What you need to know about Airbnb-ing your property

Airbnb is an easy way to let your property make money for you. As with all forms of “easy” money, it’s never quite as straightforward as that.

Opening your home to others can be exciting, but it is imperative to go about it in an open-minded way and to pay attention to the regulations around such activities.

Ensure you’re legally allowed to be an Airbnb host. Familiarise yourself with local zoning regulations or consult your home owners’ association. Currently, SA cities don’t have Airbnb-specific by-laws.

Remember that income earned is taxed. The amount of tax payable will depend on how much you’ve earned. Ask your accountant or tax advisor about the most efficient way to declare Airbnb income and paying taxes.

Rules are there to protect everybody and ensure a more pleasant Airbnb experience for hosts and guests. Airbnb has guidelines for setting house rules, which are worth noting and incorporating into your own policies. House rules are especially important if you live in the home you are sharing.

It’s important to consider your neighbours. They didn’t choose to live next to a hotel or guest house and they need to be respected too.

Your rules should include guidelines around playing loud music, unregistered guests, pets and the like.

Offer guests an enriching experience. It’s about opening your home to others as a way to give them a glimpse into your life. As such, it’s important to be warm, friendly and open. Chat to your guests, encourage them to explore the surrounds and engage with it.

Everything should be neat and clean.

Great reviews is the currency of the sharing economy, which is why you need to ensure you get five-star reviews by guests. Bruce Swain is with Leapfrog Property Group.