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.
Be Realistic About Earnings
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:
- Time Commitment: How much time you have to dedicate to hosting.
- Utility Costs: Additional expenses for water, electricity, internet, etc., due to extra guests.
- Linens: The cost of purchasing and maintaining bed linens and towels.
- Cleaning: Both the cost and time required for cleaning.
- Amenities: Basic supplies like toilet paper, hand soap, and other essentials.
- Insurance: Extra homeowner’s insurance and what Airbnb covers.
By being realistic and considering these factors, you can better estimate your potential profits and avoid unexpected costs.
Prepare Your Space
You will make more money by being well-prepared. Use this checklist when initially listing your space and regularly review it to ensure you’re not overspending:
- Appealing Profile: Create a clear and attractive profile for yourself and your home.
- Quality Photos: Use high-quality photos that make your space look inviting.
- Space Utilization: If possible, rent out the whole space. If not, make the available space feel as large as possible in pictures and in person.
Maintain High Reviews
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.
Additional Resources
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 [email protected] 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.