for rent sign in front of a house

How to Turn Your Home Into a Source of Income

A growing number of Americans are using their homes to earn a profit. They are renting out their properties on online platforms such as Airbnb, Facebook, Agoda, Tripping, HomeToGo, FlipKey, HomeAway, and many more.

How can you make a profit off of your home and how can you turn your abode into one of your best investments? One way is by keeping your rental property clean. You can do this by hiring a commercial cleaning services franchise business. However, getting your place ready for rentals requires a certain process and a lot of work.

How Do You Rent Out Your Home?

Step 1: Do your research

woman researchingFirst, find out if your property is in an area where there is a high demand for a rental space. If your home is not in an area where there is much traffic, then you know there is not much to expect. Your property’s earning potential has a lot to do with the demand for travel. Second, check out the rules and regulations for renting out a property in your area to avoid any future legal problems.

Finally, keep in mind that space renting websites will have a cut of your booking fee. Consider that in your operations and maintenance cost.

Step 2: Make it pretty

Design with your guests in mind. You can start from a clean slate and start redecorating from there. New furniture and decorative items would give you a competitive edge.

Step 3: Take photos

Take a social media-worthy photo of your space. Invest in getting it done by professionals. Photographers who have experience in real estate photography should be considered. Highlight the need to take photos of noteworthy areas in your home and showcase what you have to offer.

Step 4: Come up with a descriptive write-up for your home

Imagine what type of person you would like to rent your home. Write an attention-grabbing title for your listing and your description must be brief and relevant. Specific details should also be added such as a hot tub, a smart TV, Netflix, and free wi-fi. Note down aspects that may be a concern to your future guests such as lack of an elevator, parking area, or noisy neighborhood.

Step 5: Keep it clean

You can choose to hire a commercial cleaning service to make it easy for you to keep your space clean. Hire a company who has experience in checking for damage and theft, as well as refilling amenities and pantry staples.

Step 6: Make sure their check-in is simple and convenient

Provide contact information for emergencies and leave specific instructions on how they can rent your home in the easiest way.

Step 7: Secure your investments

Get insurance for your home that covers possible property damages and other problems.

It is incredibly exciting to turn your home into rental space, but never forget to minimize your risk by listing your home in big and trusted companies such as Airbnb, Agoda, and Vrbo, as they provide automatic liability insurance. With these tips in mind, you will be making a profit in no time.

Scroll to Top