Turning Your Cottage Into an AirBnB

INVESTING

Turning Your Cottage Into an AirBnB

How to turn your summer cottage into a year-round cash cow

Posted on October 29th, 2018

Jordan McGregor

Sales Representative

Ontario is home to some of the most stunning cottage properties in North America. Spending our summers drinking cold beers and enjoying the waterfront has become a rooted part of our culture – but many cottage owners have been missing out on a massive opportunity that could turn their weekend getaway into an incoming generating cash cow from Monday to Friday.

Air BnB

When planning their vacations, many Canadians have been opting in to staying at Air BnBs instead of hotels or resorts. We are seeing cheaper rates, beautiful properties, and a more personalized experience when choosing our accommodations.

These short term rental properties are renovated and maintained to provide Air BnB guests with the best possible experience with the goal of earning high reviews, and in turn, booking more guests in the future.

How Short Term Rentals Work

Guests can rent out a fully furnished home for months, or just a bedroom for a single night. The rating and success of the listing is entirely dependent on the experience it provides its’ guests, so it’s always in the host’s best interest to give their guests the best possible experience to keep lots of bookings.

How Much Money Can I Expect to Make?

According to AirBnB, a listing that houses 3 guests can pull in $1,854 monthly in the Kingston area. This number is based on a 50% monthly vacancy rate, meaning that the listing only has guests booked in for half of the month.

Unlike a longterm rental, however, managing a bed and breakfast is a more hands-on experience. You will need to check every guest in and out of the property, handle feedback and requests, and keep the property entirely well-kept and replenished at all times, otherwise you will suffer from some very critical reviews as all guests are encouraged to leave their feedback upon checkout.

Making Your Life Easier

Outsourcing the daily tasks to a property manager may be the most feasible option, relieving you of the more mundane tasks in favour of smooth automation. You can generally find a property manager who will take anywhere between 10-18% of the room’s revenue and who will take care of every guest. It is important to find someone who will be held accountable to keep your guests

To summarize, AirBnB can be a lucrative and exciting business, and the more time and effort you put into it, the more you can expect to receive. Always make sure to do your research, partner with the right people, and put your guests’ experience first!

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