How to Become a Host: The Guide to Renting Out and Managing Your Space
You are sleeping on a source of income, literally!
Do you have an extra room, a second apartment or another house? Turn your home into an investment and start earning by renting it out. With Malaysia being Airbnb’s fastest growing country in South East Asia, you are standing at the doorstop of a money making opportunity.
Even if you have a 9 to 5 job, a business to run or is travelling the world for fun, you can turn your property into a passive stream of income. Today, experts in the property management business like Plush Services can do your rent roll and everything else for you.
Here’s what you need to know about becoming a host or a landlord:
- Your Property
What is the size of your property? What is the number of beds and baths? Where is it located? How near or how far are the amenities, services or establishments in your area? These are some of the questions that will help you and your guests get to know your property.
It’s a home, not a hotel. It just has to be habitable.
Exerting the effort to make sure that your property is in tip-top condition will not only help you determine the value of your property – meaning how much you can charge for a daily, weekly or monthly rental – but will also reflect on good reviews and in turn, more guests.
- Your Platform
So your space is ready, how do you want your guests to find you?
This is where you post that well-curated photo of the entire space from the doorway or that exceptional view from the terrace. Couple it up with a short and sweet description of your space and you’re all set to go! Check out our blog on how to create attractive listings.
Airbnb is just one of the many online listing sites that you can choose to advertise your space. There’s also Expedia, Ctrip, Hotwire, Travelocity, Booking.com, HomeAway, Hotels.com, Trivago, Agoda and so much more.
You can choose more than one but the challenge is how you will manage the schedule.
- Your Guest
Your property is ready, your listing is a masterpiece and now your guests are pouring in. it’s time to arrange key and transportation service and settle checks, paper works and payments.
How long are your guests staying? Are they renting out your space for business or for leisure? Getting to know your guests will help you to select the right ones and attend to their queries.
We also have a blog on how to achieve Superhost Status on listing sites!
- Cost and Income
Cost and income are the two sides to a coin when it comes to renting out your property.
Under the cost you have to consider how vacancy, monthly bills, maintenance fees, taxes and insurance will rack up against your income. On the flip side, if you understand the value of your property and your costs, you can set the rates properly and watch your earnings grow.
Getting it right
With 80% of our guests giving us 5-star ratings, a 20-40% higher returns for our property owners and an efficient end-to-end service, Plush is not only helping out property owners create a passive stream of income but is also creating memorable experiences for their guests.
Contact us for more information or visit us on Facebook @plushservices or Instagram @plushservicesmalaysia.