Listing your house on Airbnb can be a very lucrative way of earning some extra money. Some people have even decided to make this their full-time job, and make thousands of dollars each month simply by renting out their home. It’s great because you get additional income that can pay off your mortgage, you can come away with a ton of profit, and you also get to meet plenty of people from all around the world. If you’re seriously considering renting out your house, make sure you read all the way through to make sure you have what it takes.
Pros & Cons to Renting Out Your House
Although Airbnb was born for tourists on a limited budget, it quickly expanded to the point that now anybody from any corner of the world can come and stay at your home. This isn’t only because staying at an Airbnb tends costs far less than the average Hotel, but also because you get the experience of renting out an entire house to yourself (or a large part of one). You don’t have to be stuck in a small Hotel room with your family, it can be as if you were back at home, or even somewhere more luxurious!
Some benefits to listing your house on Airbnb:
- You get to decide how much to charge
- You get to decide how often you rent out your house
- Renting out your house can help pay for upgrades to your house
- You get to establish your own House Rules that your guests will have to agree to
- You pay minimal fees to pay Airbnb for your bookings
- Airbnb offers payments through PayPal, direct deposit, or some other accepted methods.
Additionally, some risks to listing your house on Airbnb can be:
- You’re opening your home up to somebody you’ve never met before
- There’s a potential that your possessions may be damaged
- Your Guests may be too loud and obnoxious and anger your neighbours
Above all, the biggest risk for hosts is that their housing is damaged. Most stays are without any problems, there have been cases where some houses have been damaged and some objects have been stolen. Airbnb states on their website that damage to property is unlikely to occur but guarantees insurance covering damages up to a total of $1,000,000.
How much can you earn from Airbnb?
To quickly calculate how much you can earn from being an Airbnb host, visit Airbnb’s Hosting Calculator. The price you choose to list your home for depends on a variety of factors that you should take into consideration.
- The size and price of your home
- The amenities it includes (washer, dryer, fireplace)
- The facilities it includes (free parking on premises, gym, hot tub, pool)
- The season, as you’ll want to charge more during summer months than in winter months
- Your proximity to local shopping, groceries
Depending on the size of your home, location, season, facilities, and amenities you may provide, you can easily secure up to hundreds of dollars per night. If more than 2 people plan on staying at your home, then you’ll also be able to charge for each additional Guest.
What Should I Do To Make Sure My Guests are Comfortable?
It’s very important to think of yourself as if you were managing a Hotel. If you were to be staying at a resort, what types of services would they perform before a Guest arrives? Some things you’ll want to do are:
- Wash the sheets and make the bed
- Throw away any garbage and empty the garbage cans
- Replenish any toilet paper, paper towels
- Wash the floors/carpets
- Do the dishes
Making your Guests feel as comfortable as possible is really simple as long as you remember to take care of the small things!
What is a Superhost, and how can you become one?
Superhosts are what all Airbnb Hosts strive to become. They’re the crème de la crème of Hosts, and they’ve worked very hard to establish that reputation. When Guests stay with a Superhost they can breathe easy knowing that they’ll be staying with someone who’s rented out their home many times, and have almost, if not always received stellar reviews. A perk of being a Superhost is that you’re given increased visibility on the Airbnb platform. Your Superhost status will encourage potential Guests to stay at your house rather than some someone who may not be a Superhost, because they know that with you stellar service is a guarantee. Be warned though, becoming a Superhost means you need to pay attention to plenty of details to ensure that your Guests feel right at home. To qualify for being a Superhost, you need to have:
- A minimum of 10 bookings within the last year
- A 90% rapid response rate (responding within the hour)
- You can’t have cancelled someone’s reservations
- Have 80% or more 5-star reviews
As a result, it’s a lot to strive for, but the amount of comfort your Guests will have knowing you’re a Superhost is unparalleled. As an addition, being a Superhost is a bragging right in its own. Guests will know they’ll be having the best possible experience because you’ve paid attention to the needs of your customers in the past.
How You Can List Your Home on Airbnb
To become a Host, or find out how much you can make from being an Airbnb Host, we recommend starting with Airbnb’s Hosting Calculator. Next, you’ll want to complete the registration process by signing in with either Facebook, Google, or your Email address. Finally, visit your Profile page and find the Learn about Hosting link. From there you’ll be able to enter a bunch of information about your home, such as:
- Your Location
- Amenities (hot tub, pool, billiards table, gaming consoles)
- Some pictures of your home
- A compelling title
- A bunch of Booking Settings
- Some schedule availabilities
- Pricing. You can choose a different price for every day
Everything is under your control, and you’re free to rent out your house if and when you’d like. All in all, we suggest you give it a try. Airbnb is a great way to earn money, and you get to meet plenty of people in the process. If you’re serious about being an Airbnb Host I’d suggest taking a look at how do be a great Airbnb host as well as some things every Airbnb Host should have for their Guests. Happy Hosting!