Welcome Aspiring Hosts!
My name is Kostadena, Florida realtor, property manager and travel aficionado! My love for travel is what started this entire venture for me so let me help YOU get started on your own adventure through Short Term Rentals (STR’s). Before I get started – it is VERY important to note some key rules around operating a STR. You can’t just purchase or rent any home and make it a Short Term Rental. As more people become interested in hosting, cities are taking notice and putting restrictions on them. Firstly, they can be a disruption in neighborhoods especially when loud and unruly guests can be an issue. Secondly, they drive long term rent prices up exponentially, since home owners can make more money with vacationers leaving a very limited supply for those looking to move to the area. Lastly, every city has zoning restrictions preventing STR’s from existing and should someone disregard these rules, the city can – and will – slap them with some hefty fines (I’ve seen some as much as $20,000 a day!!!!). In addition, people manage homes illegally as most states REQUIRE a licensed realtor for property management. So, these are important rules to follow or you could face a potential lawsuit. To find out more information about your particular city – check the city website regarding STR’s or simply go pay a visit to your city building and talk to somebody in zoning.
But for all purposes of this article – let’s assume your city has no restrictions, and you’re able to perform this operation anywhere you please.
1. You're a homeowner with an extra vacation property or rental
This is obviously the easiest way to get started. If you have an additional property that you use for vacation – you would just need to get advice from a local realtor and property manager who specializes in vacation like rentals and they can give you the details of the current market and laws. It is possible to manage this remotely from your home however commissions or money you give to someone to “cohost” is considered illegal and that person does need to be licensed. Hire a professional you trust, sit back and earn some income.
If you want to try managing it yourself, def give it a try!
2. You're a renter and want to try Airbnb arbitrage
This is a real option for folks who don’t have a home but it’s not an easy one! First, you have to convince the landlord that you know what you’re doing and their home is perfectly safe in your hands. There are ways to get around those obstacles and likely you’ll get more No’s than yes’s however id recommend this route for those that really want to get involved. You don’t need to be licensed to do this as you will be the legal renter and you will basically be “subletting” the apartment out to Airbnb guests. If you are currently renting a large home, you could try renting out a spare bedroom on Airbnb. It’s not a bad idea especially if your home is quiet, maybe it’s just you and your spouse, or you have a basement that’s being used as a bedroom etc etc. A lot of people rent out their private bedrooms on Airbnb and it could help you get started with some experience. Look up private rooms in your area on the platform and you’ll see what I mean. Many travelers like to travel this way to help support a family and not support big investors and or property managers like myself. There is a market for private rooms!
Obviously, the more private the better. But any new host should anticipate on being friendly and having good customer service.
3. You're a real estate agent and want to get into management
This was my technique for getting into the game and it wasn’t easy, however it is pretty rewarding! Just because your a real estate agent doesn’t mean you can just go ahead and get started managing. As you know, all commissions go through your broker and you get a percentage of that. If you’ve been wanting to further your career in real estate, maybe you’re already doing long term property management – learning how to do short term management will be great for your pocket and resume!
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