You’re surfing the internet one day when all of a sudden that ever-so-curious phrase pops into your field of view, “passive income”. But what does it mean, why is it important, and how can you do it yourself?
Time is money and passive saves time
If you haven’t heard the news yet, passive income is one of the best ways (if not the best) to make money in the 21st century. Essentially, anyone who builds passive income is putting the work in upfront to save hundreds of hours down the line! Perhaps the best part is once your operation is running you barely have to touch it unless you want to pick up physical checks every month.
Passive income through VRBO
VRBO or Vacation Rental by Owner is an incredible way to begin your passive income journey. In fact, most people already have what they need to get started! The three key things to setting up include space to rent, an organized system, and the necessary people to get it done.
- Space to rent
Many are under the impression that you need a big, sexy, exclusive property to rent on VRBO but this could not be further from the truth. Many hosts have been successful renting out single rooms in their own home! So ask yourself, what kind of space do you have access to? Can you clear out that extra storage room? Maybe you can refinish your garage to add some square footage to the property? The opportunities are endless.
2. An organized system
There are a lot of things that go into your VRBO and they’re all equally important. There’s guest messaging, collecting payments, cleaning, scheduling, and more. If you’re a DIY type, spend some time building message templates and finding cleaners. If you would rather not, check out awayagents.com! You can find more details on building and optimizing your listing here. (link to optimization article)
Once you have your systems in place, how will you run your VRBO? You could do it all yourself, but it’s common for this type of work to take up several hours per week for just one listing! Why not hire some cleaners, or even a management agency that handles everything? It’s important to build your team with people who are detail oriented and timely to offer the best guest experience possible.