Ep.34 - Airbnb: Worth It Or Not?

IMPACT Agent Podcast

Agent 251 has been investigating the beach and vacation home ownership investment and rental market all summer. In this episode, we will be discussing one of the hottest topics in the real estate business, Airbnb. Jason interrogates (nicely, and politely) a Ms. Liz Geigh (Superhost of Beachhouse on the Lake in Cullman, Alabama) to uncover all the pros and cons of Airbnb and see if all the buzz is legit or not. Is this online rental service helping vacation rental investment owners just covering expenses, or really creating a revenue stream? What are the real pros and cons of the service? What is an Airbnb Superhost? Ms. Liz shares her Superhost insights into how much involvement, cost, and time it takes to make Airbnb successful for your property. So, Sit back, relax, grab a fruity vacation cocktail and get ready to find out. We hope you get as much out of this show as we did.

Key Takeaways:

1. Airbnb is worth looking to offset costs for beach and vacation property owners but you need to look at the additional costs, maintenance, and personal time needed to make Airbnb profitable.

2. Attention to detail and the amount of personal time spent creating a 5-star rental experience is not easy, but achieving Superhost and business status can have big returns.

3. That underutilized beach condo or lakehouse property that you own could be perfect for Airbnb and VRBO. Do your homework, run the numbers and talk to an Airbnb host near your property to see if it makes sense for you.

To See or Rent Ms. Liz's Airbnb Properties:

Beachhouse On The Lake - Smith Lake ~ Cullman, Alabama

El Matador - Fort Walton Beach, Florida

Quotable Quotes:

> I am only using Airbnb because it has been an overall and amazing experience. - Ms. Liz

> If there's anything negative I have to say (about Airbnb), I have had some guests reveal to me what their final cost was and I think it's a little high. - Ms. Liz

> I would highly recommend for anybody that does have property, especially vacation property; always send them a general information and house rules document. - Ms. Liz

> The folks that bought a condo in 2010 that have a very low-interest rate and got a good deal on the condos, those folks are in that break even or slightly cash flowing a little bit. But the opportunity to do so in terms of Gulf front condo units has gotten very, very scarce. So it's good to know the distinction between those and some lakefront properties. - Jason Will

> Beach condos are not really an investment. It is a luxury. - Ms. Liz

> I'm an Airbnb Superhost because my people are giving me five stars on things like cleanliness. And it's because I don't cut corners because I expect a lot. - Ms. Liz

> If I go to rent a place, the first thing that's gonna turn me off is if I see dirt. - Ms. Liz

> I try to make it down there when the cleaning crew is there so that I can inspect and see if there's any damage. - Ms. Liz

> My advice is if your vacation property is renting, don't worry about pricing. If it's not renting, then lower the rate a little a bit. - Ms. Liz

> I'm getting some of these conferences from Birmingham because they're doing some sort of search for a place that's appropriate for business people. Ms. Liz (on being an Airbnb business status host).

> I would recommend Airbnb. And as I stated earlier, the only negative is really, I think, they may be possibly charging too much. - Ms. Liz

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We would like to know what you think about the Agent 251 podcast, especially this episode. Do you agree with Jason? Did any of these ideas help you? Do you disagree with any? Let us know by contacting Jason at [e-mail].

Thanks for listening.

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Agent 251 is recorded and produced at Deep Fried Studios. Producer: Johnny Gwin