one priority for travelers. Clean linens, bathrooms, living areas, and kitchens will make your guests comfortable and enhance your reviews!
• Your kitchen should be equipped with enough pots, pans, and place settings; guests may also have local visitors, so having extra is always a good idea.
• Maintain fresh linens, and enough for every guest, including towels, toothpaste, facecloths, and spare bed sheets and blankets. By having spare linens, you can turnover your home more quickly between guests instead of waiting on laundry; this may lessen your hourly cleaning costs. 
• Keep bathrooms well stocked with toiletries including shampoo, soap, toilet and tissue paper. 
• Private or separate entrances are important to travelers and will net a higher value. If possible, provide as much privacy as possible, or as desired, to your guest.
• Ask guests for a 5* review upon their departure! Let guests know that you'll also consider any feedback they are willing to offer on their stay.

Consider setting minimum stays for your property listing when you set up your AirBNB profile - we suggest 3 nights. The cost and time to clean up after a rental is usually the same whether a guest stays for one night or a week as the chore list remains the same. 

While guests may like a gift basket or a bottle of wine upon checking in, it probably won’t make you any more money. Guests care most about location, cleanliness, and communication. While small gifts are appreciated, they aren’t worth a huge cost. 

Talk to Us!  It's important to talk to your Insurance Broker about the risk that comes with renting your home through platforms such as AirBNB, VRBO, Flipkey, or other Short Term Rental Agencies. Although these platforms offer their own insurance, it isn't meant to replace your personal home insurance and does come with restrictions. To ensure you are properly covered, talk to us today!