You’ve probably already heard of Airbnb, it’s become a cornerstone of modern-day accommodation the same way uber has grown to be our ideal form of transportation, but for those that don’t know Airbnb is a site/service that lets you rent out that extra room in your house to travelers like me!
I personally live in Airbnbs over 90% of the time so over time you learn a trick or 2, and in this article, I’ll share everything you need to know to be able to leverage Airbnb to make money.
How To Make Money With Airbnb
Become an Airbnb Host
One of the simplest ways to make money on Airbnb is to rent out an extra room in your house! It can be quiet lucrative and you can pretty much pay off your rent just from the money from Airbnb.
How To Be An Airbnb Host?
Well, it’s insanely simple, to be honest.
- Just sign up for Airbnb by clicking here
- Verify your profile and ID
- Click “Become a host”
- Add a new listing
- Take good pictures of your place
- Add an eye-catching description and list the facilities available
- That’s it! Get those $$$s
As simple as creating a new social media profile.
Now they’re a few key points that make the difference between someone who is successful on Airbnb and some who isn’t
- High-quality photos: A lot of people are going to be scrolling through the listings and if the pictures of your place look generic the odds of them clicking through are pretty low.
- Understand your guest and have a USP (Unique selling proposition): you need to have something unique to make you stand out from all the other listing in your area.
- For example, check out this listing I stayed at during a layover in Bangkok. It’s pretty clear on it’s selling point of being geared to people who want a place they can sit down with their laptops and get work done without having to go to a coworking space. It’s basically geared to Digital Nomads like me.
- Understand your ideal guest and gear your description for them: If you place ideal for families, is it baby proofed? Mention that.
- Do you want short-term renters or people who will book a minimum of a month? You can increase your prices and offer great discount percentages for monthly renters so that you don’t have to deal with new guests every single day.
- Ask your guests to review you. Reviews play a big role in the rankings in Airbnb, so if you can overdeliver on your listing and your guests have a great stay, they’ll be more than eager to give you a good review.
Airbnb Properly Management
Maybe you always wanted to become an Airbnb Host for the income or because you’ve got an empty place but don’t really want to deal with the hassle of having to check-in guests or you’re someone like me who travels the world. Well, you are leaving potential money on the table.
One simple fix would be to have a family member/ friend handle things in exchange for a share of the profits.
In case that’s not possible, you can always go out there and hire a property manager to manage your place. There are also now Airbnb specific property managers, read this post by Renting Your Place about it.
How To Make Money On Airbnb Without Owning Property
Become A Property Manager
If you don’t have a house or a property of your own, you can become a property manager and help other people who want to earn money on Airbnb by listing their Airbnb’s on the site and helping them manage it and take a cut.
Your responsibilities will usually include replying to guest messages, check guests in, top-up amenities and turn the property over after each booking. Most properties managers make around 10%-20% of the revenue.
This is an extremely risk-averse way as you don’t have to have your own property to get started and just focus on building your network. You can also do these with furnished apartments or even some hotels.
Earn Free Airbnb Travel Credit
Maybe you’re someone like me who can’t host as they don’t own a place or maybe is always traveling. Is it still possible to earn money on Airbnb? well… Yes and No.
Airbnb does have an affiliate program! however, they are very strict on it and only accept people with over 1M monthly visits or app users so even I couldn’t get it. So guess we have to hand in the towel eh?
Not exactly, if you go to the invite friends section of Airbnb you can earn Airbnb Travel Credit by inviting other people to use Airbnb. You earn $20 for every person that takes a trip after clicking your link.
Now, what’s in it for them?
Why would anyone click your link?
Well, they get $40 off their first trip of $75 dollars or more. That’s over 50% off, sounds like a pretty darn great deal to me instead of signing up at airbnb.com and paying $75.
If you’ve got a large Instagram account or a blog the credits can add up and then eventually you never have to pay for Airbnb’s again as you earn them faster than you spend them.
Here’s a screenshot of my Airbnb dashboard over the past week with the travel credit I earned:
While I may not earn hard cash from Airbnb, as someone who travels full time, having my lodging always paid for me is an insanely great deal saving me 100s of $ each month
Ready To Make Money On Airbnb?
So whether you are going to become a host on Airbnb or if you are going to starting collecting some Airbnb credit, it’ll take making a lot of errors at the start but you will learn from your mistakes and get better the more you do it. So why not just give it a whirl and try.
Read Next: Airbnb Coupon Code