We know that real estate is a long-term investment… and now it’s a short-term one, too. Renting your Minneapolis-St. Paul metro area home on Airbnb is a way to make quick cash to supplement your income while taking a Minnesota road trip. Here are four quick tips to note:
1. Check local laws
First things first: Make sure listing your place on Airbnb complies with local laws. Start with this helpful Airbnb article about short-term rentals in Minneapolis.
2. Do your insurance research
Airbnb has its own Host Protection Insurance program. Exploring the Airbnb-specific option is important, because a “homeowner’s or renter’s policy could rightfully deny any claim involving a guest,” according to learnairbnb.com. That’s because the law considers you renting your home out on Airbnb a business transaction that needs to be covered by business insurance—just like any hotel would be expected to. Get the whole scoop.
3. Limits: Know yours, your neighbors’ and your landlord’s
“The customer is always right” doesn’t have to apply to your Twin Cities apartment, condo or house. If you don’t want guests smoking in your living room, say so!
More importantly, connect with your neighbors and get a feel for their needs. The last thing you want is for someone to complain to your landlord while you have guests in your unit. Plenty of Airbnbs ask that guests aren’t out on the patio past 10PM, or that they keep music at a reasonable level.
But most importantly of all, check with your landlord to make sure they’re OK with you renting out your unit short-term. Your place is nice enough for people to want to stay there, which means you probably don’t want to jeopardize your lease.
4. Make it personal
People who use Airbnb tend to want to feel like a local in your city… so safeguard your rating by helping your guests have the most authentic experience possible. Put together a welcome packet with a personal touch: Recommend your favorite shops, must-try restaurants and unmissable photo opps. Even better, leave a local treat. Maybe that’s an artisanal salsa or handmade chocolate from down the street, or even a gift card to a local business.