Investment Properties in Pierce County: How to make AirBNB work for you!
Investment properties are changing the way we look at purchasing a home. If you’re thinking about making your home pay for itself, there are options to look into. AirBNB has revolutionized the world of investment properties, but is it worth it?
When turning a home into a rental, or buying an investment property to rent out, a lot of people are toying around with the idea of listing their property on AirBNB. AirBNB can be a good alternative to a traditional yearly renter. The Pierce County rental market is hot, but if you choose this option, here are some things you should know!
LISTING YOUR NEW INVESTMENT PROPERTY
When you first put your property up on AirBNB, it’s schedule will be completely open. Slowly, people will start to sign up for a weekend here and there. I recommend having a few friends and family be your trial run. You don’t have to charge them, but this will get you familiar with the process of booking through AirBNB. This way you begin to have activity and reviews. Thinking about what you’d look for in a vacation rental is the key. Keep the price low and as dates get closer, drop the price even more so that you can get more people in there. As your unit starts to fill bookings, it will begin to rate higher in the AirBNB algorithm, bringing you additional business! As it becomes more desirable, you can start to charge more for it! I recommend continuing to drop the price on specific dates that aren’t getting filled. This advice is all contingent on your unit being clean, cute, and staged of course.
HACKING THE AIRBNB ALGORITHM FOR YOUR RENTAL
One thing that a lot of people don’t think about is how to beat the AirBNB algorithm. Most people think they should list their property high- that way you only need to rent it out a few days a month in order to make an income-- wrong! This is where thinking like a renter will come in handy. When I look for an AirBnB for myself, I’m always looking for the best charm for the lowest buck. The goal for your AirBNB is to have it full all the time, and with that there will be a period of growth while you’re gaining attraction. Be sure to check other listings on AirBNB in your area. Notice their prices, photos, and booking calendar to see how busy they are. Listing your property on AirBNB can be slow to start, but the long game is the goal here.
INVESTMENT PROPERTIES IN PIERCE COUNTY
Buying an investment property in Pierce County is an incredible move- and depending on the area, you can have a lot of success with AirBNB. We’ve found that there are a lot more reasons people are AirBNB’ing in this county than we thought. For example, in Tacoma, the University of Puget Sound is a huge draw. Lots of families come and visit their students during the school year and need short term places to stay. If you’re in Lakewood or University Place, Joint Base Lewis-McChord pulls quite a lot of visitors as well. Properties in these areas are going quick for this exact reason. Don’t worry, that’s why I’m here! Reach out today with any questions, or to start the journey of finding your perfect investment property.
