Rather than sell their condo, some people prefer to rent it out to make additional income. While others specifically buy the condo to generate revenue. It is better than sitting empty, and the money they pay you can help you cover your condo fees, mortgage, and other expenses. Putting your condo on Airbnb can be a great idea to generate such income.

condo on airbnb

Many consumers are interested in more than just a hotel room in Winnipeg. They want a condo where they have more space and privacy. They may want to rent the place for a few days, weeks, or months. This short-term opportunity can be mutually beneficial. To avoid problems and headaches, you must understand the basics of Airbnb and how to list your condo availability.

First, you must look at the bylaws for your condo building. Does it allow you to rent out the unit for such purposes? There can be restrictions about this you are legally bound to adhere to. There can be restrictions on how many days per year you can rent out your unit rather than using it yourself. Being aware of that information is the first place to start.

Updates to the Condominium Act in Winnipeg mean that the board can’t prevent you from renting out your unit or offering it as an Airbnb. Still, some try to deter it with high levy fees or other hoops you must jump through to make it happen. Know your rights and what you can do to put your condo out there as an Airbnb correctly. The issue is still up for debate, and some condo locations still have this no rental clause in their bylaws. The courts are taking a closer look at it, but that all takes time to work through. A real estate agent may be able to help you with this.

Legally, they can ask for a levy deposit of up to $1,500 if you offer your condo as an Airbnb or other type of rental. This money covers any expenses incurred if the people in your unit break the bylaws or rules. If there are expenses above the reserve fund, your portion of what is owed may come out of that deposit amount. Should you decide to return to your unit and live there, any remaining deposit amount has to be returned to you.

Who Is Staying In The Building?

One of the most significant issues with your condo being an Airbnb is it can make other residents in the building uncomfortable. They don’t know who is staying there. They don’t know if someone is taking care of the place or trying to destroy it. They don’t like strangers being in the units around them. They prefer an environment where they get to know their neighbours; it gives them a sense of security.

While people can get a rating with their Airbnb stays for you to review, not everyone has such ratings. Some will be in Winnipeg for the first time, and they are looking for a condo where they can stay. It isn’t fair to not work with them because they don’t have any ratings yet. They may be the best tenants, but there is no way to know.

The details of the Airbnb need to be fully disclosed and agreed upon. How much will they pay per night? How many nights will they stay there? Are they aware of the rules and bylaws of the building, and do they agree to abide by them? How do they contact you if they have any issues in the unit or with the building? Tenants can rate you, too, and if their experience staying in your condo isn’t a good one, a low rating can prevent others from renting the place from you.

Your neighbours want to avoid dealing with noise late at night because someone renting the condo is hosting a party! You may be upset to learn you thought two people were staying there, and they had at least 10 for the night! If they damage the inside of your condo, you may spend lots of money getting it repaired. It is essential to be selective with whom you rent your condo to on Airbnb. It isn’t worth the money if they disrupt anyone in the building or destroy the place.

If you offer your condo as an Airbnb, be diligent and respectful. You want to avoid issues with others in your building or the board. However, you don’t want to let this great way to make some extra money slip through your fingers if the condo is sitting empty for periods of time, either! There has to be a balance!

Conduct Your Research

Take your time listing your condo on Airbnb. Make sure everything functions as it should. Take care of any concerns, including a leaky faucet or a toilet that doesn’t flush properly. You want people staying there to enjoy the place and leave a good review. Get your condo ready for people to stay there. Remove extra furniture and any clutter to make it relaxing and inviting.

Is there a demand for an Airbnb in your location in Winnipeg? If you are close to popular activities, shopping, and places to eat, your place will have more demand. This can influence the bookings you get and how much you can charge per night. Find out what the going rate is for similar-sized condos in that same area. You want to be competitive; if your price is too high, it can sit empty because consumers found a better deal. If your price is too low, they may bypass it because they worry something is wrong with it.

Airbnb allows you to list your condo for free. However, they keep a percentage of each rental agreement completed. This fee is 3% of the reservation amount. If your goal is generating enough income to cover your mortgage and condo fees, factor that 3% into the listing price.

Verify it is legal for you to have your condo as an Airbnb. If so, what requirements do you have to meet? There can be additional paperwork you must complete. You may need to pay a deposit when you finish that paperwork. The deposit amount can vary, but it can’t exceed $1,500.

Create Your Listing

Take amazing photos to share your condo on Airbnb. There should be photos of each room. Potential renters want to be satisfied when they arrive. Give them as much detail as possible with the description and the images. Share information on the location of the building, what there is to do around that area, any public transportation, and more.

You want them to be eager to stay in your condo because of how it looks and where it is located. You want them to be thrilled with the price and complete the booking! If you can afford to do so, consider hiring a professional to take the pictures. It will make a difference in how your listing looks to potential renters.

Be honest about what is offered. If the place is small, use words like cozy space perfect for one or two people. If it has a lovely view, enhance the listing with that information. Share details about the building, too. For example, if they have a parking spot in the garage and access to the pool, that can encourage them to rent your condo. If the place has stairs and an elevator, share such information. It can influence their decision.

Pay attention to questions you get about your listing, too, especially in the beginning. It can be helpful to update your listing and include the answers to those questions so they don’t get asked repeatedly. Be responsive, and reply to requests as soon as you can. Otherwise, they may book another place because they didn’t hear from you timely.

Easy Check-In Process

The check-in process for someone staying in your condo through Airbnb has to be easy and efficient. A lockbox on the door is the most common way to let them in, but what happens if they can’t open it? You must be accessible to help them with anything they need. Another option is talking to a reliable neighbour. Would they be willing to take on any issues that could arise for someone checking into your unit? Can you pay them to be available?

Renters should always have a way to reach you with questions or any emergencies. If they have a situation, they would like it resolved immediately. Otherwise, it can ruin their stay, and they will request a refund.

What about cleaning? If they plan to stay for several days, do you have a house cleaning service or someone living in the building who can come in and tidy up for them? What will be done to keep it clean between guests staying in the condo? If you don’t reside in the area, you will have to outsource this to a trusted individual or company.

The cleaning provider has to check for any damages to the property, too, before the next people stay there. It is a good idea for them to look for any personal items someone staying in the condo may have left behind. Replacing items and restocking for future guests is an integral part of the upkeep when you put your condo on Airbnb.

Deliver On The Perks

Do your part with the details and perks to make the stay exceptional! Great pillows and soft towels can make a difference to someone staying in your condo. The kitchen should have gadgets such as bottle openers for them to use. While travelers should have their own toiletries, ensure you have plenty of toilet paper. Some extras, including lotion and soap, will be appreciated if they forget anything.

Smart TVs and good Wi-Fi are essential for people to enjoy their stay in your condo as an Airbnb. If you don’t have those items, it is an excellent investment to get them. Otherwise, those who stay may be disappointed and not leave a good review. You can add more perks and upgrades as you make money with your condo rental.

Insurance

While the condo corporation has insurance on the building, and you should have insurance on your personal property, additional coverage is a good idea. Many insurance companies mandate you have specific coverage if you use your condo as an Airbnb. When you list with Airbnb, they have some liability insurance, but it is complex. Many owners complain about the challenges they face when they file a claim, too.

Short-term rental insurance isn’t expensive, and it offers you additional protection for your condo when you use it as an Airbnb. While your contract with the renters should include they are liable for any damages, it can be challenging to get the money from them or prove they created the damage. Carefully screening potential renters and asking for a security deposit may be a good option, too, rather than relying on insurance to cover any problems.