Is loftium right for me?
Updated: Dec 22, 2019
This is an important question to ask yourself before you commit to a lease. Lemme tell you why. Hosting starts as an exciting new adventure, and morphs over time to a larger, more demanding set of responsibilities.
Id say I'm fairly active in the r/airbnb subreddit. Its an online community of guests and hosts. You can ask questions, answer questions and share stories. I highly recommend checking that out, too. The reason I'm writing this post is because I see a lot of people making huge mistakes. They complain left and right about how stressful it is and how the guests are difficult yadda yadda yadda. Hosting isn't easy, and you need to research a ton and see if its actually a good idea for you to pursue.
I've looked around a lot online and feel like not enough is said to help potential renters decide. I'm here to put this question under the microscope. That's what this post is all about.
I've read so many horror stories on r/airbnb. Some hosts pop on there just to vent and complain about guests. The striking thing about it is that you signed up for this, and you should have know what you're getting yourself into. Maybe its just not right for you.
In order to thrive in this environment, you have to be durable human being. You need to be resourceful, brave, and patient. These in my opinion are the fundamentals, everything else can be built off this. Not only will you have to manage the airbnb unit, you still have to keep your regular life caught up and running smoothly.
I think if you're well organized, work hard, and have the ability to make sure things get done, Loftium can work well for you. It helps to be in a sturdy relationship. You will feel the pressure in your relationship at one point or the other. If you go into the lease with other people, you need to have a real conversation about your own individual expectations for your home and what you expect as a couple or as friends/roommates. There will inevitably be an issue regarding fairness and sharing responsibilities in your home. Its best to talk in depth about that, before you sign. Use this site as a resource, share among your family or friend group. This is by far the most in depth analysis I've come across online, use it to your advantage. In our home we agree that keeping our standards high is most important, even if it means someone has to do more this week, and someone has to do more the next week. It evens out at the end of the day and we're as equal as we can be.
If you're a private person, this obviously isn't for you. Spare yourself the misery of a 12 month contractual obligation. It's just fine to be private, just know yourself and don't get intoxicated by the idea of a passive income stream running into your life, and blindly sign up for this. You have to be on call and have your guest's experience in mind. You have to be robust and take criticism in stride. Introverts are wonderful people, but you might struggle if that's your personality.
You're gonna have to be adaptable to the booking schedule. If you work irregular hours, reconsider. You're also gonna have to endure some extra anxiety, and deal with discomfort from time to time. These feelings come in all forms. Anything that could go wrong, you will think is actually going wrong. You'll find yourself worrying about guests getting locked out, or making noise, or smoking inside, or going places they're not allowed. Trust me, you will think of everything to worry about. If you work from home, or have have a small business, or spouse that handles the bills, you're golden. Go for it. That in my opinion the ideal situation for hosting.
You're going to also make some sacrifice in your personal life. Not in all cases, but some for sure. In our case, our clothes washer is located in the basement, the only way you can get to it is through the airbnb unit. When we have guests, we have to wait for the time between check ins and outs do catch up on our laundry, and the the unit's laundry. Its a pain, but if you're smart and plan well, you'll be able to handle it just fine. Its all about making the most of the little window of time you have. I've said it before and I hope it happens eventually, but I wish Loftium would let us make custom check in and out times that work for us. Its a win-win. We get the time we need to keep the unit clean and well kept, and reduce the burden of getting our personal chores done. We do a good enough job with our cleaning, but I know for sure it could be better if we weren't held down by Loftium's check in and out times. I can't say what your specific challenges would be, but I imagine everyone renting with Loftium would benefit by custom check in and out times, one way or the other. Also, in my line of work, I'm never off at the same time every day. Some days I work over 10 hour days. If I had custom check in and out times, I could plan a buffer for time to clean thoroughly, and give our hard working guests the best service their money can buy. I believe in running this like its my own business, and I don't think its right to ever provide sub-par service for any reason, especially one that could so easily be solved.
Thanks for reading, Ill post again to update you on the license thing were still dealing with, and ill let you know how the family friend works out.
Also, September is so far our busiest month. So all that stuff I said about slowing down, isn't whats going on. We're still killin it here in Denver.