Airbnb has changed the way people travel across the globe. Rather than spending money at a hotel, visitors now book a room in someone’s residence. These end up having the same or more of the comforts of home. Plus, many of them are in locations convenient to shops, restaurants, and public transportation.
There are close to three million Airbnb hosts across the globe. Each month, 14,000 more join up to offer their services. Renting available spaces is a great side hustle. Some hosts make their monthly property payments and invest in other establishments with the funds they receive.
There are no enormous secrets on how to make money with an Airbnb. Plenty of online training sites, like BNB Formula, provide all the steps needed to create a successful program. There are also some basics that every current and potential host should know. Here are a few steps to make money with the program.
Can You Afford It?
Renting accommodations at an affordable price won’t automatically bring in the guests and income. Nor will it get you the rave reviews required to become a Super Host. If the Airbnb you offer is at a basic level or below, people might not want to stay.
Despite a cost lower than basic hotel rooms, guests still want the space they stay in to be comfy. They could be there for a week or longer, so they don’t want to experience any awkwardness. This is when you have to determine if you can afford it?
It may require upgrades to the room or residence. The bathroom and other common areas need to be spruced up as well. On top of that, you want to ensure your internet signal is fast and strong. These are what make a popular Airbnb space.
Price It To Meet Your Needs
On average, a nightly stay at an Airbnb ranges from $40 for a room to over $100 for an apartment. On top of that are taxes and cleaning fees. So, a customer could pay on average between $60 to $150 in total.
You have to determine how much you need to charge to get the maximum results. In most cases, you want guests to pay for the space and utilities that go along with it. If you charge less to bring in clients you could lose money in the end.
Look at other Airbnbs in the area that are similar to your offering. Then, either charge a similar rate or increase it by a small percentage. This tells prospective clients that you’re serious about hosting.
However, don’t charge $40 for a night and $150 for cleaning fees to reap a profit. When you do this you lose potential customers because you aren’t upfront with costs. If you feel you need to charge extra, then put it in the nightly fee so it’s clearly seen at the start.
Be Environmentally Friendly
A room and its common areas can be immaculate. However, people might have to leave because they have an allergic reaction to the detergent the owner uses to wash towels and linens. In another example, while they don’t allow smoking within the home they permit it on the porch. Again, this turns away guests.
Make your Airbnb as eco-friendly as possible within your budget. The HVAC filter and the heat/AC vents must be free of dust and other allergens. Use detergents and soaps with low or no perfumes. Create a zero-tolerance no smoking policy around your home. In each space add detoxifying plants that help clean the air.
Don’t leave a guest hanging on what the Wi-Fi password is or if they can utilize the washer & dryer. Let them know well ahead of their arrival. This can be done through the Airbnb site or via a brochure or booklet in the room. Make sure you’re available before and during their stay to answer any questions or address concerns.
The road to becoming an Airbnb host isn’t a long one. Like other side hustles it takes time and effort to get things ready. Though you may not host guests immediately, its popularity will increase as more reviews come in. In the end, you might become a Super Host and have the income you desire quicker than you thought.