Airbnb vs Long term rentals

[Jiri B.]

I'm a long term rental investor but lately been thinking about trying an Airbnb. One of the main reason for my hesitation though is my time. The nice thing about long term rentals is that once you have a tenant, it requires very little time investment.

Would anyone be able to help me understand what amount of time it would take for managing Airbnb? Are there any good services that can be relied on, like cleaning, stocking up coffee, etc in the Raleigh / Cary location that are dependable?

And how much more profitable this would be vs typical rentals?

Just trying to get a grasp of this if anyone would be willing to share their experience with short term rental.

[Denise Brown-Puryear]

Hi. We have a mix of LTR and 1 STR which has just entered it's 3rd year (as of October). As Bruce mentioned, the income potential is anywhere from 2x to 3x what you get for a LTR.  I too am very "hands on" and truly enjoy it.  I spend only about 4 hours a week on my Airbnb.  I have a cleaning staff who does a great job (after much training); however, I still go and spot check prior to a guest checking in.  I've been a "Super Host" since I started in 2018 (once I passed the initial time period).  The only month we had no bookings was April 2020 (when Covid-19 hit here in the South).  This year alone we have seen a 55% increase gross income over last year (as we have gradually continued to increase our nightly rates and have maintained a high level of satisfaction and reviews).  

Once you have a system in place and dependable, quality vendors; it is really easy to manage.  Cleaners, lawncare person, window cleaners (exterior), carpet cleaning company, laundry service (I pick up the dirty linens and drop them off to a wash and fold laundry near by).  By the time I finish running a few errands, I get a text to pick up(usually within an hour or so).  I'm very particular about how I like things done and do not leave anything to chance; especially when reviews are the key to how well you'll do in this type of business.  I also ask the purpose of the person booking for their visit (especially if they are a first time Airbnb'er.  

BTW.... Mine is in Greensboro near the Coliseum, Convention Center, Colleges, 20 minutes from PTI airport, downtown and nearby wineries and so much more!  I'm a transplanted NY'er and am surprised and pleased at how lucrative this has been.  One is enough for me at this time.

Sorry for the wordiness, but I like the business of hospitality and truly enjoy my "play house"! :C)