We are living in a “sharing economy”. Instead of buying everything we need, many people choose to share with others to save money. And many people have found ways to make some extra money by sharing their properties through sites like Uber, bike rental company Spinlister, and Airbnb.
Today we have several successful Airbnb hosts sharing their experiences and tips.
How does Airbnb work?
Airbnb has rooms available in their homes or has an empty home with visitors traveling to the area. Registering and listing your property on the site is free and you can set your rental price. Once the rental is taken, Airbnb handles the payment and keeps 3% as their service fee.
Once registered as a host on the site, you need to create your listing. Gina, who listed three properties on the site and made $34,000 on her Southampton rental last summer, offers this insight, “The process is pretty simple. Airbnb will occasionally send a photographer for free to take pictures of the rental property.
“The most important part is to present your space correctly. Creativity helps too. First, remember that potential buyers have no idea about your space except what they see on the Internet and what you tell them. You need to approach the property description as if you were a renter. himself
- Next, a great title that’s searchable. And like any content on the Internet, update it frequently, testing headlines and blurbs to see what works.
- Pricing is important. Start low. Increase pain tolerance. Consider the strength of the $, the peso and now, the euro. Be prepared for some discussion.
- Respond to inquiries promptly. Airbnb gives you 24 hours to do this. The first 15 minutes is where the meat is, in my experience.
- Having the Airbnb app on cell really helps.”
How much can I earn as an Airbnb host?
Our experts have shared earnings ranging from a few hundred dollars per month to hundreds of thousands per week. Location will dictate your price. Most experts use local hotel prices as a starting point. Airbnb also provides a calculator that can help although results may not be available if you live in a location where not much data is collected.
Is Airbnb hosting safe?
Kurt and Martha Have been hosting visitors through the site for a long time and usually expect to earn $1,500 – $2,500/month during the spring and summer months. About the security of being an Airbnb host, he says, “Airbnb has many measures in place that protect personal information such as phone # and physical address (until stored). Airbnb provides policies to help with refunds, cancellations and lots of flexibility to set their own terms within the different tiers. They also offer a host insurance program (direct quote from the Airbnb site: ‘Effective January 2015, Host Protection Insurance The program provides up to $1,000,000 per occurrence of insurance coverage for Airbnb hosts in the United States and, if applicable, their landlords, if a guest is accidentally injured while staying on the host’s building or property. The Host Protection Insurance Program also covers hosts for certain third-party claims for property damage.’
“Like anything else, you have to use your best judgment. There are plenty of safeguards and guidelines in the system to help you determine who and what your guests are like through an extensive review process. Check with other Airbnb hosts to make sure you feel comfortable with them. Don’t forget to read reviews about your guests. Use your gut, it can be a good judge of character too. At the same time, you must take steps to protect your own valuables and privacy. So far, so good in our experience.”
Jenna Rose Robbins advises if you’re renting space that you won’t occupy during your visit, “I try not to go with guests who don’t have enough reviews. It’s just not worth it otherwise. I also make sure that my house rules are clearly stated in the listing so that there is no confusion when a tenant moves in.”
Expert tips
Thibault has several rentals including one on Airbnb in Bali that earns $7,000 per week. He recommends setting a lower price than your competitors until your property has three positive reviews. He added, “Ask people to contact you. Your listing text shouldn’t just be a description. Speak to your target, use words like ‘Contact me now’, ‘Ask me now about my veteran special rate’. Get more tips from Thibault
In terms of pricing your rental, from Steven Villa Cappelli Offering this advice, “I think it’s a good rule of thumb to stay at hotels in your area that are slightly less expensive. That way you’re offering a much more intimate, comfortable experience for guests, but also at a very competitive price.
Visit Airbnb to learn more about hosting.
No Comments
Leave a comment Cancel