Renting out that empty room could just be your breakthrough point. This article will reveal to you another authentic and easy stream of generating cool income for yourself through the short term rental services.
In the world we live in today, having just one stream of income has made it a herculean task in surviving the harsh socioeconomic situations in most countries of the world.
So, the need to look out for other streams of income through readily available resources. For example, you have a spare room in your house. Renting out that empty room could make money for you through Airbnb.
It is a passive source of income, which means it requires little to no effort. Other sources of income more often than not require some level of hustle, time, and some efforts. So, this might just be the opportunity you have been waiting for to make money through the short term rental services.
For example, in my country of origin, Nigeria, several people live below $1 per day and usually, these people have spare rooms, empty spaces, or even abandoned properties, not knowing what to do with it.
A couple of years ago, a religious organization was established in my part of Nigeria. Guest troop in from both within Nigeria and all around the world, especially from other African nations (Zimbabwe, South Africa, Benin-republic, etc).
When these guests visit, they stay back for not less than a week, which therefore gives rise to a need for a decent and comfortable place of abode.
Some people around the site saw the need and quickly tapped into it, therefore, making unused spaces habitable for guests to live in and this result in making extra cash for themselves
The following will appropriately guide you into how you can make extra income renting out that empty room;
Thorough cleaning of the rental space.
No guest would like to stay in a dirty environment; you must make sure that space is well cleaned and clear. Fumigate if necessary; ensure the space is properly cleaned before bringing in a potential guest. You might also want to engage the services of a cleaning professional to do a nice and neat job for you.
Above all, what you get as returns on the property is directly or has a direct link to how presentable, conducive, and how habitable the property is.
Equip the room with cheap, yet comfortable home fittings.
Are you renting out a home already furnished? Try not to furnish it with expensive chairs, tables; sofas, etc. instead, go for the cheap ones, because some degree of wear-and-tear should be factored in when renting out a furnished home.
Ensure that the furniture is comfortable for your tenants as this will want to make them come back whenever they are in time again. Because renters are in-and-out throughout the year, regular checks must be done on all the furniture and fittings to get it ready for the next renter.
If that space is not previously furnished, basic things such as mattresses, table, etc should still be provided
You must be a super landlord.
It sounds simple right? But I bet it requires a whole lot of hard work to be one. Being a super landlord requires your responsiveness to your renter’s needs. Fix whatever breaks down promptly. Do not visit the property unannounced. Give your renters a heads-up before sending any professional to update the home. Being a super landlord, therefore, will make your space always occupied as against vacant as people will always want to relate with a responsive landlord.
Be reasonable when fixing your rates.
Your rates should be excessively higher than what is obtainable in your locality. Research what your competitors are charging. You can also get help from realtor.com for assistance. You must also put into consideration your financial expenses on the space before setting your rates. Finally, your rate must be competitive and at the same time letting your renter have a feeling of getting value for their money.
Getting a quality tenant.
Certainly, this is quite important and essential as your making money is based on this. The following checks should be done on your intending tenants:
- Your tenants should have a steady stream/flow of income
- There should be no form of criminality detected
- Ability to take care of your property
- Tenants should be respective and easy going
- In addition, you might also want to pay attention to how often the tenant moves from one job to the other.
Ask yourself if you would want to manage the property yourself or you want to engage a property manager.
The property manager will be in charge of the day-to-day running of the space, they also market the property, collect the rent, and oversea to the general maintenance. Be sure ready to give them a small percentage of the rent. On the other hand, if you’ve got the time to find tenants, live close to the property, if you can take care of day-to-day maintenance needs, then you may not need the services of a property manager.
Ready to start renting out your space? Renting out that empty room could be your next stream of passive income
Start today and thank me later.