Airbnb Hosting
In an earlier post, I wrote that one of our Airbnb listings was destroyed. There was extensive damage done to furniture, appliances and even some of the doors. After we got over the initial shock, I commenced the process of filing a damages claim.
This week, I received a call I’ve dreaded receiving for some time. A guest at one of my Airbnbs called to say they had caused serious damage to the property. As I rushed over, a number of questions flooded my mind. Suffice to say, it was one of my more stressful mornings in recent memory.
I’ve been a landlord since the mid-2000s. Since then, I’ve both personally managed my properties as well as delegated this responsibility to professionals. For the most part, I’ve enjoyed the ups and downs that the role has to offer. It was only until 2019 that I decided to list some of our properties on Airbnb. What I discovered is that landlord and Airbnb host roles are very different.
I started my Airbnb journey during an industry peak. Vacation rentals gained tremendous traction in Australia, not to mention market share away from traditional short-term stays. The business model itself was also very attractive – I could be my own boss, make my own hours and choose my renters.
From reading my posts, you would know that I’ve been an Airbnb host for a few years. It has been a tough job for my wife and I, but certainly worth it for the above-average returns. However, we were presented with a unique challenge to our home sharing journey last year, in the form of COVID.
A landlord/tenant relationship can have a significant impact on your life. I would go so far as to equate this relationship to a marriage. It demands effective communication, understanding and empathy on both sides, and can have harmful ramifications if left unattended or under-appreciated.
Since the beginning, my real estate investment strategy focused on building and renting out freestanding, single-family homes. My strategy is not unique. I felt these properties presented the best opportunity to benefit from both stable rental streams as well as capital appreciation.