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Listing your home or apartment on Airbnb can be both a fun and lucrative endeavor. Money earned from hosting just a few days a month can put a serious dent in your rent payment or finance your own travel plans. Chances are, if you’re planning to list on Airbnb, you’ve probably already researched how take great photos of your listing and thought about the drinks and snacks you’ll provide. But before you book your first guest, it’s important to ensure your safety by following a few simple Airbnb host safety tips.
Airbnb provides a Host Protection Package and along with it comes a $1 million guarantee. This free liability insurance is designed to protect you against third-party claims of personal injury and property damage. Though incidents are rare, having appropriate insurance can provide you great peace of mind. There are several options out there for supplemental or standalone short-term rental insurance and they’re worth taking a look at before you get started.
Whether you choose to require a security deposit to protect your personal belongings or if you want to restrict your guests from having guests of their own, that’s your right as the host. In addition, requiring that potential guests have a Verified ID is a smart way to be sure that your guests are who they say they are.
Another way to ensure your safety and the safety of your belongings is by explaining what you expect of your guests in your House Rules. If you don’t want them to throw a party, bring over unapproved guests, smoke on the premises, or bring their pets along, it’s best to explain it in detail ahead of their visit.
Alternatively, if you live in a multifamily building, you may want the option to outsource your administrative Airbnb tasks. Pillow’s mobile app offers tons of features for residents of multifamily buildings. From helping you verify guest ID and upload photos to managing your calendar and messaging directly with your guests. See what residents who already using Pillow are saying:
Finally, two statistics that sum up the short-term rental market in 2018: First, there were 240 million nights booked on Airbnb in 2017. Second, more than 65 percent of short-term rentals are booked in multifamily buildings. Potential guests want the safety, convenience, and amenities that multifamily units have to offer and tenants of these buildings stand to make some serious extra cash by providing it.
Sound good? Learn how to get your building on board with short-term rentals.
Pillow is solving short-term rentals for multifamily properties, allowing building owners and property managers to have control and transparency over short-term rentals while enabling their residents to rent their units short-term on Airbnb. When someone books a short-term rental reservation with a resident, building owners are earning 10 percent of each booked reservation allowing them to invest back into their communities or help cover management expenses. Additionally, building owners receive daily and weekly short-term rental activity reports with key reservation information including dates, guests’ names and contact information. Landlords can also leverage Pillow’s Vacant Unit module to manage and monetize vacant units. With Pillow, landlords can rent out their empty units for a few nights at a time to make the most of this valuable asset. Pillow charges an 8 percent fee per completed reservation: the average property manager can make 10-30 percent more than typical market value by offering short-term rentals in addition to traditional leases. All in all, Pillow offers a one stop shop for managing short term rentals in multifamily buildings. With one service, you can offer your residents the flexibility to do the same and easily monetize your vacant units.
If you own a multifamily complex or management company and are interested in providing short-term rentals, email email@example.com or visit www.pillow.com.