If you are looking to make some extra cash, why not try hosting your home through Airbnb. You could rent out a spare room, granny flat or your entire house when you are away.
I rented my home out through Airbnb when I went on a two week trip to Sri Lanka, and the payment from Airbnb paid for my entire trip! How cool is that?
Now I know the thought of having strangers in your home can be concerning, but if you can get past that and think about the benefits, you could make yourself some serious cash.
After all, you stay in hotel rooms all the time where other people sleep so what’s the harm in hosting someone in your house from time to time. In my opinion not doing so is a wasted opportunity to make money and lots of it. You can literally make thousands each week!
This is everything you need to know about renting your home through Airbnb.
How Airbnb works for hosts
Thankfully, Airbnb has made the process very easy for both hosts and travellers. These are the steps involved if you want to host your home through Airbnb:
- Create an online profile with Airbnb
- Take visually appealing photos – this is really important because people book with their eyes!
- Post your home, including photos and a detailed description
- Set your price.
- Provide your bank details.
- Open your calendar – select the days you wish to host and block the days you don’t want to host.
- Wait for your first booking to come through.
- Welcome your guests.
- Get Paid.
Getting everything prepared to host your home on Airbnb will take you a little bit of time initially, but once it is set up, you will have the profile forever.
After it is set up, you can monitor and manage bookings / your calendar through your Airbnb hosting dashboard.
This is how Airbnb works for hosts!
Are you an Airbnb guest?
How much can I charge guests on Airbnb?
The price you charge for your listing is completely up to you. I suggest doing some research on similar properties in your area and pricing your property accordingly. To be competitive, you may want to price your place slightly lower than your competitors.
Airbnbs smart pricing tool will also provide recommendations on setting your price, but ultimately, the choice is yours.
You can charge additional cleaning fees, or you can incorporate the fee into the nightly rate. As a guest, I prefer it when the daily fee covers everything.
Is Airbnb safe for hosts
Renting your home to strangers certainly involves you to open up and trust the process. The reality of it is that something could go wrong, but it may also go perfectly.
When I rented my home through Airbnb I returned to a perfectly clean home and a full bank account. I was pleasantly surprised.
Airbnb has a number of practices in place to ensure the safety of hosts and guests.
Through Airbnbs Host Guarantee, you can relax knowing that you are covered for property damage and have Host Protection Insurance for liability. Airbnb provides $1M protection for property damage and $1M in liability insurance.
In addition, all guests are required to provide government ID before booking, meaning that if something does go wrong, Airbnb will be able to identify the guest through government databases.
When accepting a guest, you can read their past reviews, to find out what other hosts have to say about your next guest. This is very helpful in deciding if you will host them in your home.
When setting up your Airbnb profile, you can specify house rules, and all guests are required to read and accept the rules before booking. You could state no parties, no smoking, no animal, no noise after 10 pm etc.
Generally, guests are just looking for a place to stay, and are respectful because they know it is someones home.
If Airbnb hosts do you any concerns, Airbnb offer 24/7 global customer support, so you always have someone to call.
All of these steps that Airbnb has put in place helps make Airbnb safe for hosts and guests alike. But the reality is that no one can guarantee you that Airbnb is 100% safe.
Airbnb rules for hosts
Although you can simply create an online profile and start making money today, there are some Airbnb rules for hosts that you need to consider.
Firstly, some local governments have made Airbnb illegal. You will need to check your cities law in relation to hosting through Airbnb. This is your responsibility as an Airbnb host. In some cities, you may even be required to obtain a permit or licence to host your home with Airbnb. You will need to do your homework on this one.
If you do decide to rent your home through Airbnb, you will be required to pay taxes. Many Airbnb operations are covertly avoiding paying tax which is causing huge problems for municipal governments. Airbnb has consistently refused to hand over private data on the owners of Airbnb rentals, but they may release the information one day and you don’t want a surprise tax bill. It is your responsibility to declare the income and pay taxes.
You may also wish to take out additional insurances to protect yourself!
Airbnb Fees for hosts
There’s no cost to sign up to Airbnb. Airbnb generally charges hosts a flat 3% per reservation and takes this directly from the payment.
Once the guest checks in, the payment will be sent to you via bank transfer or PayPal, as specified by you.
Airbnb tips for hosts
To be a successful Airbnb host, these are my tops Airbnb tips!
- Put time into creating a beautiful profile. If hosting is something you want to do long-term, you may even consider hiring a professional photographer to get your photos.
- Write a detailed description that will encourage guests to book. Remember, you are competing in the marketplace, so don’t expect to post your home and book out every day. You need to stand out from the rest.
- Keep your calendar up to date. If you can’t host on a certain day, block your calendar. If someone books and you cancel, Airbnb has the right to cancel your account.
- When preparing to welcome your guests, ensure the property is clean and consider leaving a personal touch, such as a handwritten note, some chocolates and wine.
- Be aware of your legal and tax obligations, this is your responsibility and Airbnb will not be there to support you.
I hope you found this Airbnb guide for hosts helpful. In my opinion, hosting your home through Airbnb is a great way to make some extra cash!