This week, roughly one million people will descend upon the Bay Area. Locals will be tested by record setting wait times at their favorite restaurants and bars. And, many residents are looking for a way out. But a vacation comes with a cost. And many residents are generating the extra income needed for a Super Bowl getaway by using Airbnb.
By following the Airbnb guidelines for responsible hosting you too can run a bed and breakfast out of your apartment or house – and make some extra cash to cover your vacay.
This guide will show you how to be a successful host and score a bit of extra income throughout Super Bowl week.
Why Rent Your Apartment?
Imagine your town overrun by millions of diehard NFL fans. What does this mean to you? Well, it means that the line at your local Whole Foods will be never-ending, the streets will be packed and the wait time for a beer at your favorite pub will be longer than the Chiefs-Dolphins double-overtime game in 1971.
So if you don’t want to take part in the festivities, you might want to consider renting your place.
By The Numbers
For the past 49 Super Bowls, hosting cities have seen an exponential rise in hotel prices. According to ABC News, the hotel rates in New England absolutely skyrocketed 550% last year. The NFL predicts this Super Bowl might be biggest yet, so hotels in the surrounding area are obviously marking up prices accordingly.
The week after the Super Bowl, hotels in the Bay Area could run as high as $1,359 for a 5-star hotel, according to Hotels.com. But with the help of Super Bowl 50, hotel prices are are expected to break records the first weekend in February.
San Francisco hotels are priced at levels that in the past seemed unthinkable. For instance, in Santa Clara, where the game is being held, rooms are going for $1,500 per night, and suites are listed $10,000 per night with a four-night minimum commitment.
With high demand and a limited number of rooms available in the Bay Area, locals have turned to Airbnb to compete with the likes of Hilton, Marriott and other large hotel chains. Someone even listed a backyard shed for $200 a night.
How To Use Airbnb
Marketing your space properly ensures you end up with the right guests and get paid accordingly. Give yourself plenty of time to read the fine print. But be clear and honest in order to speed up the process. Let the people know whether they’ll be staying in a castle or an unfurnished backyard
Try these tips for a good experience:
- Leave proper furnishing, bowls, drinking glasses, and silverware or make sure to be explicit about what guests will need beforehand.
- Successfully list and market your place: Describe the rooms and explain whether you’re renting out a single room, private or shared rooms, or the whole house.
- Make sure to take quality photos of all aspects of the house. The last thing you want is to surprise guests when they enter.
- Feature the various ways one can make use of public transportation. Especially if you know the event the guests are attending i.e. Super Bowl 50.
- Give clear and concise directions to the apartment or house.
- Give your lodgers the rules flat out. It’s in the best interest of both parties to know what’s in store.
Let your neighbors know the plan; they can help you avoid disaster
Luckily, Airbnb will give some insurance against damages caused by guests — surprisingly up to one million dollars worth of damage. While you probably aren’t renting out to members of the Raider Nation you can never be too careful. Read the terms of the Host Guarantee Program and give yourself some peace of mind. Before you rent make sure you understand the risks. And don’t forget to always expect the unexpected from guests.
What Not To Do
- There are some things that you should not do when renting out your space:
- Don’t leave rare items, cash, pets, or other valuables in the home while renting out.
- Leaving the home un-stocked with toilet paper is a huge problem.
- Don’t forget to leave check-in instructions, as well as wifi password, house rules, and helpful information in an accessible area.
- Towels for both bathing and cleaning up dishes or spills, is mandatory. Don’t leave your guests high and dry.
Leave first aid equipment in case of an emergency.
When renting out your abode (not us, we’re ABODO), make sure you’ve received permission from your landlord or property management if you don’t own the space. Some rental agreements may prevent you from short-term subletting a room or apartment. It’s true, some people do illegally rent out their apartment using Airbnb, but it is in your best interest to obey the law. After all, there’s an online paper trail if someone does get into trouble with the law. And certain state and city codes may apply.
As Airbnb continues to have great success, some city ordinances do apply and shouldn’t be taken lightly. Permits or licensing may be required, or a hefty fine could ensue.
How Much Should You Charge?
The way Airbnb makes money is through a hosting fee. Luckily, you can list with them for free, and guests will pay a fee for the service after booking.
Your next step is to start marketing your place. You’ve got hot real estate for Super Bowl 50, but you want to consider the cost of hotels in the neighborhood and avoid overcharging.
A host can charge whatever they want, but keep in mind that Super Bowl 50 tickets are on pace to be the most expensive of all-time. We advise that you look over the competitor pricing for that weekend with the AirDNA tool.
Guarantee Program and give yourself some peace of mind. Before you rent make sure you understand the risks. And don’t forget to always expect the unexpected from guests.
Regardless of what kind of place you’ve got, there is a way to escape the overwhelm of the Super Bowl. Once you’ve received confirmation that you have guests coming, then it’s time to tidy up. Make your place as homey as possible and the good reviews will come in. There could be more vacations like this coming your way in the future.
So get your rental listed now, reap the rewards on Super Bowl weekend and escape the madness while you still can!
*Photo courtesy of sfgate.com