Want to join the Airbnb boom? Or already enjoying the extra cash, but hate the hassle? Here’s how to make money, without lifting a finger
It’s one of Edinburgh’s fastest growing areas; across the capital homeowners are seizing the chance to earn money by renting their vacant properties to tourists.
The Airbnb boom has taken off, fuelled by Edinburgh’s status as a tourism destination – there are around 4m visitors a year pumping £1.32bn into the economy – along with demands for a more ‘authentic’ holiday experience.
Demand for Airbnb accommodation in Edinburgh experienced a growth of 87 per cent in the past year, with Edinburgh hosts earning £17 million in 2017.
But while it may sound like ‘easy money’, opening your home as a tourist destination involves much more than simply handing over the keys.
Edinburgh’s property short let management business Pass the Keys has built its reputation for making Airbnb hosting easy for hundreds of clients. From creating a professional listing on Airbnb, over cleaning and providing linen to guest support and key handling - they take care of every aspect an Airbnb hosting needs.
Here, Livia Campagnola, the firm’s City Manager in Edinburgh, has put together her top tips for a hassle-free short-term letting experience.
Make your listing pop
Anyone can take a photograph and write a few words about their property, but to get it to really stand out requires some practice. Describe who your property is best suited for, share a bit about your neighborhood and how to arrive at your property from major transport links.
Make sure your listing comes with professional photographs which would stand out from the crowd and attract more bookings. As long you don’t redecorate your flat, the photo won’t have an expiry date and you can still use them in a year or two.
Key exchange and check-in
Not everyone can take time off work to meet their guests in person. Your guests may experience a flight delay and you need to check them in at 11pm. If it is not for you, a property short let management service can take this on, handing over the keys and offering 24/7 guest support, giving your guest more flexibility for arrivals.
Make your guests feel at home
You may have had lovely guests, but your property will still need to be freshened up after they’ve gone. Decide if you have time to change the bedding and towels and clean the home top-to-toe. If not, let your agent organise a professional clean after every guest.
Make the most of prime time
Many Edinburgh homeowners plan holidays around Edinburgh’s festivals, so they can let their accommodation at premium rates while they escape the city’s busiest time. In August, the average Airbnb price per night in Edinburgh was £191 with an occupancy rate of 83 per cent – making it even more popular than London, so it is well worth letting someone else do the work while you reap the rewards.
Rewards can be impressive - pass the keys and earn
A good property in the EH1 postcode area can earn in the region of £3,350 per month, with an average price per night for a property sitting in the region of £250.
Hailey, who lives in Morningside, has earned £8500 since signing up with Pass the Keys in May, and offering her three bedroom property for short term visitors. She said: “We went on a holiday to Lanzarote with the whole family during the festival. It means I can pay my mortgage and earn extra on top when I am out of the town. I will be doing it again over Christmas.”
Livia also points out that Airbnb rentals can be for everyone. With services such as ours, Airbnb hosting becomes incredibly easy and who does not like a little extra income from their vacant home before Christmas?