Becoming an Airbnb host in Colombia can be a rewarding venture, but it also comes with its fair share of challenges. Before diving into the world of Airbnb rentals, it’s crucial to understand what you’re getting into. In this comprehensive guide, we’ll explore 15 key factors every prospective Airbnb host should consider.
From the demanding nature of the Airbnb host business to the importance of choosing the right location, navigating legal requirements, setting goals, and maintaining professionalism, we’ll cover essential insights to help you succeed in the Airbnb rental market in Colombia.
Whether you’re a seasoned host or new to Airbnb rentals, this guide will provide you with the knowledge you need to make informed decisions and excel in the Colombian Airbnb host industry.
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Our reliable partner, a leading real estate company, offers a wide range of services:
- Transfer funds to Colombia
- Legal analysis property background checks
- Sales agreement
- Deed registration
- Legal representation
- Investment visa
1. An Airbnb host project is a demanding business
Airbnb hosting in Colombia can be physically, mentally, and sometimes emotionally draining, demanding tremendous focus, time, and energy. It would be best if you were prepared to promptly respond to guest inquiries. You must also have a reliable smartphone and ample data to address problems immediately when they arise. You must be available 24/7 and at a moment’s notice. That means being always available, including the many holidays in Colombia.
2. Finding the best locations for your Airbnb host business
The factors that determine an ideal place for an Airbnb host have a high correlation with the locations in the city. The search ranking algorithm on Airbnb helps guests find the perfect listing for their trip. That becomes one of the most important factors to consider when considering investing in a property for hosting on Airbnb. Think about what areas of the city are suitable for tourists. Is it a walkable? Is it close to Amenities such as Public Transport? Is nightlife nearby?
People tend to search on Airbnb for popular neighborhoods for foreigners, such as El Poblado or Laureles in Medellín or Teusaquillo and Chapinero in Bogotá, which have famous nightlife lifestyles and commercial areas. If your rental property is in a less popular neighborhood for foreigners, the bottom line is typically less in demand.
3. Know about the short-term rents before start your Airbnb host services
In Colombia, renting your apartment for short-term stays (less than 30 days) is legal only if the building’s by-laws explicitly permit such arrangements. If the building’s original by-laws do not include this provision, it can only be added with the approval of 70 percent of the property owners. Consequently, seeking out properties that have already granted permission for short-term rentals is imperative.
Furthermore, it’s crucial to understand that renting a property for less than 30 days is technically prohibited in Colombia unless it adheres to specific regulatory guidelines. The Colombian government created Decree 2119 of 2018, which mandates that all short-term tourist accommodations in Colombia must register with the Registro Nacional de Turismo (RNT) to operate legally.
As a result of this registration, every Airbnb host in Colombia is expected to adhere to the same rules and regulations as traditional hotels. Hosts must ensure compliance with these legal requirements to avoid potential legal issues.
4. Goals and intended outcomes for your Airbnb rent
Consider your goals for monthly income and occupancy.
- How much money do you want/need to make?
- How often will you have to rent out your property to meet this goal?
- Is your rental price within the market range (see furnished rental prices in Medellín)?
- If your price is higher than the market, don’t expect high occupancy.
- Is your occupancy goal realistic in terms of the market and your own capacity to manage turnover?
Also, think about the kinds of experiences you want to have—and hope to avoid—with your guests.
- What experiences would drive you to stop being an Airbnb host?
- How much contact with guests do you want?
- Are you looking for a social connection or merely business relationships (income)?
Answering questions such as these will help you determine if Airbnb hosting can meet your needs.
5. An Airbnb host is like running a small business
Indeed, operating as an Airbnb host in Colombia is equivalent to managing a miniature enterprise. This undertaking necessitates a multifaceted skill set encompassing marketing prowess, customer relations, effective communication, efficient property management, and an unwavering commitment to being at guests’ service 24/7.
Moreover, it must be recognized that this dynamic field requires a perpetual appetite for learning and growth as it continuously evolves. Staying updated with industry trends, exploring innovative strategies, and refining one’s hosting skills are pivotal for achieving sustained success in this competitive landscape.
6. Prepare an On-Call emergency support for your Airbnb host
You need to have emergency support for plumbing, electrical, and other issues. You should get trustworthy referrals and establish rapport with these support people before you list your space. Make sure this maintenance team is paid handsomely and well-appreciated. It is definitely worth it if they are reliable and provide quality service.
We recommend you hire locally in Colombia, where your property is located. That way, they have a vested interest in your business. They are likelier to do an excellent job for a long-term business relationship. If you decide to hire budget firms that employs contractors, they are less likely to react quickly during high-stress times like weekend, nights or even holidays.
7. Understanding Airbnb host policies, procedures and guidelines is required
Look at the Airbnb website carefully, and make sure the platform and culture work for you. There are entire sections on the Airbnb website devoted to:
8. Disasters, unforeseen circumstances and do-overs are inevitable
Be prepared to handle problems with your property gracefully and have an emergency backup plan in place. Most of all, you should develop tools and processes to manage stress without losing it in front of your guests. Also, it would help if you didn’t beat yourself up for making mistakes.
Even the most experienced hosts cannot anticipate clogged toilets, power outages, or fallen trees. Along with doing your best to have a disaster-preparedness plan, you should accept that there are certain things you cannot prepare for. You should also seriously consider getting Colombian homeowner’s insurance.
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9. Cleanliness standards in an Airbnb host are very high
Be prepared to maintain your rental space as if professionals clean it. This includes keeping linens, mattresses, pillows, and hidden areas spotless. Cleaning services are relatively inexpensive in Colombia, so you probably won’t be maintaining your rental space in Colombia yourself.
You must also consider the cleanliness and overall appearance of any space guests can see or access. Keep in mind that reviews are very important. Guests pay particular attention to cleanliness, and it’s easier to get good reviews if there is cleanliness.
10. Balancing hospitality and professionalism in guest interactions
Interacting with guests as an Airbnb host can be a multifaceted experience. Some guests may not fully appreciate the time and effort you invest in providing a comfortable stay. It’s crucial not to take such encounters personally, especially if you share living spaces or have a sensitive disposition. Remember that you have the autonomy to decline reservations if they don’t align with your hosting standards.
While cultivating a warm and friendly rapport with guests is valuable, it’s equally essential to maintain a professional demeanor. Ultimately, guests are your customers, not your friends. Striking the balance between personal warmth and professional service can be a rewarding aspect of Airbnb hosting, enhancing both your hosting experience and the quality of your guests’ stay.
11. Planning for slow seasons is necessary to your Airbnb rent
Preparing for slower seasons is fundamental to maintaining a stable income as an Airbnb host. To navigate these periods successfully, consider a multifaceted approach. Careful budgeting can ensure your financial stability during these times. Adjusting your rates to align with market trends can attract cost-conscious travelers.
Alternatively, welcoming long-term Airbnb guests during off-peak periods can provide a reliable source of income while ensuring your property remains occupied and well-maintained. Developing a thoughtful strategy for these inevitable slow seasons is a proactive way to safeguard your hosting income.
12. Using your home like Airbnb host requires and additionally caution
Whether or not you plan to share space in your private residence or a separate property, keep in mind that Airbnb hosting requires excellent communication skills and the ability to deal with people under all kinds of circumstances.
Introverts and those of us with a lower threshold for social interaction need to set limits with guests and be realistic about what we can handle. A perfectly sane way to do this is simply to find and hire a good property management company.
Medellin Guru Real Estate Service
Our reliable partner, a leading real estate company, offers a wide range of services:
- Transfer funds to Colombia
- Legal analysis property background checks
- Sales agreement
- Deed registration
- Legal representation
- Investment visa
13. Setting boundaries is crucial to success, security and sanity
Before investing in a property and listing your space on Airbnb, getting clear about your physical and emotional boundaries is a great idea.
If setting boundaries is difficult, you must learn how to do this effectively. Fortunately, an Airbnb host offers endless opportunities to practice.
14. Obtain the advice of the renting property professionals
Before embarking on your journey as an Airbnb host, it’s advisable to seek the guidance of experts. Obtaining advice from experienced hosts and industry professionals can provide valuable insights into the intricacies of successful hosting. Their expertise can help you navigate the challenges and maximize the potential of your Airbnb venture, ensuring a smoother and more rewarding experience for you and your guests.
15. Choose the best property to start your business in Colombia
When choosing the ideal property to kickstart your Airbnb host in Colombia, the importance of expert guidance cannot be overstated. Real Estate of expatgroup.co emerges as a trustworthy and seasoned partner in your property selection journey. With their in-depth knowledge of the Colombian real estate market and a dedicated team of professionals, they can assist you in identifying properties that align with your specific business goals.
In addition to their market insights, Real Estate by expatgroup.co offers a personalized approach, considering your unique preferences and requirements. Their commitment to transparency and integrity in real estate transactions further solidifies their reputation as a reliable partner. With their assistance, you can confidently choose the best property to initiate your business endeavors in Colombia, setting the stage for a prosperous future.
Are you looking to buy or sell Real Estate in Colombia?
Medellin Guru has partnered with Real Estate by expatgroup.co to provide real estate services to foreigners and locals interested in buying and selling properties in Medellin and across Colombia.
Recognizing our readers’ demand for real estate guidance, this partnership with Real Estate by expatgroup.co, desires to deliver trustworthy and comprehensive real estate services to our audience.
We chose to collaborate with Real Estate by expatgroup.co for buying and selling real estate services for several reasons:
- Real Estate by expatgroup.co is recognized globally and is a familiar brand for foreigners.
- As one of Colombia’s largest realtor companies, Real Estate by expatgroup.co has extensive coverage throughout the country, enabling it to serve various locations in Colombia.
- They boast a robust team of agents, many of whom are bilingual in English and Spanish.
- Real Estate by expatgroup.co ensures fair pricing through a thorough Comparative Market Analysis (ACM).
To access this real estate partner service from Real Estate by expatgroup.co, click the button below, complete a brief form, and receive a complimentary consultation offering insights into the local market, current pricing, and tips for buying or selling properties.
Medellin Guru Real Estate Service
Our reliable partner, a leading real estate company, offers a wide range of services:
- Transfer funds to Colombia
- Legal analysis property background checks
- Sales agreement
- Deed registration
- Legal representation
- Investment visa
Medellin Guru’s Airbnb Series
Medellin Guru now has a series of several articles about Airbnb in Colombia:
- 9 Strategies to Find Killer Deals on Airbnb in Colombia
- 15 Things to Know Before Investing to Become an Airbnb Host in Colombia
- 10 Airbnb Best Practices for Airbnb Hosting in Colombia
- 9 Tips to Attract Long-Term Airbnb Guests in Colombia
- 7 Strategies for Airbnb Slow Season in Colombia
- How to Identify Problem Airbnb Guests in Colombia Before They Book
- 15 Ways to Increase Your Airbnb Search Rank In Colombia
- How Safe is Airbnb in Colombia? Is it Safe to Use Airbnb in Colombia?
- Airbnb Travel Itinerary for Your Airbnb Guests in Colombia
- How to Get Started on Airbnb in Colombia: A Guide
Medellin Guru's guide to buying, selling and renting apartments and choosing a neighborhood
On the Medellin Guru website, we have a comprehensive and up-to-date guide to buying, selling, and renting apartments and choosing a neighborhood in Medellin found in several articles, including:
Buying and Selling Apartments
- Medellin Real Estate: Property Buyer’s Guide for Foreigners
- Selling Real Estate in Colombia: A Guide to Selling for Foreigners
- Mistakes Foreigners Make When Buying Real Estate in Colombia
- Current Costs to Buy New Apartments in Medellin
- Rent vs Buy: Downsides of Renting and Buying Property in Medellin
- 13 Things Real Estate Agents in Colombia May Not Tell You
- How to Obtain a Colombia Investment Visa
Renting Unfurnished Apartments:
- Apartment Rental Guide: Renting Unfurnished Apartments in Medellin
- Guide to Finding Unfurnished Apartments and Casas in Medellin
- Guide to Overcoming the Fiador Requirement in Colombia
- Unfurnished Apartment Rental Costs in Medellin
- 6 Inexpensive Neighborhoods for Unfurnished Rentals in Medellin
- Furnishing Apartments: A Guide to Furnishing Apartments in Medellin
- Apartment vs Casa (House) Rentals in Medellin: Pros and Cons
Renting Furnished Apartments:
Choosing a Neighborhood in Medellin:
Also, we have several articles that can be used to help foreigners choose a neighborhood in Medellin:
- Laureles: The world’s coolest neighborhood for 2023 by ‘Time Out’ is in Medellin, Colombia
- What are the Safest Neighborhoods in Medellin and the Aburrá Valley?
- 5 Best Neighborhoods in Medellin: A Guide to Choosing a Neighborhood
- 9 Downsides of El Poblado: Living in Medellin’s Expensive Neighborhood
- Estratos: A Guide to Understanding Estratos in Colombia
- El Poblado vs Laureles: Which is the Better Neighborhood to Live in?
- El Poblado vs Envigado: Which is the Better Neighborhood to Live in?
- El Poblado vs Sabaneta: Which is the Better Neighborhood to Live in?
- El Poblado vs Belén: Which is the Better Neighborhood to Live in?
- 2018 Unfurnished Apartment Rental Costs in Medellin in 5 Neighborhoods Popular with Expats
- 6 Inexpensive Neighborhoods for Unfurnished Rentals in Medellin
The Bottom Line: Things to Know Before Investing to Become an Airbnb Host in Colombia
The above list of things to know before investing to become an Airbnb host in Colombia are based on the experiences of many customers. Drawing from years of experience, this guide offers essential insights for those considering becoming Airbnb hosts in Colombia. It emphasizes that hosting isn’t suitable for everyone and highlights the value of being well-informed beforehand to ease the journey into Airbnb hosting.
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One thought on “15 Things to Know Before Investing to Become an Airbnb Host in Colombia”
8184544386 mi nombre es gloria tengo un apartamento en Colombia en la ciudad de santa marta y necesito rentarlo (in English)
8184544386 my name is Gloria I have an apartment in Colombia in the city of Santa Marta and I need to rent it