Make Money on Airbnb
Utilize unused space to make additional income. Learn how to list your space, receive bookings, and get paid.
What is Airbnb?
Airbnb is a popular online short-term rental platform that connects people who want to rent their space with people who are looking for a place to stay.
Why Should you do it?
No matter what kind of home or room you have, you can likely make money from your unused space. Airbnb allows you to dictate availability, pricing, rules, and more.
How do you do it?
1. Create an account
Go to Airbnb.com and click “Sign up”. After signing up, complete your account by adding profile verifications to confirm your identify. Do this by uploading either your drivers’ license, passport, identity card, or visa.
2. List your space
After creating an account, you can start advertising your space. To do so, click “Become a host” and then select “List your place”. Pick which type of place you are listing (apartment, house, guest house, etc.) and confirm whether your guest will have either the entire place to themselves, a private room to themselves, or will be in a shared room. Then decide the total number of guests you wish to allow in your space and how many beds are available. There are several additional self-explanatory questions to answer about your space, including setting your nightly prices. Consider these points while completing your listing.
Be realistic about your offering
Consider from guest’s perspective
Research the competition
Make basic design upgrades
Get high quality photography
Creative and concise descriptions
3. Receive bookings
After your space is listed, guests have the option to book dates that you have defined as available. You can host as much or as little as you wish as there is no minimum or mandatory date requirements. After you confirm a booking, Airbnb charges guests before arrival to ensure you get paid on time. Here are some tips for interacting with guests and getting bookings.
Maintain competitive pricing
Be timely and responsive
Increase positive reviews
Become a Superhost
4. Get paid
Airbnb typically releases your money about 24 hours after the guest is scheduled to arrive to make sure check-in goes smoothly. You can receive your funds through a variety of methods, though direct deposit or PayPal seem to be the easiest.
5. Clean and prepare
After your guests have checked out, do a walk through of your space and make sure everything is in working order. After confirming there are no damages to your space, clean, prepare, and restock your rental for the next guest.
6. Rinse and repeat
Complete steps three through five again and start collecting mailbox-money.
Frequently Asked Questions
How much does it cost to list space?
It’s free to create an account and list your space though Airbnb charges hosts a service fee which is typically around 3%. If you are going to host frequently you may consider an annual membership fee in lieu of paying per booking.
How should I choose a listing price?
To choose your listing price you should research comparable listings in your area to get a general idea of market rates. When listing your space, you can also add a separate cleaning fee if you do not wish to incorporate it into your nightly price.
What kind protection does Airbnb offer hosts?
Airbnb guarantees protection for up to $1,000,000 in damages to covered property in the event of guest damages above the security deposit or if no security deposit is in place. It doesn't cover cash, securities, collectibles, artwork, jewelry, pets or personal liability.
Make sure to check out our full suite of Airbnb, vacation, and short-term rental services and reach out if you want to learn how much you could potentially earn from your space.
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