As the housing market continues to soar, many homeowners are looking for ways to make the most out of their properties. Turning your home into an Airbnb can be a good way to make some extra money. But there are some important pointers to follow before opening your home to patrons.
Symon He, co-owner of LearnAirbnb, told CNBC that you will first need to do some research.
"Many aspiring hosts do not understand that the earning potential for their property is largely determined by their location and the existing demand for Airbnb travel," they said.
The research boils down to two different categories: legality and demand.
Before you get started, find out what your local government requires.
Some state and local laws are friendlier to Airbnb than others. In some places, for instance, you may need to take a trip to your local city hall to fill out necessary paperwork before renting out your pad.
It would be wise to consult a superhost to determine what your area's demand is like and what the common obstacles for hosting are. Airbnb superhosts are experts with exceptional experience and talent. To help new hosts, Airbnb offers a service that allows interested parties to contact local superhosts to ask questions and receive guidance.
If you decide to go for it, make your listing stand out.
