Interview: All about Airbnb and Arbitrage with Lashonda

I am in numerous Airbnb Facebook groups and it seems that the Arbitrage business is a hot topic at the moment, as it can be quite profitable for someone looking to enter into the market. Different to our previous blog posts, this month, I decided to feature Lashonda Jones. If the Airbnb/Arbitrage business is an area you are looking to get into, keep reading!

Most people know what Airbnb is, but in case you have been living under a rock and do not know, it is when homeowners rent their property out to travelers for a short period of time. Mind you, there are times when locals rent Airbnb listed places for a short period of time for various reasons as well. Then you have Airbnb rental arbitrage. This is when you rent a home from a landlord, but then sublet the property on the Airbnb platform or similar.

Tell us all about you and your listings Lashonda

My name is LaShonda Jones and I am an Airbnb Host in Atlanta, GA. I have been an Airbnb host now since November of 2019. For a long time, I did not think I could do Airbnb. I thought, probably like a lot of people, that you have to have "a lot of money". A friend started about 6 - 9 months before I did. He urged me to try it and I kept sticking to my guns of not being able to. Eventually, I thought 'what am I so afraid of?' and decided to start. I started to Airbnb arbitrage, which is the easiest way to get into Airbnb.

I currently have two listings through Airbnb Arbitrage. I feel that they are both in optimal locations. Ones that are easily accessible, and marketable since they are close to many attractions in the city. At first, it can be a little defeating to try and look for a community that allows corporate leasing. There were many 'nos' or 'not at this time'. The key is not to feel defeated and to continue to try. Calling again helps, changing your wording or just scheduling a tour in person, has for me, turned a no into a yes.

I have a total of three Airbnbs and one short-term rental "STR". The STR and one of the Airbnbs are geared towards traveling nurses and other professionals coming to the city to work. The other two are for families and really just anyone coming to the city.

My theme varies somewhat a little from one location to the other. I think my basic theme is simple modern. I want each place to feel like an extension of a home. Cozy and comfortable.

I offer beverages and snacks. Who doesn't like a midnight snack? (LOL)

I think Piedmont Park is highlighted as a tourist spot. I love that area. You can shop, eat, and enjoy the outdoors.

What would you say are three key tips to get started in the business?

1. Do your research! This includes knowing the:

• area(s) you are desiring to get the Airbnb;

• laws of the city you are looking to Airbnb in, what are their regulations are for STR/Airbnb;

• market in the area, like what other Airbnbs are charging in the area; and

• finally, it is important to be sure that IF the Airbnb isn't fully booked, you are able to make up the difference, so you should know your financial standing as well.

2. Another key tip is to talk to other Airbnb hosts. This will help you determine their mistakes that you can easily avoid. As an Airbnb Ambassador, I help give people the answers to their questions, pointers they need to look for and even decor pointers. I also help look over their listing to help make sure their listing is accurate. If being an Airbnb Host interests you, my instagram name is @southerncomfortstays and email is southerncomfortstays@gmail.com.

3. Getting a cleaner, they HAVE to be reliable and flexible. The STR/Airbnb will need to be cleaned 2-3 times a week. Also, the cleaner must be professional since they often, at times may meet the departing or on coming guests. To find a cleaner, do an interview. Interview small business cleaners, and even larger companies. I have found that larger companies charge a little more since they must have enough revenue to pay several cleaners rather than just one or two. Turnoverbnb is a site you can use to get a cleaner/cleaners for your unit. They are rated cleaners by other hosts so this helps you choose who you want based on price and rating.

What are some lessons you learned along your Airbnb/ Arbitrage journey?

1. I was so eager to start. I didn't research the first community I moved into.

2. I spent tooooooo much money decorating and furnishing my first unit (I did get it back, but still)

3. I should have started earlier

4. If you can try to buy a property rather than strictly relying on airbnb arbitrage.

Still interested in getting into the STR/Airbnb business and need a mentor? Contact Lashonda! I highly recommend it. We connected over Instagram and she has been so professional. Feel free to check out her Airbnb listings as well. See what guests say to gain deeper insight into how she conducts business to determine if she can help you along your journey.

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Ready to list your property on Airbnb? Or... Not quite ready to list, but looking for great resources? Check out my free Airbnb Listing Workbook. This workbook helps provide guidance and assists with your overall vision of your listing. This ranges from furnishing your home, target market and more. Download this 5 section workbook to help get you started.