Charlotte Airbnb Dream Boutique
The creators of Airbnb realized there is a rental niche that many travelers would prefer, given the choice between a hotel ‘room’ and vacationing in a ‘home’ that is more appealing to most. Just as they realized that niche need in 2008, ten years later with Charlotte being a city in top demand for Airbnb lodging, it’s time someone focused on the Airbnb set-up niche in residential real estate. And, here we are!
What is an Airbnb?
Airbnb is an online marketplace which lets people rent out their properties or spare rooms to guests.Airbnb takes 3% commission of every booking from hosts, and between 6% and 12% from guests. … There are photos of the property, and the hosts/guests, with full map listing.
Since the company launched in 2009, it’s grown from helping 21,000 guests a year find a place to stay to helping six million a year go on holiday, and currently lists a staggering 800,000 properties in 34,000 cities across 90 different countries.
Guests enjoy “living like a local” and getting restaurant recommendations from people really in-the-know. As well, many hosts simply enjoy meeting new people and, of course, showing off their bed & breakfast home.
Starting Airbnb Dream Boutique
Different municipalities have different requirements and knowing these requirements, inside and out, is imperative if you’re going to be an Airbnb owner/operator.
Analyzing potential real estate investments for Airbnb property requires 6 detailed steps:
- Choose a location
- Hone in on an individual property
- Calculate the regulations
- Account for all costs – remember, this is an INVESTMENT
- Factor in house price appreciation
- Calculate the exact expected return on your investment
The best way to locate a home to use as an Airbnb, is finding a community that has no regulatory HOA. Some HOA-controlled subdivisions and condo complexes, although they may currently approve use of homes/condos as an Airbnb, still stand the chance of the HOA changing their minds, disallowing use of personal residences as Airbnbs in the future.
Owning an Airbnb or several of them, can be a full-time job. In the case of one of my clients, she makes it not only a job but, she takes great pleasure in welcoming her guests to the area. Being an incredibly lovely host to each and every guest that she hosts is imperative to her.
Several new townhome and condo projects currently underway are being built specifically with the residual income of Airbnb listings in mind. One such project has written the covenants, permitting Airbnb listings and features that make it conducive to use as Airbnb properties. Pricing for these new projects are in the mid-$300,000s to $500,000s.
The Municipal Regulations
North Carolina offers some protection for Airbnb owners/operators. The state legislature struck a deal with the company to remit taxes; the city took a similar approach with Uber. Charlotte is one of the ‘friendliest’ cities for Airbnbs and obtaining a license is also very wallet-friendly too ($50/year).
Do the numbers make sense? Here are several examples of the research required and tools we to approximate ROI for our clients:
Here are some of the areas I would recommend using to get the marketing ball rolling for your Airbnb:
- Create a WordPress website with the guidance of an SEO specialist. FILL that site with great information and LOTS of photos with calls to action on each and every page.
- Put together a press release, covering not only the success of these Airbnb operators but, how YOU can assist them in each of the 6 steps to starting an Airbnb.
- Using professional photography and videography, join & market blast on the following sites
- Spend time on these sites garnering followers, likes, etc.
- Create a monthly newsletter to share with everyone as you purchase more Airbnb properties!
More Nuts & Bolts
- While doing all of the work above, we, as your real estate professionals, establish a strong list of vendors by interviewing those for whom they have worked in the past and reviewing their work. This way when your Airbnb needs repairs or updates, we have a full staff, prepared to get the work done as soon as possible. Remember: Time is money so, expedient renovations is imperative to keeping your investment a successful, money-making endeavor. That list of contractors will include:
- General contractor
- HVAC technician
- Pest control
- Flooring company
- Concrete company
- Granite warehouse & fabricator
- Cabinet company
- Lighting company
- Measuring company (for floorplan to share online)
- Maintain a solid knowledge base with regards to not only municipal regulations but, local complexes and their short-term rental policies.
Reach out if you have any questions at all about your Airbnb property or locating one for an upcoming investment. (704) 491-3310 or CharlotteBroker@icloud.com.
© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | Charlotte Airbnb Dream Boutique