Airbnb has become a common place for travelers to look for a cheaper alternative to hotels. Around 2 million people stay in homes booked from Airbnb every night. Becoming a host for Airbnb is a great way for those looking for a side hustle.
On average, hosts can make $924, depending on the location. So, how can you start your Airbnb side hustle? Keep on reading to learn more about how you can become a host today!
Is Airbnb right for me?
Not everyone has an empty or property or room that can be rented out to travelers. When getting into this kind of business, it’s important to think about some essential items that might make or break your Airbnb side hustle.
Becoming an Airbnb host doesn’t need to be something you need to be on call for 24 hours each day. Don’t feel like you need to be up in the middle of the night managing your property. While there are some people that do this as a full time job, you’re not mandated to do the same.
Making sure that there are clear house rules and providing your contact information will be helpful for the guests so that they can treat the space with respect. Write in the description that the space cannot be used for entertainment purposes so that college students will steer clear of your listing.
There are many ways to ensure you have a smooth ride in becoming an Airbnb host. However, it’s best to consider asking yourself these following questions to see if listing your space on Airbnb is the right thing for you:
- Are there any tourist attractions near my property?
- Do I need to renovate any living spaces for my guests?
- Do I have the time and energy to become an Airbnb host?
- Are there any additional services I need to provide for my guests?
- How comfortable am I with other people residing at my property?
- Does my property provide a safe and suitable environment for tourists to live in?
If you don’t have a property that’s cut out for guests to live in, there’s still a way for you to become an Airbnb host!
Instead of being a host, you can be a co-host by taking care of homeowners interested in Airbnb listing. Co-hosting is still an effective way to make money and get some experience in managing listings for Airbnb.
4 Steps Into Becoming An Airbnb Host
Step 1 – Research local Airbnb regulations and laws
Make sure you’re familiar with your city’s Airbnb regulations. You may be required to obtain a permit or license before becoming a host with Airbnb. There are laws that could be found online in relation to your city’s Airbnb regulations.
Just do a quick search on your browser by typing in “[city name] short term rental laws.” Here, you will be able to find the necessary information to get started on becoming a host.
Step 2 – Identify the type of space you want to list
One of the great things that Airbnb offers to hosts is flexibility. When you create a listing on Airbnb, there are three types of spacing you can offer to guests: entire place, private room, shared room. This means you can host your home to guests while still living there!
When you list the property as an entire place, you are expected to provide your guests with full privacy. This means they won’t be sharing any rooms, bathrooms, living spaces, and common areas unless it’s within their party.
Private room means potential guests will have their own bedroom but will share spaces such as bathrooms, living room, and common areas like the kitchen. Shared rooms are for those on a budget who’d be willing to share a bedroom with other guests.
Remember to be as clear as possible when listing private rooms and shared rooms so you can lessen the back and forth communication with travelers.
List the number of bedrooms and bathrooms that will be provided. Also, list all the amenities you will offer to the guests.
There are many items that can set you apart from other hosts like having access to a pool. Even things like having natural light for the listing is an amenity to some people! Make sure to include anything that would help increase the value of a guest’s stay.
Step 3 – Set your price
There are many factors that you need to consider when determining the price of your listing but the two main ones you should focus on is:
- The location
- The type of property you plan to offer
Where your space is located highly impacts the price at which you should list it for. If it’s in a well-known city, or has nearby attractions, the price you decide on can be higher than ones that don’t have any of those things.
In addition, the sizing of the place you are renting out is a main factor in determining cost. It’s a no-brainer that listing out the entire place would bring in more income. However, if you’re not able to put your entire place up on Airbnb, that’s still totally okay!
Remember that there are all types of people looking for different spaces. Some might be on a tight budget and looking for just a room. There will always be someone with different needs that might be a good fit for your property on Airbnb!
Step 4 – Take high quality pictures
Pictures are a must when listing your property on Airbnb. It’s best if you’re able to take quality pictures of the spaces that are included for the guests and show the aesthetics of the place.
A picture is worth more than a thousand words. Think about who you’d want your target audience to be. If you rather have a family than college students renting out your property, make sure it’s child-friendly and jazz it up with some art pieces geared more towards children.
This part could either make or break your listing. By taking high quality pictures, not only are you giving a great first impression, but you’re providing a start to their positive review. Continue to “wow” your guests by ensuring that the picture is what they’re actually getting by consistently maintaining the property.
Are there any fees with Airbnb?
Airbnb offers many benefits that its competitors don’t have. For example, they have no credit card processing fees and property protection is included if anything happens. However, with most companies, Airbnb takes a service fee for each booking. This could range from 3-5% depending on a number of factors.
However, at the end of the day, you still get a stream of income coming on a monthly basis, depending on how popular your space is.
Although Airbnb does take away some of the profit you gain, an added bonus of becoming a host is that you can apply certain fees to guests. These types of fees could be a cleaning service fee or extra guests fees.
This means if you’re unable to clean the space yourself for the next guests, or don’t have enough cleaning materials, the cleaning fee would be able to cover those needs to ensure that your next guests have a comfy stay.
Bottom Line
Starting off to become an Airbnb host might be daunting with all the research that needs to be done beforehand. However, with the right listing set in place, you will start to see that the initial hard work was worth it.
While your income from Airbnb may fluctuate depending on several factors such as type of spacing, location, amenities, and holidays, it’s still another form of income that is easy to maintain as long as the property is in good management.