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Banks, Loans, and the Gig Economy – What It Means for Airbnb Hosts

 

You may have heard recently that Airbnb and Fannie Mae are working together to help vacation rental hosts refinance their homes. While it may sound like a simple solution, it’s a bit more challenging than that.

Let’s unpack it, starting with the history of how outside income streams have been viewed by banks and what has changed.

Banks have been slow to understand the “gig economy.”

The job market has been changing and Americans have been evolving with it. In the years after the Great Recession, more and more opportunities began creeping up allowing people to make money on their terms. As more folks need additional income to make ends meet and others demand more flexibility in their work – and thanks to kickass trailblazers like Chris Guillebeau, Tim Ferriss, and dozens of others – the traditional “9 to 5” is losing its grip on the workforce.

From Airbnb to Uber and TaskRabbit to seemingly innumerable freelancing options, the possibilities for starting a “side gig” are practically endless.

But if people are earning “real” money, why weren’t banks willing to see it as income?

Despite this change in how people make a living in the modern era, banks have been hesitant to accept such fluctuating and potentially inconsistent income streams when it comes to loans – especially mortgages. There’s too much risk, they said.

And so, millions of Americans began letting their dream of owning their own home (or refinancing an unfavorable mortgage) fizzle out.

Now, big financial players are beginning to acknowledge side hustle income.

The gig economy has officially taken a place at the primary breadwinner table. More and more people are leaving their office jobs to pursue other income options and, in many cases, are earning a comfortable living.

Just a few weeks ago, Fannie Mae, Quicken Loans, Citizens Bank, and Better Mortgage announced that they are working with Airbnb and allowing income pocketed from side hustles (translation: vacation rental income) to be considered as part of a homeowner’s total income when applying for home refinancing.

This is a huge change in how our economy will work moving forward. As massive banks are beginning to acknowledge that side gigs provide sustainable and substantial income, we’ll likely see a shift in other lending areas.

The latest news, however, only applies to refinancing primary homes.

While this is an exciting development, it only applies to home already owned by hosts and that serve as their primary residences. Per Airbnb’s press release:

“Under the new initiative, participating mortgage lenders have the chance to consider home sharing income earned on Airbnb when hosts in the United States apply to refinance their mortgage on their primary residence.”

Those hoping to score financing for a new home purchase will have to continue waiting for the banking industry to catch up with the changing job economy. Regardless, money lenders are taking a step in the right direction.

 

Perhaps one day soon, we’ll see more banks join the ranks of the first four in granting mortgage refinancing to hosts, refinancing on secondary homes, or first-time financing on new home purchases.

 

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Testimonials

At first I tried to take care of all of the cleaning process myself, and it turned out to be a bigger headache than anything else. So a friend told me about MaidThis and its been fantastic. I’ve been working with my cleaners for a few months so far. I recommend you check out the service for yourself.
Brent
Airbnb Host in LA
90+

Hours
Saved

I definitely think that as a company we've been able to make more money, not only because we're saving money by using Maid This, but also because they're helping take a few of the necessary evils with doing vacation rentals off of the property managers plate.
Laura G
Airbnb Host in LA
90+

Hours
Saved

Blog

5 Areas to Clean in Your Vacation Rental This Spring

spring cleaning vacation rental

Spring is on its way and the busy season is right on its heels. Before you know it, there will be fewer opportunities to plan and schedule a deep spring cleaning.

We’re sure you make a point to carefully clean every visible corner of your home when guests check out but we also suspect there are a few places that don’t get the same kind of consistent attention.

Is your place ready for the season ramp-up? Here are 5 areas to clean in your vacation rental this spring before things get busy.

1. Inside kitchen and bathroom drawers.

Your bathroom drawers may be fairly easy to open and spot dust, especially because they’re most likely to be empty. Kitchen drawers, however, are more likely to have gadgets and cooking tools taking up space and hiding crumbs.

Make a habit of removing all the items from the drawer once a year and using a damp cloth to trap and remove debris from the bottom and corners of drawers.

Don’t stop with the kitchen and bathroom – check all the drawers throughout your rental.

2. Under large area rugs.

Your cleaning team makes a habit of vacuuming your large area rugs to remove dust but do they get under the rug to catch dust that’s collected below?

If your rug hasn’t been moved in a while, roll it up and give the bare floor a good run over with a vacuum or damp mop if your rug is covering a tiled or wood floor. It’s not a bad idea to do this quarterly to avoid a significant buildup of allergens and dirt.

3. Behind large appliances.

When was the last time your oven, refrigerator, and washer and dryer were pulled away from the wall? If you’re like most homeowners and vacation rental hosts, we’re going to guess it’s been a while.

It’s common for bugs to take up residence and expire behind these fixtures. Though you may not have a “problem” with pests and though your guests don’t see them, they’re still not houseguests you want hanging around.

Ask your cleaning team to make a point to pull out your appliances and clean behind them. A quick sweep with a vacuum hose or duster should do the trick.

4. Inside the dryer vent.

If you offer your guests the ability to do their laundry, be sure to stay on top of this additional set of machines.

Even the most carefully maintained dryers can suffer from lint buildup, especially in the vent. This can not only cause your dryer to have issues but it can be a fire hazard.

If you’re not willing to clean out your own dryer vent and hose on your own, hire a professional HVAC company to do it. Alternatively, dryer hoses are relatively inexpensive; you can simply replace the entire hose altogether.

5. Closet shelving.

When was the last time you wiped down the shelves in your linen closets or pantry? These areas may not get much attention due to their usually being bare, but that doesn’t stop them from collecting dust.

Ask your cleaning team to quickly run a dusting wipe over them to trap loose dust that has settled over the course of the year. While you’re at it, check your kitchen cabinet shelves, too. Leave no spot undusted!

 

Don’t wait to get these things marked off your cleaning list. Though they’re important, take solace in knowing that you won’t need to revisit these anytime soon.

 

Feeling overwhelmed by adding these items to your cleaning list? Let MaidThis! handle your turnover cleanings for you! We’ll get you set up and ready for your next check-in in no time.

 

Clean my
Vacation Rental


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  • Automated Scheduling
  • Cleaning Report with Pictures
  • Never a No-Show. Guaranteed.
Book Now

Testimonials

At first I tried to take care of all of the cleaning process myself, and it turned out to be a bigger headache than anything else. So a friend told me about MaidThis and its been fantastic. I’ve been working with my cleaners for a few months so far. I recommend you check out the service for yourself.
Brent
Airbnb Host in LA
90+

Hours
Saved

I definitely think that as a company we've been able to make more money, not only because we're saving money by using Maid This, but also because they're helping take a few of the necessary evils with doing vacation rentals off of the property managers plate.
Laura G
Airbnb Host in LA
90+

Hours
Saved

Blog

The Subtle Art of Over-Delivering

The Subtle Art of Over-Delivering from MaidThis.com

 

Ensuring your guests are comfortable is your top priority as a vacation rental host – as well it should be! The better experience your guests have while staying with you, the more likely they are to leave a stellar review and recommend your place to others.

It’s not rocket science – meeting guests’ expectations means better everything for you.

While it’s great to make an effort to merely meet your guests’ expectations, why not do everything you can to exceed them? After all, nothing screams “amazing stay” quite like perfection.

To give your guests the visit of a lifetime, get creative. Start by trying a few of our tips below.

 

1. Provide “luxury” toiletries.

People forget things when they travel or simply don’t want to mess with checking a bag or risking their toiletries leaking on their flight. Your guests may not expect to see or receive any kind of travel toiletries so when you provide them, you’ve already made a good impression.

Take this a step further and offer nicer brands or a few things to choose from. Shop for travel- and sample-size shampoos and conditioners – brands like OGX, Matrix, Paul Mitchell, and Pureology all offer small sizes of their basic products. While they’re certainly more expensive than drugstore brands, they’ll also be more appreciated by your guests.

You can also order some brands in bulk and store them in your supply closet….those little hotel amenities are wayyy cheaper in bulk than you think!

 

2. Stock the fridge and pantry.

Everyone wants a little snack or drink now and then, including your guests. Why not give them some things to nibble on as part of your welcome gift?

Regardless of how often your place is rented, there are plenty of beverages and snacks that will last for extended periods.

Consider putting a few drink options in the fridge. Choose things like cans of varying sodas, a few bottles of water, juice boxes, or other long-lasting drinks.

For snacks, choose individually wrapped items you can toss into a basket for your guests and leave on the counter or into the pantry area. Go with things that are fairly versatile that most folks might like.

Be sure to let your guests know in your welcome letter (or when you meet them) that they’re welcome to help themselves! You don’t need to go overboard in what you offer: A few of each category – snacks and drinks – will do the trick and your guests will love your thoughtfulness.

 

3. Offer simple maid services.

This tip will be especially appreciated by guests who might be staying with you for more than just a night or two.

We all love that just-made bed feel; it’s one of the awesome perks of staying in a hotel. Why not offer your guests the same experience? Let them opt for simple maid services like making the beds or washing dishes. Give them a time window when you (or your cleaning service) will come by to spruce up each day and let them know it’s okay if they’ve left for the day or if they’re still hanging around the house.

It won’t take much time and may not seem like much, but the effort won’t go unnoticed.

 

There are so many ways you can go above and beyond your guests’ expectations and truly “wow” them during their stay with you. Don’t stop with these suggestions! Think about what makes you feel most “at home” when you’re away and think of ways you can create those “homey” feelings for your guests. They’ll love it!

 

Clean my
Vacation Rental


single-blog-sidebar-vacation-rental
  • Automated Scheduling
  • Cleaning Report with Pictures
  • Never a No-Show. Guaranteed.
Book Now

Testimonials

At first I tried to take care of all of the cleaning process myself, and it turned out to be a bigger headache than anything else. So a friend told me about MaidThis and its been fantastic. I’ve been working with my cleaners for a few months so far. I recommend you check out the service for yourself.
Brent
Airbnb Host in LA
90+

Hours
Saved

I definitely think that as a company we've been able to make more money, not only because we're saving money by using Maid This, but also because they're helping take a few of the necessary evils with doing vacation rentals off of the property managers plate.
Laura G
Airbnb Host in LA
90+

Hours
Saved