What Kind of Host Do You Want to Be? - There are three main types of hosts out there–those that want to make a few extra bucks with their available space, those who want a stable secondary source of income, and those who want to build a serious home sharing business that will eventually become their main source of income. The more income potential you desire, the more planning, capital, work, and risk you’re going to be taking on.  

Have Realistic Expectations - You don’t just list your unit and then money starts to come in.  It takes time to chat with potential guests who ask questions before they’re willing to book.  It takes time and effort to earn great reviews.  It takes time to check guests in and check guests out. Set the right expectations about time commitment by evaluating how much time it’ll likely take for you to host.

Know Pricing - Even though home sharing has grown by leaps and bounds, there are still markets that just don’t and won’t have enough demand to support hosting.  Wouldn’t you want to know if you’re in one of these markets? Get a market report from a data provider.  LearnAirbnb recommends AirDNA.

Insurance Coverage - Especially if you’re renting out your own home, your home insurance plan is almost guaranteed not to cover any damage that results from short term renting.  Yes, Airbnb’s $1M guarantee gives great comfort but if you have some special items or risk factors not covered by their policy, you likely need additional insurance.  

Remember You Have Neighbors - An angry neighbor could kill your hosting dreams. Noise complaints are the biggest indicator for unhappy neighbors.  Check out a nifty product that can help you prevent and manage noise issues with guests.

Get Your Landlord’s Okay - Many apartments are not open to short term subleasing.

Know Who the Competition - You’re not the only game in town and you have competition.  The more you know about them and the better you understand what makes them appealing or not appealing to potential guests.

Get all the Essentials for Your Listing - Certain amenities are essential to delivering a great experience. Every unit must have furniture so what should you consider when purchasing furniture?   Choice of furniture can be distilled into two things: function and form.  You must consider what pieces are important to your guests?  What need is it fulfilling?

Eight Things to Consider Before You Home Share

Room Sharing

Source LearnAirBnB.com
Source Airbnb.com
Source vrbo.com