airbnb Archives

Whiteboard Topics: 4 Risks of Buying a Lake Home to Rent on AirBnB

Posted on May 4, 2022May 4, 2022 Kamari House

Multiple streams of income are essential, and renting out real estate properties is a classic investment venture. Lake Homes Realty’s CEO, Glenn Phillips, shares 4 risks to consider before buying a lake home to rent.

1. HOA Rules: Relying on the homeowner or real estate agent to communicate the HOA rule can lead to a misunderstanding. To ensure you have the most up-to-date information, contact the HOA directly.

2. City and County Laws: Similar to HOA rules, the city/county themselves may have restrictions you need to be privy to before you invest in a lake home. There may be laws against renting properties that will affect your plans.

3. Zoning Regulations: These potential restrictions can vary depending on which zone of the lake you are in. Again, it’s important that you conduct thorough research on what is allowed regarding short-term rentals.

4. Housekeeping: Reliable housekeeping is very important when conducting short-term rentals. You must take into account the time, money, and consistency necessary to keeping up your property.

Making a profit on short-term rentals is definitely possible, but you have to educate yourself on the risk factors before you invest. Once you are knowledgeable about the pros and cons of renting out lake properties, you’ll secure yourself another stream of income in no time!

Renting Your Lake Home on Airbnb

Posted on April 21, 2017December 4, 2017 Staff

Airbnb is an online network where people can lease or rent short-term lodging in private homes.

The company was started in San Francisco by two roommates who wanted to “just make a few bucks” by renting out their apartment like a bed and breakfast, hence, the “bnb” part of Airbnb.

Today, it is the most popular and fastest growing individual vacation rental website in the world!

Almost anyone can be a host on Airbnb, which allows people to utilize their spare homes or rooms to earn extra income.

The host sets the price for the space, and renters pay for their visit in advance online. Both hosts and renters maintain profiles with ratings, feedback and general information.

This is perfect for those who own a lake home!

Lake homes are a great draw in vacation season, and you can earn hundreds of dollars in extra cash by listing your home.

Below are some helpful tips for listing your lake home on Airbnb.

Follow all local regulations

Find out what local regulations, taxes, licenses, permits and registrations apply where your lake house is located.

The governing authorities who control the use and development of property in your area usually have useful information on any such regulations.

If your lake home is in a rent-controlled area, there may be stricter rules that apply.

Call and ask questions if you aren’t sure – it’s extremely likely you’re not the first person in your area to inquire about renting your home.

HOA or Co-Op Permissions

Some cities and neighborhoods have bans or restrictions on Airbnb, so it is critical you check with your homeowner’s association or Co-Op Board regulations prior to listing your lake house.

If your lake home is a unit in a condominium community, check your contract to see if there are any short-term lease stipulations.

Remember your neighbors

Consider your neighbors when you plan to host your lake home on Airbnb.

When you have guests coming, let your neighbors know so they won’t be alarmed by strange cars showing up in the driveway.

This can save you a concerned phone call from your neighbor when they show up, or worse!

If your community has a security service, you should also notify them, as well, and make sure your guests have any entry or alarm codes before their stay begins.

Take photos to post online

At least some photos of your property are mandatory on Airbnb. Just some quick shots with your phone will suffice, but make them attractive!

You want to not only give prospective renters an idea of what to expect, you also want your home to be desirable.

Make sure any messes are cleaned up – and be sure to include some shots of the lake from your property!

Make your lake home safe for your guests

Leaving a reference sheet for your guests can be very helpful.

They should already have your contact number through Airbnb, but leaving it there can make it easier. Local emergency numbers, a backup contact, and other services are a good idea, too.

Make a basic first aid kit to keep fully stocked on the premises. The kit should be checked and restocked each time a guests checks out.

Make sure there is a fully functional fire extinguisher in the home and that the guests know where it and the first aid kit are kept!

Confirm that your smoke alarms and carbon monoxide detectors are fully functioning, and that your lake home meets government safety guidelines for your area.

Ensure that you have a clearly accessible fire escape route, too.

Make sure your lake home is spotless for guests

One of Airbnb’s hosting ideals is cleanliness.

Providing a clean and tidy lake home will make your guests feel comfortable from the moment they arrive so they can focus on enjoying their stay and the scenery surrounding them.

This also demonstrates you dedication to making your guests feel welcome.

Most guests travel light and assume their host will have the basic amenities that a hotel would.

Make sure you are fully stocked up on paper goods like toilet paper, napkins, paper towels, etc., and have plenty of clean towels and washcloths. Three to four sets is a suggested minimum to provide for your guests.

Also provide basic shampoo, conditioner and soap for your renters.

Little things tend to make a big difference with guests’ satisfaction as well.

Providing a map of the local area, suggestions for local places to eat and drink and local events and happenings go a long way with Airbnb renters.

There are many other ways to maximize your income through Airbnb, while minimizing the impact of guests on your home.

With these tips, you have an excellent head start!

8 Essential Marketing Tips for Renting Out Your Lake Home

Posted on December 23, 2015December 15, 2017 Staff

You have to admit, your vacation lake home is your little piece of paradise.

It’s the spot you escape to in the summer. But now it’s time for closing it up for a long cold winter.

The idea of it sitting there until spring sometimes raises a little concern. So, have you considered renting it out while you’re gone?

Here are some essential marketing strategies for finding tenants.

Find Your Target Audience

First and foremost you’ll need to know what type of people want to come to your lake home in the winter, when you’re heading away from it.

Not everyone is going to be a snowbird, but there are plenty of people who enjoy being on a lake in the winter.

Think snowmobiles, ice skating, skiing and other outdoor activities if that’s what people tend to do in your area during that time of year.

For those in a warmer climate, snowbirds looking to escape the bitter cold, experience the natural beauty and local wildlife, and just get away from it all, will probably be your demographic.

Provide Valuable Information

Since the Internet, we have access to all kinds of information, and this is where the majority of people will start their search for a rental.

People will research all available options, so make sure you have as much information available about your property.

When it comes to marketing your vacation lake home, take a few minutes and make a list of all the things that people can do around that area in the winter time.

For instance, if bird watching is popular, provide a list of birds that are local, and include the best areas to see them.

Other examples of local activities and attractions could include local hunting lodges, boat rentals, marinas, fishing guides or anything else that would be of interest for potential renters.

List the Rental As Many Places as Possible

There are many rental websites available out there, and to maximize your exposure you should make sure you are listed on all of them.

Whether it is a niche rental website specifically for lake homes, or a more general site like Airbnb, create a detailed description of your property and provide plenty of quality photos.

Some of these websites charge to advertise, but many of them will only take a percentage off the back-end of a rental, so you only pay if the website provides a renter.

While you may be tempted to cut out the middle man and create your own website, keep in mind that you will never be able to compete with these websites when it comes to web exposure.

They will always be on the front page of all search engines; organically and in paid ads.

Be Active on Social Media

Everyone understands the power of Facebook and other social media platforms. So put them to good use.

Some social media networks focus on images, like Pinterest and Instagram. Spend a few minutes each day posting images and following other people who might be interested in what you have to offer.

Leave a link to your website, or a phone number, so people can get in touch easily.

Post images on Twitter, and use good hashtags to target people.

And, of course, Facebook is a great place to post and tag your photos. Find Facebook groups that have people looking to do activities in your area, and share your information.

Run Specials and Have Reasonable Rates

If you are in the South with no nearby ice skate or skiing, there probably isn’t a high demand in the colder months.

Recognize this, and lower your rates accordingly. You can also encourage rentals through specials such as, “Rent my home for 5 days, get the weekend free!”

Test out different promotions, such as a free weekend giveaway.

To enter the drawing require that people on social media like your page, and share your content. This will grow your future customer base and could lead to more steady booking in the future.

Encourage Feedback and Reviews

Follow-up with your customers after each stay, and find out about their experience.

If they had a positive experience, politely request that they provide an appropriate review of your lake home on the website on which they found it.

If they do give you a 5 star or glowing review be sure to send them a thank you card, or even a small token of your appreciation, such as a small gift card.

If they had a negative experience, hopefully they will have contacted you during their stay and given you a chance to remedy the problem.

If not, apologize, let them know you will be fixing whatever they experienced immediately, and actually follow through.

Keep it Current

Keep your photos on rental websites and social media-up-to date.

Yes, your carpet was absolutely gorgeous 5 years ago, but now it is faded and frayed.

Putting out the 5-year-old picture may get your more rentals, but you immediately lose their trust and any future business. Keep your pictures up to date and all of your descriptions honest.

Pass the Buck

Most areas will have real estate or rental agencies who will handle the entire process for you, but at a cost.

This can be a great option for anyone who doesn’t have time or just doesn’t feel like putting up with the headache of marketing, renting, cleaning and maintaining the property.

These are just a handful of ways to help market your lake home and keep it rented during the winter.

If you’d like to share any strategies that have worked for you please post in the comments below!

Business Ideas for Waterfront Home-Based Businesses

Posted on May 29, 2014February 14, 2023 Glenn S. Phillips

Launching a home-based business overlooking a waterfront location is an ambitious idea with many possibilities. Initially, you have to decide if your home will be open to the public, which raises many additional issues, or if it will be a private business simply run from the home.

If you choose the latter, the options are endless from office work like accounting, to creative endeavors such as art and photography.

Be sure to check with state and local government offices to comply with licensing, zoning and tax regulations regarding home-based businesses. The following ideas offer insight into both private and public waterfront businesses.

Seasonal Business Considerations

One of the first things you should consider is whether or not you want to run a seasonal or year-round business. If your waterfront property has sunshine most of the year, then it can be an ideal tourist location. But even if the property is in a location such as Lake Tahoe, where there is snowfall in the winter months, it can still be a year-round destination for travelers.

Ideas for a year-round business include converting the home to a bed and breakfast, a business center for travelers or a production studio. Ideas for a spring and summer business include becoming a water sports merchant or possibly even offering lifeguard training classes. A private home on the waterfront provides an excellent creative environment for writing, film making, painting and any kind of financial or technical work.

Lodging Facility

torch lake bed and breakfast airbnb waterfront home-based business — Photo courtesy of The Torch Lake Bed and Breakfast.

Converting your waterfront home into a bed and breakfast inn is one of the most popular home-based business ideas for waterfront properties. With many of the best waterfront locations, the location itself is a great marketing tool and can go a long way to help to gain initial interest in the property.

The term “bed and breakfast” also implies serving food, but if that’s something you do not want to take on, then you might consider calling the business something else, such as “guest lodging” or “lodging management.”

Business Center for Travelers

You can run a successful business for travelers if you provide all the essentials that might be found in a hotel business center minus the lodging, recreation, and food accommodations . The fact that your business has a waterfront view gives you the clear advantage of promoting it with attractive photography, which can be inspiring to travelers.

You might consider promoting the new location with colorful brochures at nearby hotels and motels that do not provide business centers. Some of the equipment and services you might offer guests include computers, Internet access, color copy, fax, mailing, shipping and notary services.

Production Studio for Artists

A production studio in a waterfront home might be an idea to consider because artists love scenic environments. Many painters, recording artists, and photographers prefer using their own movable equipment so you wouldn’t actually have to provide the equipment.

If the studio is used for sound recording, then at a minimum, you’ll need to invest in soundproofing the walls or even building a dedicated room for vocalists. Otherwise, an empty room with artistic decor, electricity, and Internet access are the main selling points that you can promote in both travel guides as well as trade publications.

Water Sport Businesses

If your home is near a river or lake in which the local government promotes a variety of water sports, including fishing, boating, rafting, or swimming, then you have a great opportunity to attract spring and summer water sport tourists. All you really need to do is provide access to the water, but you can also resell or rent water sports gear as well for an even more successful business opportunity.

Lifeguard Training

Lifeguard training is another seasonal business opportunity to consider. In order to teach and conduct lifeguard training, you’ll need First Aid and CPR certification, which is taught by the American Red Cross, American Heart Association or community institutions.

You will need to gain certification for surveillance and rescue procedures in the event of emergencies. Anyone you hire as a lifeguard or water safety instructor will also need to be trained and properly certified. In order to run a successful lifeguard training business, you should get to know similar professionals in other cities if local competitors are not responsive to sharing business ideas.

Campground Facility

Turning your waterfront property into a campground for dwellers in tents and RVs is an effective way of profiting from your property during spring and summer.

It’s more complicated than running a lodge because you need to provide facilities for RV dumping in addition to electricity, outdoor lights, laundry, and Internet access. For the most part, guests will handle their own needs including food. You can market your campground to schools and other established organizations.

The number of ideas for waterfront home-based businesses is only limited by your own creativity and imagination. Above all, finding a business that fits with the locals and environment is necessary, but more importantly, don’t forget to consider your level of interest and passion for the business itself. Having an interest, love and a passion for the type of business that you’re entering might be the most important factor to consider of all!