Airbnb is a website where you can list, find or even rent lodging. It was founded in August 2008 in San Francisco, California and it is a privately owned and operated company. Currently, it has over 1.5 million listings in 34,000 cities and 190 countries. The initial idea of AirBed & Breakfast website was to offer living quarters, breakfast and unique business networking opportunities just for a short time for people who were unable to book a hotel in the already flooded market. Now it has included properties in the market such as Couch Surfing and hotels.
You can offer your home or part of it as Airbnb if you need extra cash to pay off some debt or even if you have extra space that you are not using at that moment. To make money with Airbnb you need to do the following:
List At The Website
Listing is free so all you need when you have a free space is to decide what the price is. Price can be determined by looking at what other competing listings are going for but you need to consider things like utility bills, taxes and Airbnb host fee which is 3% for processing payment. The guests pay 6% to 12% booking fees to Airbnb. Describe well what you are offering such a Wi-Fi and make sure to include toiletries. Clean, declutter and make the space very presentable. A photographer from Airbnb will take photos of the space, and then your listing will be displayed on the Airbnb website.
Get Permission And Pay Taxes
You need to get permission if your property is controlled by a homeowners’ association or co-op before listing the space on Airbnb. If renting, check rules to see if you are allowed to host and for how long. You may be living in a locality where you require a business license and you are required to pay taxes on any income you earn.
Being At The Right Place
Some cities or towns will have more listings and get more opportunities for Airbnb more than others. The coastal town, warm weather, and even affordable housing are some of the factors that high opportunities to be at the top. People will always want to visit such places so invest in offering space in such areas.
Offer More Space
You will definitely make a lot of money when you list a much bigger space and amenities than a small space with fewer amenities. You can have multiple listings as most reservations are made to hosts with multiple listings
Respond On Time
Your response rate should be quick to any email or text notification you get. Your account will display the percentage of your response rate and this improves your ratings. Your response rate will be lower if you take longer to respond