Ali Ata Shares a Simple Guide on How to Transition From Airbnb to Long-Term Rental
With most of the world under lockdown due to the COVID-19 pandemic, Ali Ata shares it’s highly unlikely for people to be going on vacations any time soon. This means that if you’re running an Airbnb, you can expect slow business in the coming months. What can you do? If you don’t want to let go of your business, you can consider transitioning to long-term rental. This is a great way to ensure a steady stream of income despite the drastically low tourism rates. Here’s a step-by-step guide to help you get started: Tip #1: Assess Nearby Long-Term Properties Set aside some time to assess the performance of long-term rental properties in the area. Doing so will help you assess the feasibility of your new venture. Tip #2: Recalculate Profits See how much you should charge to make a profit on leasing your Airbnb long-term. Make sure to subtract monthly dues such as maintenance and mortgage. Tip #3: Draft a New Lease Agreement Long-term rental c...