Airbnb? Vrbo? Good? Bad?

[Tyler Bosiacki]

 Has anyone had any positive experiences using Airbnb/Vrbo /Evolve etc over traditional renting? What was the key to your success?? I'm trying to learn more in this new form of "short term vacation renting" so I can weigh my pro's and con's with what I'd like to do. Any help in advance would be appreciated! Thanks!

[James Carlson]

Hey @Tyler Bosiacki. I had great success with a few short-term rentals on Airbnb. The pros and cons of are pretty well known and pretty simple in my mind:

Pros
Short-term furnished rentals, in my experience and in the experience of people I consult with, are more profitable if -- and that is a big IF:

• You're in a great location where tourists want to stay; and
• Your property is actively managed
  • actively monitoring market prices and adjusting to ensure high occupancy
  • committing to a high user experience (i.e. fast responses, impeccable cleaning, etc

If done right, they can bring in 2-3x revenue.

Cons
It's a lot of work. There are ways to automate it getting a good cleaner and using digital locks that can be recoded, etc. But you still have to set that up, not to mention furnish the place and take pictures in a way that will stand out in an increasingly crowded field. (Gone are the days of just throwing up any old "garden level" dump and raking in the money.

If you decide to pursue Airbnb further, there are plenty of resources out there and you should read up a lot before diving in. (We haven't even touched on zoning issues and the growing number of city regulations around STRs.)