May 9, 2020

How to make money with Airbnb |How to make money on Airbnb| Airbnb Business Model


In this blog post, I have explained briefly, how to make money with Airbnb, the Airbnb Business model, and the best strategies for making money from Airbnb. If you are curious to know how to make money on Airbnb, then this is the best post for that, I have explained briefly all the points which will make you understand how to make money on Airbnb.

So, Are you excited? Let's get started.



How to Make Money with Airbnb | Make Money on Airbnb



Table of Content
  1. What is Airbnb
  2. How to list with Airbnb and what to consider when listing with Airbnb.
  3. How to make money with Airbnb 
  4. How much you can earn with Airbnb
  5. Law, Legalities, and Taxes in your locality (Get familiar)
  6. Good review and rating leads to more earnings. (Simple trick)


1) What is Airbnb

What is Airbnb
What is Airbnb
Airbnb is an online platform that allows us to connect with the people, who want to rent out their homes with people who are looking for accommodation in that locality.

Airbnb allows people to rent out their properties or spare rooms. Airbnb takes a 3% commission on booking from the host and between 6-12 % from guests.

Airbnb is launched in 2009, Today Airbnb operates in 81,000 cities of 191 countries and they have over 5 million spaces to stay.

Airbnb
Airbnb

You can search for places to stay, monthly stays, and experiences, Just entered the location where you want to accommodate, date, and number of guests. results show you the photos of homes with prices very convenient. 


2)How to list with Airbnb

How to list your home on Airbnb
Simple tips and tricks to list your house with Airbnb, these are the most crucial steps for making money with Airbnb.

Visit to Airbnb site create your account and click on the host your home as you can see on the above image.


Step1: What kind of place do you have?

It asked you,  What kind of place do you have the entire place, private place, and share placed? so you have to select the one as per your property.
details to be entered here
details to be entered here


How many guests can be accommodated in your property? entered the exact location of your property. Then it shows the estimated earning, you can make per month, but according to many individuals who are earning through Airbnb, these estimates are completely wrong because they say, the earning is much higher than the estimation. to earn money as an Airbnb host you have to fill the details precisely.


Step2: What kind of place are you listing

First narrow things down
First narrow things down

Select one option. it could be flat, house, secondary unit, unique space, bed and breakfast or boutique hotel.


What type of property you own
What type of property you own

Now select what type of property you own, it shows you various options,  select one from them.


Then you have given the two options select as per your convenience. 


is this setup as a dedicated guest space?


  1. Yes, its primary setup for guests
  2. No, I keep my personal belonging here.

So you need to add the following information for listing on Airbnb.

  • How many bedrooms can guests can use?
  • How many beds can guests can use?
  • How is the sleeping arrangement? (Single bed,  double bed, sofa, etc)
  • Where is your place located? (Detailed)
  • Select the pin in the map of your exact location for hosting.

Step3: What amenities do you offer?

Small tip: Try to provide comfort for your guests as much as you can, If they rate you high the value for your hosting is improved, and making money on Airbnb will be a very easy task for you.

The site asks about the amenities and my suggestion is you should provide the following amenities to your guests.

  1. WIFI
  2. CLOSET/ DRAWERS
  3. HEAT AND AIR CONDITIONING
  4. BREAKFAST COFFEE AND TEA
  5. DESK/ WORKSPACE
  6. IRON
These are the essential elements that should be provided to the guests.

along with that you can provide safety amenities such as Smoke detectors, Carbon monoxide detectors, first aid kit, and fire extinguisher.

Step4: What spaces can guest use

You have to give the appropriate allowance to the guests in terms of spaces such as,
  • Pool 
  • Kitchen
  • laundry-washer
  • laundry- dryer
  • Parking 
  • elevator
  • hot tub
  • gym
Note: only mentioned these spaces if you can definitely provide to the guests.

Step5: Show travelers whats your space looks like

Upload photo of your place
Upload photo of your place
Make sure you will upload the images of the entire place, so that it gives a better understanding to your guests about the place.

Take photos in an appropriate lighting condition or try to take photos in daylight. sometimes shooting from a corner gives you a better shot than the straight one.

Remember that people are not able to touch or feel your property they all have the photos, review, and description so make sure you will provide them an adequate amount of data so that they can analyze that and take decisions accordingly.

Step6: Edit your description

How to write description
How to write a description

Describe briefly about your place, hows the lighting, about the furniture and amenities you are providing, etc.

You have to provide the other details such as neighbors, whom to call in an emergency, how to get around (give them your preferred choices).


The last step is to provide the name for your place and add other personal details such as IDs, etc.



3) How to make money with Airbnb

Before investing in the property you have to consider the various aspects of that region, locality, etc. there are hundreds of factors you have to consider before even thinking of making money from Airbnb.

1) Destination city and highly traveled area

You have to choose the city properly because when lots of people visiting the town, you have higher chances of earnings.

Property in the middle of the city performs well on Airbnb or near to football stadium or university performs well as rental houses.

2) Gives at least 4 bedrooms in your property to Guests

People traveled in large groups and they are looking for the Airbnb to stay, if you are providing accommodation for just 1,2 or 3 people then the guest will consider hotels.

For large groups they loved to stays in Airbnb if there is space according to the number of people. they need space for hangouts and parties and other stuff.

"IF YOU ARE INVEST IN RIGHT PROPERTY AND STARTS EARNING WITH AIRBNB AFTER YEARS PROGRESSIVELY THE WORTH OF PROPERTY IS INCREASING, IF YOU SELL THAT YOU WILL HAVE VERY GOOD PROFIT WITH THAT PROPERTY SO INVEST PROPERLY"

3)Give Style to the place

This is the most important point for renting on Airbnb, Style your place, make it beautiful, put some plants, better color.

people look for unique style such as pool table in the house things like that attracts lots of people. you have to give something unique to the visitors, where they can relax, chill and enjoy.

So, when they leave the house they must have a unique experience as compared to other Airbnb houses.

When they look at the place in the photos, they must say, I want to stay at that place it looks cool.

4)Cleaning fee (Important to mentioned)

this is a very important step, always mentioned the cleaning fee on Airbnb.

Here is the trick, you should have at least two groups in contact so when you are not able to clean the house these groups can do that for you. this depends on how much involvement you can have with this,  you can hire someone for managing all of your properties so that you don't have to do anything by yourself.

And when you have time clean it by yourself and keep that extra money in your pocket. yes you can money from Airbnb without even getting inside of your property.


4) How much You can earn with Airbnb

The answer to this question is vary from location to location, number of properties you listed on Airbnb, and other factors, but with the help of experiences of people we can predict the amount you can make it. this is very important when we consider the question of how to make money on Airbnb?

Number or reservations in the month, more the reservations higher the earnings. higher the rating higher the earning.

well average earning from a property of Airbnb is $2000-$4000.

IF YOU HAVE HUGE APARTMENT AND NUMBER OF PEOPLE ARE MORE THEN THEY MIGHT STAYS FOR LONGER TIME AND HENCE THE MORE PROFIT YOU WILL EARN ON THE SINGLE RESERVATION.




5) Law, Legalities, and Taxes in Your Locality

First you need permission to list your house on Airbnb. your locality must require a business license. you might owe local taxes on any income you earn. 

For example, you might have to pay Transient occupancy tax, the same tax that applies to hotel and rental properties. but hotels are smart enough they pass these taxes to the guests.

You will also owe federal tax on Airbnb income. Some cities have laws that restrict your ability to host paying guests for short periods. 

These laws are often part of a city's zoning or administrative codes. In many cities, you must register, get a permit, or obtain a license before you list your property or accept guests. 

Certain types of short-term bookings may be prohibited altogether. Local governments vary greatly in how they enforce these laws. Penalties may include fines or other enforcement.

In some tax jurisdictions, Airbnb will take care of calculating, collecting, and remitting local occupancy tax on your behalf. 

Also the occupancy tax is calculated differently in every jurisdiction.  Airbnb gives you support when there are legalities is involved just call them.


6)Review and rating leads to Making money through Airbnb 

Give the best experience you can give to the guest and they will give your feedback in the Airbnb portal. if the feedback is good it will attract more people and your reservations increase for each month.

Rating on the Airbnb portal is also crucial when you listing your property people tends to give the rating to the house as per there experience so make sure you provide them the proper accommodation facilities

Also make sure the address you have gives is properly mentioned the exact location of your property and it will be near to the city center or bus or train station.

Thank you soo much for reading if you want to ask anything then comment section is all yours, I hope you understand the concept of how to make money with Airbnb.

Thank you.





3 comments:

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