Do you have an extra room that you would like to make a few extra bucks from? Maybe you have heard about how much your friend is raking in by hosting their home on Airbnb and you decide to get a dedicated unit for renting out. Regardless of what your motivation or situation is, there are some important things that you need to think about first:
Goals vs expectations
Yes, you want to make money by renting your room or real estate on Airbnb, but what exactly are you expecting? Are you after an occasional extra income or would you prefer to get a consistent and reliable secondary income? Are you interested in building a short term rental empire or are you in search of replacement income? Depending on what your goals are, the amount of time, capital and risk associated with hosting on Airbnb will be different.
Inviting strangers to your home
When you decide to host on Airbnb, you should bear in mind that you are literally inviting strangers into your home. If you are only renting part of your home, you will essentially be living with strangers under your roof. You need to ensure that you are ready to deal with this and quit while you are ahead if it makes you uneasy.
In the beginning, signing up and then running a successful Airbnb listing requires considerable time and effort on your part. Are you prepared to do that? You can always join Airbnb using http://randyblanco.com and win up to 10,000 promotional earnings. Once you have got all the procedures down, you will not have to spend that much time handling the bookings and will only be on call during emergencies.
Have a compelling listing position
What makes your unit different or special? Why would a potential guest want to book your unit instead of going for something else? You will have to come up with a compelling offer that will attract guests and get them to favor you amongst the competition. You will need to provide appropriate descriptions, good photos and a reasonable price to position yourself right and generate the income you want.
One important thing that you need to bear in mind is that pricing doesn’t mean that you simply set your weekday and weekend rates and then not revisit them again. Unless you don’t want to earn as much profit as possible, it will take some time for you to get optimal pricing right. You will have to monitor the competitive rates and then optimize your own prices for the highest profit.
Keep up with the market
Last, but not the least, you should know that in order to become a successful host on Airbnb, you will need to constantly learn and adapt your listing. There are factors such as guest tastes, market conditions and even local law that have to be considered and the preferences of guests during different seasons as well.