Five Biggest Lessons I Learned When Flipping My First Airbnb
I just finished flipping my Airbnb in SEVEN days. Reno on an Airbnb (like mine, linked here!) can be a challenging time mentally, physically, emotionally, and financially. I developed a list of the five biggest lessons I learned through the process.
1. Expect to pay more than you budget for. This includes painting, repairs, and decorations. We had to hire a plumber unexpectedly for some very minor issues, but this still ended up costing us about $800 to fix everything.
2. Prepare to run it like a business. Look at all of the things guests want to see, not what you would want to see in your personal home. Study the local listings and see what’s important to people (in my area, it’s being kid-friendly!). Remember, you’ll need to have an area in your home dedicated to the housekeepers and to storage.
3. There is no such thing as relaxing at your own vacation rental. If you are there – you’ll be working on things, making improvements, or redecorating. We had several days allotted to just relaxing and spending time together as a family enjoying the new space, but that NEVER happened. We were working non-stop around the clock.
4. Really get to know your local community and join local community-based Facebook groups. I’ve been posting updates about our Airbnb in a few local groups, and I’ve built a great relationship with our neighbors. Getting everyone on your side and excited is really beneficial! Word of mouth from locals can be your biggest and best marketing tool.
5. From the buying to the flipping, prepare for everything to take longer than you expect it to. From the closing to painting to the install of new floors, everything took months longer than I’d originally planned. DO NOT open your Airbnb listing until everything is 100% done!
And my biggest tip: Stand apart from the rest. Look at what everyone else in your area is offering and look at what you can offer in addition to what their listings offer. What makes YOUR home different? Why would someone book you over another location? You want your listing to stick out and be memorable, so fill whatever gap is missing in the market. Check out my listing here!
The special play area I made for my family-friendly market
Our amazing view!
I know what you’re probably thinking: “Maggie, why on earth would I want to flip an Airbnb after reading this blog??” If you stick with it, I promise it’s a rewarding experience! Knowing my family has extra income and a free place to stay in a location we love is also a huge added bonus.
And the best news? I’m going to be releasing an Airbnb flipping course! I’ll walk you through the process so you aren’t starting off confused. Keep following my socials for future details and launch dates.
Don’t forget to give me a follow on Instagram and TikTok to see more behind-the-scenes footage of my Airbnb flip!
