Are you often out of town? Do you have a basement apartment? What about a separate guest house? If so, you may be contemplating making extra cash on Airbnb. Airbnb, much like companies such as Uber, has changed the way people see the service industry.
By visiting Airbnb, anyone can have access to thousands of short-term rental listings in cities across the U.S. and the world, whether they’re looking for a swanky apartment to spend the week at, or a simple, functional executive rental.
While Airbnb can be an excellent opportunity to earn cash for anyone who has some extra space to rent out, there is often a lot of competition in most cities, so it’s important to make sure you’re distinctive to short-term renters. Below are some ways you can either begin a lucrative Airbnb experience or boost your earnings if you’re already participating.
Be Ready To Commit Your Time
Sure, renting out a room, an apartment or an entire home on Airbnb can seem like easy money, and to an extent, it might be, but if you want to make it a steady source of income, you need to be willing to dedicate your own time. It’s important to spend time developing the online profile for your property and doing the little extras, such as providing coffee and tea, which make you stand out to renters. You’ll also need to consider things like cleaning time, the time you’ll spend answering questions from potential renters, and the check-in and check-out process.
Make the Space Visually Appealing
While it can be tempting to throw any old furniture into an Airbnb rental, it can be worth it to spend a little more in some areas, such as finding a comfortable and well-made bedroom set, or a great sofa. You want to give your Airbnb rental a personality and a style that most renters are going to find appealing, so spend a little time, rather than throwing in a disjointed collection of junk furniture and décor. Of course, you’re not going to spend a fortune, but it can go a long way to make it look really nice.
Get Great Photos
Put yourself in the shoes of a potential renter, or think about a time you have rented a vacation property or hotel room. The pictures have probably been one of the top things that either got you interested or deterred you from renting. All consumers are like that, so it’s essential that you have excellent pictures as part of your profile. Along with having pictures that are good quality, you might even consider staging them a bit, much like a real estate photographer would do. For example, add freshly folded towels in the bathroom, or a cup of tea and muffins for the kitchen pictures.
Be Clear With What Renters Should Expect
On Airbnb, much like other online marketplaces, reviews are everything. If you have even one negative review it can be difficult to get past as a renter, so to avoid that possibility, make sure your profile is completely accurate and you keep renters’ expectations in-line with what your space really offers. Embellishing may get you a few more renters in the beginning, but once they leave their unhappy reviews, it can make it hard to get anyone else interested.
Airbnb shows how the online marketplace is changing the way the world does business, and now is a great time to get in on the perks of renting a property. However, it’s also important to be willing to commit yourself as a host, if you want to maximize your earnings.