How to Make Money with Airbnb & Travel the World
The sharing accommodation economy has enjoyed a meteoric rise over recent years and is predicted to be worth around $335 billion by 2025.
Community-based platforms have become increasingly popular and it’s a great time to make money with Airbnb, VRBO and other rental websites.
Let’s explore why you might want to get involved in the vacation rental industry and how becoming an Airbnb host can help you to top up your income.
Benefits of Becoming an Airbnb Host
Here are some of the top reasons why you might want to to be an Airbnb host:
- You don’t need to own a luxury house or apartment, anyone with a property or even a room can host people and rent out the space and make money on it
- Earn extra money to pay towards your lifestyle, bills, debt or fund travels
- You can offer short or long-term rentals - it is very flexible
- Meet people from all over the world, some people could turn into lifelong friends
- Learn about other people and cultures
- Show off what your city or hometown has to offer
- Get an excuse to modernise your home
- Everything can now be done remotely
How Much Money Can You Earn as an Airbnb Host?
Airbnb earnings can vary considerably. Hosts can make anything from around $200 to $10000 per month depending on factors such as the number of vacation rental properties owned, location of the rental(s), etc. Research suggests around half of all Airbnb hosts earn over $500 per month, with the average earnings reportedly around $924 per month.
How Do I Become an Airbnb Host?
Thinking of being an Airbnb host? Here are some top tips to succeed:
First off, you need to consider what type of rental you are going to offer. Be that a single room with a shared kitchen and bathroom, the top floor of a palatial abode or an entire apartment or home.
Hosts need to ensure their property is made as attractive to the rental market as possible to secure bookings and make money with Airbnb. The interior and exterior should be neat and clean, and home comforts, such as clean bedding and a fully-stocked kitchen, should come as standard.
You will also need to get permission from the relevant parties before you begin. Find out if there are any government or local authority restrictions relating to vacation rental owners and renting out properties. Restrictions can vary from area to area. If you are involved with a landlord, homeowners association, etc you must also seek permission before even entertaining the idea of becoming a host.
Once you’ve crossed all the t’s and dotted the i’s you can take a closer look at the rental market and locality.
Research is the key – find out what your competitors offer and the price they are charging. Your price should be low enough to attract attention but high enough to cover your costs and make money on vacation rental.
Once you have everything in place you can set about marketing your pad and finding the right guests. It’s wise to screen potential Airbnb guests before you accept a booking, after all, you are inviting strangers to stay in your home!
You will also need to offer friendly customer service and be totally honest in your offering, you don't to mislead any potential guests or receive negative feedback.
How Do I Manage My Airbnb Vacation Rental Business Remotely?
If you’re off traveling the globe you will need to find a way to keep your Airbnb vacation rental business ticking over in your absence. Property management can be all-encompassing so you are going to need some help!
There’s plenty to do, from cleaning and replenishing your rental, to communicating with guests, dealing with bookings, updating availability calendars and providing feedback. You can utilize an Airbnb management service to look after the practicalities such as cleaning and maintenance etc. You can also request they deal with guests in terms of meeting and greeting. This will ensure there’s still a human touch even though you can’t be onsite yourself.
You can also invest in an Airbnb automation service. Vacation rental software, such as iGMS, allows you to host remotely:
- Manage vacation rentals across various channels.
- Manage reservations and update your calendar.
- Schedule responses to guest messages and automate feedback and reviews.
- Manage check-in and check-out via key management automation.
- Communicate with your cleaning and maintenance team and set tasks.
- Create financial reports.
So just think, you could be sitting on a beach in Bali with your home rented out providing you with an income whilst you can keep checks on everything via your phone.
Can I Balance My Business with Travel?
So, we’ve ascertained you can make money with Airbnb and use the income to head off on your own adventure. But to run your Airbnb business smoothly you will need to put the right tools in place.
It can be daunting to jet off on a long trip and leave your Airbnb business effectively on autopilot. However, providing you choose the right systems and software you won’t have anything to worry about.
Automation can be a real bonus for hosts, it not only affords you freedom but can also improve efficiency and productivity. You no longer need to be chained to your vacation rental. Instead, why not take off on your own adventure safe in the knowledge your pad will be well-managed and your guests will be taken care of.
Becoming an Airbnb host really is a fantastic way to earn extra money which can help you to travel more. It has also never been easier to get started, so if you have a room, appartment, house or villa you want to make money from, the vacation rental market is perfect.
Have you ever used Airbnb? Or do you host people in your home? Got any advice or recommendations to share? Let us know in the comments section below.