Do you own property that you only use a few times a year? Are you interested in purchasing additional properties, but want something potentially more lucrative and satisfying than the typical landlord-tenant arrangement? Whether you have a big space or a little space, you can make money as an Airbnb host.
Airbnb is an online marketplace that connects people who have accommodations with travelers looking for lodging. An alternative to hotels, Airbnb offers accommodations ranging from city apartments and mountain retreats to castles, boats and even private islands.
Flexibility is one of the biggest benefits of becoming an Airbnb host. You decide when your property is available. If you use your beach house during the month of July, you can set aside that time for yourself and list the property the rest of the year. You can also block out dates you are unavailable due to work, travel or family obligations.
Airbnb hosts set their own prices. For those new to hosting, consider offering lower rates to entice travelers to choose your property. If you don’t know what to charge, Airbnb offers an online calculator. Plug in your information, and Airbnb will provide an estimate for you to use.
Reviews make or break an Airbnb listing. Positive reviews encourage others to choose your listing, while negative reviews serve as a warning to travelers. Your goal as host is to provide a superior customer experience so you can receive positive ratings.
Above all, truly commit to your role as host. When you list your space as available, you need to honor that commitment. If you can’t avoid a cancellation, follow the steps listed on the Airbnb site to alert the traveler and issue a refund. Be careful, though, because too many cancellations could result in financial penalties.
Here are a few additional tips for successfully hosting through Airbnb:
- Don’t lie. Write an accurate description about the accommodations you’re offering and what makes your listing special. Post several photos of the inside and outside of the lodging.
- Keep it clean. Guests expect the same amount of cleanliness they would receive at a hotel, if not more.
- Make safety a priority. Airbnb offers a checklist of everything you need to provide to guests, such as fire extinguishers, emergency escape routes and smoke alarms. Also include specific information for your space, such as information about animals or hazards on the premises.
To make your experience as a host as smooth as possible, research and follow regulations in your city, including laws pertaining to taxes. Also pay careful attention to Airbnb insurance requirements. Airbnb offers online community centers so new and experienced hosts can share information, support, and fresh ideas for creating memorable experiences for guests.