Starting an Airbnb and becoming a host is easier than you think! Here is The Ultimate Guide to making extra income by renting out your space with Airbnb!
How much can I make on Airbnb? This is the question I get asked the most. If you’re thinking about becoming an Airbnb host, your intention is more than likely to pick up a side hustle, not to start a full-time business. If this is the case, on average, hosts can make around 1K a month, only hosting a few times per month, but those numbers vary. First, you need to decide how much time and energy you want to spend hosting. Do you want to only host on weekends, for special events, or high season, or do you want to rent your space as much as possible?
How Much Can I Make on Airbnb?
If you’re curious about how much you can really earn by becoming a host, you can put in your location, the number of guests you can host, and how much of your home you can rent out on Airbnb’s website, and they’ll show you an average number to expect.
Of course, your true earning potential depends upon how much you charge for your space, and how often you can rent it out — both of which are ultimately dependent upon how much time and money you can spend on furnishing and maintaining your home. (Not to mention the sweat equity you’ll need to contribute toward making your space hotel-worthy.)
Planning your Airbnb.
Think about what makes you comfortable and impressed when you stay in a hotel. What turns you off or makes you feel disappointed? Guests want to feel welcome and comfortable in your home, so try to make the best possible experience for your guests. Your goal is to wow them and get a 5-star review, become a super host and get more bookings. Becoming an Airbnb Superhost takes effort, but the payoffs are worth it. On average, Airbnb Superhost properties receive 60 percent more bookings and are able to command higher nightly rates. Once a guest checks out you both have 14 days to make a review so everyone is generally on their best behavior from the start.
Click here to start to list your own place on Airbnb!
Setting your Price.
Look at other similar listings in your area and their prices during the peak times in your area. I don’t suggest using the Airbnb smart pricing or price suggestions as they were underpricing our property during these niche peak periods. Set your own prices. You can see other rentals in your area and what they are charging. You can check who else has an Airbnb in your area and if you’re in a hot rental market or not with AirDNA.
Always look at the Superhost listings in your area for inspiration. Check their listing descriptions and see where you could improve, and take tips from them to increase your own bookings. Reading their reviews can also shed light on what is making them stand out from the rest.
If you’re considering becoming an Airbnb host, it’s crucial that you receive the proper permission from your landlord, co-op board, or homeowner’s association, if relevant. Even before you approach your landlord, read your lease, which will let you know about subletting.
Depending on where you live, too, there might be legal restrictions to renting your home on a short-term basis. The best way to find out is to call your local city hall and ask some directly. Here is more information about rental arbitrage if you plan to go that route.
A great welcome letter is essential to set your house rules and give instructions on how to use the t.v, lock doors, etc. Always go that extra mile and add in your favorite restaurants and places in your town to visit so they can enjoy their stay with locals’ tips. Here is my Welcome Book Template! It’s full of the exact information guests expect to find in your home. You can eliminate the need for texts and phone calls back and forth, by providing this information in a clear printed document in the room.
Tips to Becoming a Super Host.
To make sure your guests’ stay is a pleasant one. Anticipate any needs they have with a welcome letter, personal touches, or unique amenities. If you know your booking is for a birthday or anniversary, a small gift or kind note can go a long way toward setting their mood. If you have a family with kids, perhaps some brochures for family-friendly attractions in the area, or details about special events during their stay.
Having nice toiletries will set you apart from the competition. You should go with something that is eco-friendly and won’t cause too much impact on the environment. My favorites are from Public Goods, use my code MAMMAMODEPGA for -25% off at checkout. You will always get great comments about these products in your reviews.
You can also go the route of putting a bigger bottle in the shower that takes care of shampoo, body wash, and bath bubbles all in one. In this case, go for something that smells great and is organic for a better impression. Going this route for $2o you can supply for about 30 guests. My choice is Everybody Soap It’s best to have two bottles so that you can refill them up when needed. I suggest buying a soap dispenser and buying a bulk bag of Meyers hand soap. It smells great and it’s on Amazon. Just refill after every few guests. People love Apothecary jars. These acrylic ones are inexpensive and you can fill them with makeup remover pads and cotton balls. I find guests rarely even use them, but they make a big impression, especially in the reviews.
Provide some Treats.
You really don’t need to spend more than $5 a booking. I usually buy 500 ml milk, a yogurt, a few oranges, and a glass jar of Muesli that I buy in bulk. We also provide a few water bottles and sodas. I find guests usually do not consume much, they may have a soda and water at most. I also leave a few treats in a cute metal basket next to the Airbnb welcome letter I provide. We supply some mixed nuts (they were $1 a bag at the grocery) and chocolate chip granola bars.
Will I need to report and pay taxes on Airbnb income?
In the USA If you rent more than 14 days in a calendar year you will need to file a supplementary rental income form with your taxes. But don’t worry it’s easy, just spend a few minutes each month to keep track of your Airbnb Income and any deductions you can claim for taxes with this free online accounting program WAVE. This can be exported to your accountant at the end of the year. Check with them to know if you need to collect state occupancy taxes. For most states, Airbnb will collect and remit on your behalf. Check your local laws for Airbnb rentals before you begin.
Use an Ambassador
Using an Airbnb Ambassador will ensure that your listing is optimized from the moment you go live. As well as blogging and hosting my own properties, I also work as an Airbnb Ambassador! This means that Airbnb Pays me to help new hosts through the start-up process of your hosting journey! It’s free for you! From your story and decor to setting up a listing and welcoming your first guests. I am your 24/7 mentor, to support you and answer all of your questions! And, once your listing is ready to go live, I’ll take a look at it and give you my personalized feedback! Here’s my invitation link to learn more!
Create a Branded Look!
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