These 6 Easy Steps to Start Earning Money on Airbnb Will be the Key to Making Money While You Sleep.
The secret to wealth lies in the structure of a well-developed business plan. Renting your apartment or home on Airbnb is no different. These 6 steps will help you begin the process of earning passive income. If you’re willing to do the legwork before you get started, earning an annual six-figures hosting an Airbnb isn’t too lofty a goal.
What is an Airbnb Business?
Since its conception in 2008, millions of people have logged onto Airbnb.com looking for short-term rentals. This has changed the game for both the hotel industry and real estate. Property owners and investors have now been awakened to an entirely new market. No more leases, now more worrying if tenants will pay rent on time, or expensive renovations once a tenant moves out. If you have a home or property that’s just sitting there waiting for the next small family to commit to twelve months- you’re doing it wrong. Using the Airbnb platform for short-term rentals will invite guests to stay from days to weeks at a time on a consistent basis.
Did I mention you can rank in some serious cash? Charging $90/night on Airbnb versus $1,200 a month for a long-term lease…all you ROI junkies know that is some serious payout.
It’s Not Just Property
Airbnb connects travelers to hosts. Earning money on Airbnb makes you (or a hired assistant) an Airbnb host. Wondering what this entails? First check out Become an Airbnb Superhost to get an idea of what your guests will be expecting.
Now that you know what you’re getting into, here’s how to get started.
1. Learn the Law
The law on Airbnb rentals vary and can fall into an area of grey. Depending on your location and whether you intend to rent out an entire apartment or a single bedroom will determine what paperwork is required. If your property is owned by a co-op or Homeowners association you’ll need to get permission. If you’re renting your own apartment while you’re out of town you may want to check your lease and speak to your landlord. A lot of people don’t bother to do this because landlords tend to reject the notion. If there is no clause in your lease stating you cannot rent/sublease without permission-have at it.
How I see it, Airbnb is a lucrative business opportunity which intimidates landlords. For your own security, follow the rules, or even get a rider with any of these entities that address you being an Airbnb host.
2. Invest Time and Money
As with all successful businesses you must invest. Don’t expect guests to flock to your spare bedroom just because your lazy little brother has finally moved out. Airbnb is competitive and the space you offer on the platform must be pristine. Before you even think about listing a bedroom, apartment, or house consider hiring the following professionals:
- Cleaning Team
- Home Staging
- Marketing Team
- Bookkeeper (for insurance, taxes, and other boring legal stuff)
Beyond your money, in order to be a good host, you must be available. Have you ever walked into a hotel with no one there to take your bags or book your room? While you won’t have to physically take care of your guests you will need to be responsive to messages, texts, emails, and calls. A professional Photographer may not be an investment you can afford up front but make sure your time is.
3. Nail Your Airbnb Listing
Now that you’ve got the paperwork done it’s time to set up your storefront. Nailing your Airbnb listing is a combination of marketing strategy and finesse. This is where the payoff for having your Airbnb professionally cleaned, staged, and photographed comes into play.
Your listing includes the following:
- Airbnb details (Apt/house/single room/location)
- Price per night
- Description (sales pitch)
- Amenities checklist
This is the make or break moment for your Airbnb business. Check out the Top 7 Tips to Create a Competitive Airbnb Listing for an in-depth guide that will perfect your listing and keep the bookings coming.
4. Host Your Guests
Now that you’ve booked your Airbnb, it’s time to show off those hospitality skills. Not every guest expects a cookie-scented candle burning upon their arrival but every guest expects organization. Create and share an arrival and departure plan with expected guests. Again, be available to guests during the entirety of their stay.
When it’s time for guests to check-out encourage them to leave a review on Airbnb. Great reviews = major breadwinning in the Airbnb business.
5. Keep Doing Your Homework
With almost 80 percent of millennials on board with Airbnb, competition and demand will continue to grow. If you plan to start earning money on Airbnb start now. Do as much reading as you can. Figuring out which Airbnb business model works for you will be the tricky part, but with these guiding steps, you should be making money in no time.
6. Let Hostly Chicago Take Care of it All
So, you know you love Airbnb but the details seem tedious or simply don’t have the time required. HostlyChicago is there to handle your marketing, key delivery and check-in, cleaning and maintenance, guest support and much more. HostlyChicago is the small investment you make to help your business run smoothly and can provide every service suggested in these 6 steps. Saving you time, energy, and money this concierge service can help you earn money on Airbnb sooner than you would on your own.
There you have it, your own little beginner’s guide. These 6 easy steps to start earning money on Airbnb will be what you need to join this community of great homes, awesome hosts, and lucrative business.
Author: Amina Grace