Being a landlord can be a profitable source of income. However, it can be very time-consuming. If you have a secondary property, you may be tempted to run an Airbnb business to promote and manage your property. Rather than being an independent landlord, the Airbnb model can provide protection for up to $1 million in damages from renters.
Additionally, Airbnb is a popular and renowned platform, which means that, as a landlord, you are more likely to find a variety of suitable tenants. Airbnb is one of the preferred platforms for finding rentals for the short and long term requirements. Besides, most tenants are also likely to have already ratings based on their former experiences with other landlords on the platform. It can act as a type of tenant screening to some extent, providing a sense of safety.
However, regardless of the renting platform you choose, you will need to ensure there is someone physically available to handle any rental needs. How can you successfully run a hustle remotely if you don’t live near your rental property?
Find someone local to help manage it
You can reach out to local real estate agents for support. Many realtors provide additional representation and management for landlords. You can request different levels of management, from screening tenants to acting as a point of first contact for all accommodation-related issues.
Ideally, you want a trustworthy partner who can be here for your tenants in case of problems, such as:
- Locked outside the apartment
- Plumbing or electrical repair needs
- Renovation scheduling
- Managing rent payments
- Answering queries and concerns for future tenants
Facilitate remote solutions whenever possible
You may have a realtor locally, but at the time of searching for accommodation, your future tenants may not be in town. They could be searching online and comparing their options. So, it is important to ensure you can sort out most steps of the research, visit, and final agreements online, using a variety of solutions such as:
- online lease agreement tool to sign digitally
- virtual visit tours, using videos and 3D tools that let users visit at their pace
- FAQs page and chat functions for online queries
Be visible online
Even a platform such as Airbnb will not guarantee you can be seen. There are around 7 million listings on Airbnb, so it can be tough to maintain your visibility on the platform. But you can also reach out to your audience groups through other platforms, such as social media or even a rental-dedicated website.
Instagram is a great platform to increase awareness about your rental and promote its unique features. On the other hand, Twitter and Facebook page can help answer questions and manage direct interactions. It can be helpful to be familiar with the different algorithm tricks and hacks of individual platforms, such as knowing how to avoid shadow banning on Twitter.
Your website can be helpful in tackling tenants who don’t use social media or Airbnb to find their next rental.
Do you need to be physically present to build a successful rental side hustle? While there is a requirement for a physical management team, there is no need to travel back and forth between your home and your rental. You can work with professional realtors to handle all the day-to-day hiccups of rentals, while you can build long-distance relationships with your tenants using digital tools.Published in