How to Make Money on Airbnb
For many Airbnb hosts, there is a certain joy that comes from hospitality. It may make you feel good to help people enjoy their stay and meet others from around the world, but ultimately, that feeling doesn’t pay the bills. It also brings a lot of joy to make money on Airbnb. It is great if hosting is something you enjoy, but one of the great things about Airbnb is that it is meaningful and revenue-producing—win-win.
One of the most important things to know is to be realistic. When you type in your area on the Airbnb website, they’ll say something like, ‘You can make $285 a week renting out your space’. While in theory this is true, you’ll need to know how much it costs to host people. Just to preface this, it would be almost impossible to lose money doing an Airbnb and you will gain some, but being realistic will help you make more. In considering the cost of renting out a space, you need to know:
- How much time you have
- Cost of your current utilities – water, electric, internet, etc. and how extra people will affect that
- The cost of purchasing and maintaining linens
- Cost/time of cleaning
- Cost of basic amenities like toilet paper, hand soap, and the like.
- Extra homeowner’s insurance—what you have to pay and what Airbnb pays (after all, you’re frequently having strangers in your home. Insurance is a good idea.…)
You will make more money being more prepared, so this is a good checklist to use when initially listing. If you’re already hosting through Airbnb, keep this list in mind and make sure that you’re not spending too much time or money so that hosting is no longer cost effective.
Another way to make more money through Airbnb is to have an appealing profile of yourself and home, including the best pictures which we’ll talk about in another post. You’ll get more bookings with an easily understandable listing than one that’s convoluted. Most find that to make the most of your Airbnb hosting, you should rent out the whole space. For some reason, renting a single hotel room feels different to people than renting a single bedroom, so having more space is preferred. If that’s not an option for you, make whatever space you’re hosting feel as big as possible in pictures and in person.
One of the possibly easiest ways to make more money through Airbnb is to keep your reviews high through being a great host with a beautiful, clean space. In terms of being realistic, you’ll need to know how to be competitive. There are thousands of options, but if you keep your reviews high, people will write good reviews and hopefully come back themselves.
Money is a very important thing in our modern society, so if you’re looking for more ways to increase your bookings, clean your house, or learn guest communication, you can contact us at firstname.lastname@example.org or call +61 280 335 335 to learn more about Airbnb property management thing. We’d love to help you to be the best short-term rental host you can be.