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How to Make Money With Airbnb

How to Make Money With Airbnb

How you can Make Money Renting out a Room, Your Whole Place or by Providing Experiences!

Airbnb used to just be about renting out your room or home but now you can provide experiences to make money on the side too.

I’ve used AirBnB for a few years now and love it. You can get a bonus when you sign up and complete your first listing/booking.

It’s surprisingly easy to get started and I’ve made as much as $1,300 in a few days renting out my small apartment.

In Canberra, I rented out a room and now I can provide experiences where I live which tourists can book too.

While I currently live in the city centre, I previously lived on the outskirts of Canberra and used Airbnb there too.

The pricing is different depending on where I am located and what I am offering (e.g. whole house, just a room or a tourist experience e.g. photowalk, a tour of an area, ghost tour, photographer for the tourist hot spots, cooking class, meeting famous people etc.)

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How to Get Started With Airbnb

Before you get started, you need to check a few things. Check your insurance to see if you are covered if you rent your property on Airbnb and if you are renting your home, check your lease to ensure it is ok to do.

You need to make sure you are covered if anything happens (there have been some horror stories) and also not doing anything that could breach your lease.

Some buildings don’t allow Airbnb and some councils don’t allow short term rentals anymore either.

If it is all good to do where you are, you can sign up for free and get started.

Take Amazing Photos

Depending on where you’re based you might be able to get a photographer for cheap through Airbnb to do photos of your place. If not, you need to take great photos.

Think about what you’d want to see when looking to book. Make the home or room look light, airy, welcoming and guest-ready instead of having it look like a dark, spare bedroom full of junk.

Write an Accurate Description

Follow the steps to do your listing and make sure everything you put in is accurate. Be super clear about what is on offer and what’s off-limits.

Set rules for the home, instructions for how to get the key, solid check-in and check-out times, pick your price (base it on how much rooms are going for in your area or do it a little less to get your rating up when starting out), then list it!

What do I Recommend?

There are a few key things aside from great photos and an accurate listing everyone should include to make sure it’s a smooth transaction for all involved.

1. Remember People Expect Hotels

Yes, this is your home, but people generally have high expectations. Keep it as clean as a hotel, offer nice linen, have a guidebook for the area, be great with communication and listen to all feedback.

If hosting children make sure the home is safe. I don’t rent to families with young kids because we have LEGO and other items I view as choking hazards.

Also, in the apartment, I simply felt it was too risky to have small kids. Look around your home and think about what would be a hazard then fix it.

2. Go The Extra Mile

As a minimum, people expect linen, towels, toiletries etc. Offer a welcome basket for bookings longer than 3 days or make sure your place has tea, coffee, long life milk, butter in the fridge, that sort of thing so people can make themselves a cuppa as soon as they arrive.

Alternatively, make it clear if the kitchen is not available for use.

3. Have Clear Rules and Consequences

I worked this out after having a few great bookings then one who was not so great, ate my food, left it dirty and didn’t leave on time, resulting in needing Airbnb to get involved.

Have a set check-in and check-out time. With your rules, make it clear if they do not check out on time, a fee is payable for each hour they are late or something similar. This is agreed to when they book.

Have your settings include a security deposit e.g. $500 so if the worst happens and you need to act on this rule, there is a security deposit Airbnb will draw on.

This is what happened to me and Airbnb customer service was fantastic.

4. Have Airbnb Only Stuff

Separate towels, specific linen, a box with coffee etc, mini toiletries and so on can be kept together and used just for Airbnb.

This way it is in great condition and you can whip it out when your place gets booked.

5. Add A Cleaning Fee

Cleaning fees are expected and by having one with your booking you can either keep the fee or pay a cleaner.

For people with back to back bookings, paying a cleaner is easier.

There is a lot of backlash now regarding cleaning fees and expectations from some hosts around what you have to do when you check out.

Be reasonable with your fees and what you want guests to do upon checking out.

6. Really Sell the Uniqueness of Your Place

What makes your home better than others or sets it apart?

Are there great attractions nearby, do you have animals, is it all-inclusive, are you in a hot location etc. Work it out and be descriptive.

Use words in your listing which will make your guest feel like they are already there.

Be amazing with it, but also be honest. I am a single mum of two kids, so when I was renting my place I made that clear.

When renting just a room in Canberra, I mentioned the kids, the chickens, everything.

Here in Melbourne, I rent the place out while I’m away and I make mention that one room is mine, the other is my kids so it is a Queen bed in one and bunk bed in another, plus there are some kids toys which can be left out if desired, but the place isn’t suitable for toddlers. Be honest and specific.

7. Add The Guidebook Info!

Add in what you are close to, places for people to see and things to do to give them an idea of how far away your home is from everything they want to do.

Feedback for me has been the guidebook really helped.

8. Written Instructions

Include instructions for how to use everything such as the dishwasher, Netflix, AC etc. This little page of tips has helped all my guests.

No one wants to ruin something or spend ages trying to work out how to use something. Make things as easy as possible for yourself and your guests.

9. Use The App

Download the app so you can communicate easily, edit your booking if needed and do everything on the go.

This is essential since people expect immediate responses and Airbnb has rules around how long you have to tend to any issues.

10. Check The Settings

If you want to be a superhost you need instant booking turned on (this also increases the chances of bookings).

However, I prefer not having instant booking on so I can check guests and see if they are ok.

Go over all the settings and make sure you are comfortable with everything before making your place live.

You Don’t Need to be on all the Time!

Decide when you want your place to be available then block the rest of the calendar.

My apartment was open only when I go away since the place is only big enough for my kids and me.

You don’t need to have it available 24/7.

Do Experiences Instead

If you don’t want to rent out your home, you can offer to do experiences instead such as taking photos for a set period of time as iconic locations, do a ghost tour or offer a cooking class.

Things like this are popular provided you have a point of difference with it to make it really enticing. This option isn’t available in all cities yet.

As you can tell, I have had a pretty good experience with Airbnb. Yes, I am aware there are a few cases of things going wrong, but it’s not common and Airbnb have been fantastic with customer service when I have needed help.

Have you used AirBnB? What do you think?

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Meridie Fricker

Thursday 12th of November 2015

This sounds like a business I started in Adelaide years ago to coincide with the first Australian Grand Prix. Insurance companies were reluctant to endorse a system of private rentals. So homeowners were not covered (if the guest was injured on the property or their home contents were stolen or damaged.). How did your insurance company react?

The Thrifty Issue

Thursday 12th of November 2015

AirBnB has insurance to cover any damage to the property etc. And yes, people have had to claim and it went fine.

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