Thinking of Becoming a Successful Airbnb Host?

The popular short-term home rental site Airbnb provides unique opportunities for both hosts and guests. If you have available space, Airbnb could be an opportunity for you to bring in some extra income, or even turn it into a full-time business.

Do You Have Time to Host?

Creating a successful Airbnb hosting business takes effort: In addition to responding quickly to booking inquiries, you’ll need to be available to answer any questions guests might have during their stay. Cleaning the space in between reservations, and making any necessary repairs can also be time-consuming.

You can always subcontract cleaning and maintenance duties if the extra cost is worth it to you to alleviate some of your hosting duties.

Be Sure You Can Rent Your Space

From strata bylaws to lease limitations and neighborhood expectations, make sure that you clear any potential hosting hurdles before you start listing on Airbnb.

Depending on where your property is, there might be requirements at the state, or property level. Registration, permits, or licenses, as well as safety certifications and additional insurance might be needed.

Airbnb provides resources to help hosts learn about location-specific regulations, and encourages host clubs in an effort to connect local hosts who can share information.

Have You Counted All the Costs?

Make sure to approach your hosting with a business mindset. Create a business plan before you begin, and set realistic financial projections and expectations. Decide in advance how much time and energy you want to invest in the business.

You’ll want to consider additional costs, such as the uptick in utilities, extra laundry, and any welcoming touches you provide, such as coffee or snacks. The price of obtaining a business license, any necessary certifications, or extra insurance, will also add up. Keep track of your hosting expenses with a budget and save receipts for tax time.

Tourist Tax on Airbnb earnings must be collected from guests in Malaysia. It’s advised to include details about any necessary guest taxes in the listing description.