Airbnb: How to Earn Income by Hosting Your Home

In this expensive era, having income from diverse sources is imperative. Isn’t it? Airbnb, an online platform, gives homeowners the opportunity to earn additional income. Yes, you got that right! If you have extra room in your home, you can rent it out to travelers for short- and long-term through Airbnb. Not only that, you can invite multiple guests together if you have ample space and rooms in your house.

The best thing about Airbnb is that you don’t need any license or legal work like hoteliers. The guest starts approaching you simply by listing your business on this online platform.  Here, we will discuss everything you need to know about Airbnb as a host. First, let us gain a little insight into this online marketplace.

What Is Airbnb?

The concept of Airbnb came into existence in 2007. Actually, in San Francisco, there was a conference, and all hotels were booked. So, two designers Brain Cheski and Joe Gebbia rent out their extra room with an air mattress to earn some extra income. Within a few years this concept evolved into a big name- Airbnb. This is a big transformation in the hotel industry.

Its third co-founder is  Nathan Blecharczyk. In the present day, there are over 3100 crore listings on Airbnb, and it works in around 200 countries. The idea is to provide tourists with good accommodation that is less expensive than the hotel rooms. Airbnb also gives homeowners a chance to increase their income through renting.

How To Earn Money With Airbnb?

Now, let us move to our main point, i.e., “How to earn money with Airbnb.”  Here is a step-by-step guide for better understanding.

Create An Account

First, you need to register as a host with Airbnb. Simply visit the Airbnb website and sign up. You need to add your profile picture and verify your phone number to complete this step.

Choose Type Of Property

No matter how big or small property you own, Airbnb gives you a chance to rent out a variety of spaces. As soon you click list property you will see these options:

• Apartment
• House
• Self-contained Unit
• Unique Space
• Bed and Breakfast
• Boutique Hotel

You need to choose the property you want to rent out. Then provide full details about it, like how many members it can accommodate, price details and the booking availability.

Guest Search And Book

Then, guests will search for properties on Airbnb based on their travel schedule and distinct preferences. If they like your rental, they can either directly or send you a request for approval.

Communication With Guest

As a host, you need to respond to their message quickly. And then confirm booking dates, check-in or any other concerns they may have.

Payment Process

Remember, the guest will not pay you directly; they will pay Airbnb in advance to confirm the booking. Then, this online booking platform will credit money to your account within 24 hours. Generally, Airbnb deducts a 3% service charge. However, it may go up to 20% if a host has strict cancellation policies.

You may also be wondering what you should charge for your property. Well, rent is not fixed; it depends on several factors such as type of location, occupancy rate, and the type of property.

Hosting The Guest

You need to be very welcoming when your guests arrive. Take care of their needs (which are included in the package) and answer all their queries. This way, they will have a great experience and, in turn, give good feedback about your property.

Check-Out

Do not hurry, and make sure that guests check out comfortably. Farewell them with a smiling face and good wishes. Also, give ratings and reviews to your guests and ask them to do the same. A good rating as a host on Airbnb will increase the chances of booking in the future.

Ongoing Management

You need to update your listing on an ongoing basis. For instance, you need to adjust prices from time to time. In peak season, you can keep prices high; however, in the off-season, it will be great to give some discount to entice guests.

Also, do not ignore the customer review and occupancy rate. They will give valuable insights into your property and hosting. Try to make things better by taking them into account.

Tips To Make Listing More Attractive

It is important to note that how you list your property on Airbnb can make a difference. So, it must be done carefully. Here are some ways to stay ahead of the competitors and encourage guests to book your property:

Create an Attractive Title And Description

The first thing that tourists see when it comes to renting a property is the title and description of the listing. So, make the title pretty catchy. It must reflect what people are actually looking for in the rental. Also, write each and every detail about the property in the description. Do not forget to highlight key points and amenities.

Pick Eye-Catching Photos

Although content plays an imperative role in converting viewers into guests, images are equally important. Therefore, choose the best pics of your rental space. Click photos from every angle so that people have clear ideas about the structure as well as the location. It will be better to hire a pro photographer to capture the true essence of your home.

Adjust Price Smartly

Remember, both under and over-pricing can impact the booking rate. You need to do in-depth market research to set the price for your property. Few tools like smart pricing, etc., can make this task quite simple and attract more visitors to your place.

Final Thoughts

Airbnb is a completely secure platform for renting your home or any other property. To stand out on this platform. You can even add on sharing experiences or special kinds of creative classes to increase visitors’ interest in your property and earn more. So, what are you waiting for? Register on Airbnb now to meet people around the world and boost your income!