By The Hospitable Team
Are you looking for ways to earn extra cash in your spare time? Consider a real estate side hustle. Renting out your unoccupied property is a great way to get some passive income and build your wealth without trading a lot of your time for money.
Want to learn more? Keep reading.
What Is Passive Rental Income?
Passive income is money you earn from a source that doesn’t take a lot of effort from you to earn. Rental properties are one of the most popular ways to generate passive income, although, frankly speaking, it’s not completely passive.
The truth is that the real estate passive income investment requires effort from the start, and you should treat it as a business. But once you get a rental up and running, it can provide a monthly income flow without you having to participate in any kind of daily work if you organize everything right.
How to Get Passive Income Real Estate
The easiest way to generate real estate passive income is to list your rental property on popular websites like Airbnb, Vrbo, or Booking.com to eliminate problems with legal documents, payments, and more. All you need to get listed is a great description and clear photos.
Before you do so, make sure that your property is designed for it. Otherwise, you may drain your income on unnecessary operational expenses. Our guide will answer all your questions.
At first, it may seem that you can easily build your wealth without trading a lot of your time for money. But in fact, making sure that everything goes smoothly requires careful management, especially if you need to manage listings on multiple platforms.
You should plan to take an active role and treat it like a business that requires a certain level of involvement, especially if you want to maximize your profit. That means you need to be directly involved at all times:
- To communicate with your guests and reply to their messages on time
- To figure out and set flexible and smart pricing
- To maintain your house or apartment and get it cleaned on time
- To make sure you get regular bookings.
Sooner or later, you may realize that your passive income real estate investment starts to look like a real part-time job. Don’t like the idea of doing all that work yourself and don’t want to hire a property management company? Use vacation rental software like Hospitable for the best results.
Automate your short-term rental business!
Rental Property Passive Income: Why Choose Hospitable as Your Channel Manager?
We offer a comprehensive solution for property owners. Hospitable can help you
- automate personalized communication with your guests
- notify your team about new tasks
- synchronize your calendars and pricing across multiple platforms, including Airbnb, Vrbo, and Booking.com.
Here is an overview of Hospitable’s most important features that are designed to make your life easier.
Connect Multiple Accounts in One Place
Hospitable’s channel management software provides a centralized, synchronized dashboard that will allow you to manage all listings across multiple platforms in one place. You don’t have to log in to different booking portals to see all of your reservation.
You’ll also get instant protection from double-booking because we’ll sync your calendars across different platforms, and the updates will be made in real-time.
Automate Guest Experience Messaging
We’ll fully automate your communication with guests across platforms. You can use our message templates tested with millions of guests and apply more than 50 short codes and different conditions to personalize them to match your style.
It’s your duty as a host to answer all your guests’ questions as quickly as possible. Our system can do it for you if you set up automatic answers for specific question categories. Our Artificial Intelligence scans guest messages, automatically detects questions on more than 20 common topics, and instantly creates a personalized response.
We can manage your reviews as well. Our system will remind your guests to leave a review and will publish yours automatically if you set up the host review automation process. You only need to add review templates and activate the message rules.
Integration with Top Pricing Tools
You can integrate your Hospitable account with PriceLabs and use their dynamic prices on all properties. That will allow you to optimize your income. Besides, you’ll save money because PriceLabs would only charge you for your Hospitable properties and not for individual listings on several platforms.
Organize and Automate Communication with Your Team
Renting out a STR property involves many regular tasks like cleaning your space, doing laundry, maintenance, replenishments, check-ins, check-out, etc. So you may want to hire a team to help you. Then, you’ll need to keep each member of your team informed and up to date with the tasks that are required of them, and that can be rather time-consuming.
Hospitable allows you to automate this process. The system will send auto-reminders to your team via email or text/SMS when a new job is coming up. You can also use Hospitable’s Operations engine to automatically schedule tasks, delegate jobs, and keep track of everything with log reports.
Upsell Late Check-outs and Extra Nights
We’ll help you upsell to make extra income with almost no effort. The system will automatically offer guests to stay longer if the night after a stay is available. You can also use this feature to automatically upsell late check-outs and early check-ins.
Thus, your quick to-do list to get started with real estate passive income:
- Make sure your property is optimized for short-term rentals.
- Create listings on Airbnb, Booking.com, and Vrbo.
3. Start using Hospitable
Start today with a 14-day free trial!
If you want to make the most of your real estate property, you should list it on multiple OTA websites. But you should treat it less as passive income investment and more like a side hustle, meaning it requires your active, regular effort.
Vacation rentals require constant scheduling, dealing with cancellations, paying for housekeeping services, and worrying about slow seasons. But that doesn’t mean you have to do everything yourself. You can outsource the tasks that you don’t have time for or just don’t want to do. And you can use Hospitable to automate routine tasks and manage all your listings in one place and save time and money in the process.
Today, Booking.com is one of the largest accommodation booking platforms, with more than 28 million listings in 226 countries and territories across the globe. Planning to become the part of this crowd? Our guide will get you started.
So, is being an Airbnb host really worth it? Do the pros outweigh the cons? Can you make good money rening on Airbnb?
I asked myself this question nearly six years ago as I considered the options for my rental property.
It’s not for everyone, however (as you’ll soon find out), but hopefully, this article will help you to decide if becoming an Airbnb host is worth it for you.
Planning to start a short-term rental business on Airbnb and are looking for an Airbnb startup checklist? In this post, you’ll find an Airbnb host checklist of essential things you will need to invest in for the greatest experience for your guests.