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What Does Being An Airbnb Host Really Entail?

Airbnb is one of the biggest unicorn companies taking over the world right now. Unicorn companies are any business that can be valued at over $1 billion, and it didn’t take long for Airbnb to reach that status. Now, there’s a whole slew of online property rental services that allow property owners to temporarily rent out their homes to individuals looking for a little getaway. However, Airbnb still remains the most lucrative out of all of them. 

Being an Airbnb host may not have ever seemed like a feasible idea to you before, but when you consider the benefits, it almost seems like too good of an opportunity to pass up on. Granted, you will need to ensure you have another place of residence to stay at while your property is being rented out, however, what you earn from Airbnb itself might be convincing enough to do so. 

Obviously every space is different, and will be valued according to specific qualities such as location, room numbers, amenities, and historical trends that local competition has priced itself at. Most first time Airbnb hosts use the startup Eliot & Me or any other rental pricing calculator to determine how much they should be charging per night to renters. 

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If you have access to any local real estate agents, don’t hesitate to ask them to appraise your property for rental pricing as well. Individuals in the real estate industry will know better than anyone what your home should be valued at, even for short-term renting. Airbnb customers can make anywhere between $2,000 – $10,000 after renting their properties out just once, depending on the duration of stay and cost per night.  

Airbnb prides itself on professionalism and keeping the renter/client relationship cordial. Individuals who rent out their homes are automatically paid exactly 24 hours after a guests check-in time. This is meant to ensure that neither party is scammed or has any major issues before a concrete money exchange is made. 

Many individuals who are privileged enough to rent out one of their properties multiple times in a given year can rely on Airbnb hosting as their primary source of income. However, it’s important to note that while this sounds like it may be an “easy” career path, as a host you need to understand that this is still a job, and you’re expected to run your “business” as a host efficiently, just like any other job. 

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So what are some of the responsibilities that come with being a host? First and foremost, you should respond rather promptly when an individual states their interest in renting out your property. Answer any questions clearly and concisely, remember, how you interact with each person who rents your property will be reflected in their online reviews afterwards, which future clients will see. 

When you actually lock in a rental for the future and it comes time for your new guests to arrive, make sure your property is clean and everything is set up as expected before their arrival. Any accommodations that you listed on your profile should be pre-prepared for use. Accuracy is the key when it comes to hosting, so make sure every room matches its picture and your personal belongings are out of sight. 

The pictures on your profile are arguably the most important part of your listing, as well as your ability to host. Obviously these photos will play a major role in your potential guests decision making process, so make sure they really showcase the essence of your property. You don’t have to live in a huge mansion to properly show off the pieces of your property that anyone would enjoy on a temporary stay. 

Honesty, professionalism, and promptness will get you far in any industry, and when it comes to renting out your own house, these factors couldn’t be more relevant. If you’re still unsure if being an Airbnb host is right for you, do some research, ask around and find people who have rented out properties for short-periods of time before. Even if it wasn’t through Airbnb, they’ll still have amazing insight into what it’s actually like to leave your home for a little while for financial gain. Talk to real estate agents and search up some chat forums on the topic, before you know it, you’ll be ready to host your first guests!

Expensive Property

A Look at the Top Ten Most Expensive Property in America

We all love looking at the property of the rich and famous. However, do you actually know where the most expensive places to live are in the United States? Property Shark – the real estate blog – released its annual ranking of the top 100 priciest zip codes in America this week and there is an interesting mix of locations featured.

With 125 zip codes actually making the list due to the large number of ties in medians, it is clear that the richest citizens live in California with 91 percent of the cities listed based in the Golden State and areas such as the Bay Area enjoying a price increase of at least 40%. Based on median sale prices rather than asking prices to reflect a more realistic market, a Brooklyn zip code has made the list for the first time thanks to an amazing 71% price increase over the last two months, as well as areas in Washington, Florida, New York and Massachusetts.

However it appears that 63 of the zip codes featured saw a contraction in their median prices compared to figures released in 2018. 38 zip codes had an increase in their median prices and there were 20 new areas added to the list.

We take a look at the top ten expensive zip codes to buy property here:

#10 Ross, California – 94957

Located to the north of San Francisco, Ross in California has climbed 13 positions in the last year to make it into the top ten and is now North Bay’s most expensive zip code – Stinsons Beach, 94970 is their second most expensive, hitting 16 on the list.

#9 Los Altos, California – 94022

Drive an hour south of Ross and you will hit Los Altos, which has made it to number 9 thanks to having a median of $3.45 million. The Santa Clara community has recently become the third most expensive zip code in Silicon Valley with property prices continuing to increase.

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#8 TriBeCa, New York – 10013

With a median of $3.51 million, TriBeCa’s 10013 has seen real estate prices increase by 8% in the last year making it hit the top ten.

#7 Palo Alto, California – 94301

Just four miles away from the most expensive zip code in the US, Palo Alto has a median of $3.52 million. Including parts of Crescent Park as well as Downtown Palo Alto, 94301 has seen a decrease in property prices of 6% year-over-year.

#6 Boston, Massachusetts – 02199

With a population of 1,146 the Prudential Center area of Back Bay in Boston has dropped from number three to number six in Property Shark’s list thanks to a 23% contraction of its median.

#5 TriBeCa/Downtown/Manhattan, New York – 10007

With a median price of $3.9 million, this affluent area of New York saw an increase of 27% and is home to younger celebrities, including Taylor Swift, as well as Wall Street bankers.

#4 Beverly Hills, California – 90210

Once again California has claimed most of the top spots with Beverly Hills in Los Angeles, California, seeing an increase of 27% on property prices, taking their median up to just over $4 million. However their exclusive gated community of Beverly Park Circle, often described as the richest street in Beverly Hills, has a median home value of $16.4 million.

#3 Santa Monica, California – 90402

Reaching number 3 in the most expensive real estate markets is Santa Monica in California, an increase of 2 positions from last year thanks to a 10% year-over-year increase pushing it ahead of last year’s number 3 slot – Boston’s 02199 which has moved down to sixth.

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#2 Sagaponack, New York – 11962

Just missing out on the top spot is Sagaponack in New York. The most expensive area outside of California has seen a price contraction of 22%, however it has managed to maintain its position from last year.

Located in the Hamptons, the Southampton village appreciates an ocean-vista and stunning sunsets. Both are pivotal to keeping the house prices up with the media price now sitting at $4.3 million.

It is also home to junk bond billionaire Ira Rennert’s 29 bedroom summer house, complete with a 100 car garage.

#1 Atherton, California – 94027

If you have ever visited the tech-titan community of Atherton, California you will have marvelled at the stunning houses so the fact that it is the most expensive zip code in America will come as no surprise.

With companies including Facebook, Tesla and Google amongst other technology giants based in the area, Atherton has become home to many of the Silicon Valley residents.

With famous residents including former HP CEO Meg Whitman – now CEO of video startup Quibi – and Google’s Executive Chairman Eric Schmidt, property in this region can sell for an average $6.7 million, an increase of 43 per cent since 2017.