Finding an excellent source of income is possible if you know how to make money with Airbnb. Millions of people across the world are making big money with Airbnb. It is possible to join this ever growing number.
You might believe that giving a room for guests is the only way to make money with Airbnb. There are 12 different ways to make money with Airbnb including renting out accommodation.
Making Money with Airbnb
There are several things that need to be done before you make money with Airbnb. These include finding rates of hotel rooms in your area, getting a room, apartment or house ready to match Airbnb standards and lots of other groundwork.
1. Work for Airbnb
Working for Airbnb is the surest way to make money from this company. Currently, Airbnb has more than 3,000 people around the world on its payroll.
Airbnb has head offices in San Francisco, California. However, the company has extensive operations worldwide. And offices in several countries outside the US.
Airbnb requires staff at its various offices, locations and destinations as well as remote workers or telecommuters.
Additionally, Airbnb hires temporary staff at every location, especially during peak travel seasons. They also offer internship programs in certain categories for students.
The company has a constant need for new staff in various specialized and general fields. Whether you are a lawyer or engineer, travel expert, management expert or a trainee, Airbnb has a job that matches your education and skills.
Further, average salaries of Airbnb range between $ 30,000 and $ 210,000 per year, depending upon your skills, location and designation.
2. Host with Airbnb
Hosting with Airbnb is very profitable. Thousands of people worldwide earn more than $ 10,000 per month simply by joining Airbnb as host.
Some have become millionaires, according to various reports.
To become a host with Airbnb, you need to rent out a furnished apartment, home or room to guests arriving at your city from distant locations. These guests are domestic or foreign travellers.
Any person of 18 years or older and located anywhere in the world can register as host on Airbnb for free. Once Airbnb confirms your registration as host, login to your account and list the room, apartment or house you wish to rent out as host.
Upload excellent images of the property. Write its brief description. Tick on various amenities such as free Wi-Fi, free parking etc. that you will offer.
Also list your terms and conditions on the listing and of course, the price for the accommodations.
If you are hosting, Airbnb offers several features. They allow you to control the types of guest you want. Means, you can choose the profile of guests.
Airbnb has a strict ‘No Discrimination’ policy. This means you cannot discriminate guests on the basis of their religion or nationality, race and gender, among others. Therefore, make sure you read their terms, conditions and policies carefully before registering as host.
Further, Airbnb has a very transparent, two-way review policy: the guest and host review one another. This ensures you get a fair review.
Money for your premises is taken by Airbnb. You get the money if the guest has no complaints with the property and finds it matches your posting.
If any complaints do arise, Airbnb gives you an opportunity to rectify the problem quickly.
They also protect you against last minute cancellations by giving you part of the money the guest would pay as rent.
3. Airbnb Insurance
These are not really ways to make money with Airbnb. However, you can get some money under the clauses of this insurance. However, these would be unfortunate and undesirable situations.
For every confirmed booking of your property, Airbnb offers Host Guarantee, a $1 million property damage protection. This means, your property is safe against any damages that a guest may cause.
Additionally, your host gets a $1 million accident cover under Host Protection Insurance. This means, your guest has insurance for treatment of any injuries or accidents they might sustain while living on your premises.
Generally, these covers supplement your homeowner insurance. Airbnb insurances are in force as long as a guest stays on your property.
4. Airbnb Arbitrage
Airbnb Arbitrage is a system that allows you to become a host and make money with Airbnb without owning property. There is no such official Airbnb system. Yet, it is a good way to launch a startup that works to make money with Airbnb.
Generally, arbitrage is a system where an investor makes money on the price difference in the market.
With Airbnb Arbitrage system, you can rent a furnished room, apartment, condo or house at a top destination. You enter into a long term lease agreement with the landlord or the property owner.
Get explicit permissions from the owner to allow leasing the property through Airbnb. Once you have such property at a hot destination, put it up for hosting on Airbnb at a higher price.
Usually, the system works well for destinations which are in demand among Airbnb customers. Hence, you will have to do some research to find and shortlist the hottest destinations.
But there are major flipsides to Airbnb Arbitrage. You will have to put money upfront while leasing accommodation. Also, the agreement has to be long-term to get better rates from the landlord.
And most destinations are not in demand round the year. Which makes getting customers difficult during off-peak season while you lose money on the lease.
You need to make really big money during the peak season. This will cover up any losses due to fever or no guests during off-peak season.
5. Offer Extras to Guests
Once you become a host, there are more ways to make money with Airbnb. Include extras such as breakfast and other meals, travel services, Virtual Assistance, guided tours and sightseeing, airport-home transfers, tickets to events, currency exchange services and opportunities to host a party or celebration, among others.
If you wish to offer these extra services, mention them explicitly on your Airbnb post. This helps guests to book the services before arrival.
Some hosts charge guests for cleaning. However, this can be a major put-off. A guest chooses your accommodation over a hotel for several reasons. And hotels do not charge you for cleaning the room.
6. Host an Experience
This is the latest addition to Airbnb services. You can host an experience. Simply put, it means you host a visitor at home and provide them a unique experience that is not available from regular travel companies.
You can offer a wellness and fitness experience or teach cooking your native cuisine. Teach someone to paint or draw or show them how to create exquisite wines and other beverages. Or take them on an adventure which you are fond of.
Hosting an experience is very enjoyable for both- the guest and you as the host. Airbnb experiences cost more. Since you are offering a rare experience, it is possible to quote a better price. It allows the guest to experience a place like a local.
7. Airbnb Referral Program
Airbnb has a fantastic referral program, just in case you are unaware.
You can earn up to $ 5,000 per year simply by inviting relatives and friends to join Airbnb as hosts. Invite relatives, friends and social contacts to join Airbnb. You need to send them your unique referral code by email, Facebook or Twitter. You also need to send Airbnb credit with this referral code.
When a relative, friend or contact travel with Airbnb, you get back 50 percent of your Airbnb credit. And much more credit when they host someone. Airbnb referral program is very generous.
You can earn lots of Airbnb credit when your referees host or travel. Airbnb credit gets you free stays for your holidays. Or they can be used for a relative who is travelling.
8. Airbnb Affiliate Program
There are two distinct affiliate programs to make money with Airbnb. One is the Guest Affiliate Program. Other is Host Affiliate Program.
Both of these Airbnb affiliate programs are very popular. You can join one immediately and make money with Airbnb.
9. Airbnb Events
Airbnb Events works in two ways: for the event organizer and for Airbnb hosts.
While hosting an event, you would definitely look at attracting the highest attendance. Sign-up with Airbnb and provide few details of your event. Airbnb will create a custom event page and widget especially for you.
As host, you can also use Airbnb Events. If there is some major event being held in your city, provide your accommodations for event organizers and visitors.
You can increase the price if the event is really large and hotels in your city would be unable to cope with the rush and demand for rooms.
10. Train Airbnb Hosts
Training is an excellent way to make money with Airbnb. Most people are unaware about how to host with Airbnb. Hosting with Airbnb is not merely offering your room for guests.
There are several other factors you have to consider. One among these is hotel room rates, the other is how to get the highest price for your accommodation. And there are several more.
Prices start from $50 for courses that train people on hosting with Airbnb. Understandably, course fees will depend upon its content and duration, your location and of course, the provider.
Udemy.com lists several courses to learn hosting with Airbnb. Others are offered by individual trainers on own websites.
If you are already a registered host and want to make more money with Airbnb, create a course with your own experience.
Sell it online. There is a huge demand for such courses since millions of people worldwide are looking for a side gig to make more money.
11. Airbnb Open Home
Airbnb Open Homes is a new addition. You cannot make too much money with Airbnb Open Homes. However, the advantage is, you need not offer plush rooms to host with Airbnb Open Home.
Open Homes is a charity initiative by Airbnb. It allows you to host recovering patients, refugees, newcomers to your city, fresh migrants and others who are low on budget or have no money to pay.
Airbnb partners with several charities to offer Open Home. Under this system, a charity will send you a guest. The charity pays some money for the accommodation unless you opt to give it free.
12. Airbnb Stocks
Airbnb is not yet a public company. However, millions of investors in the US and elsewhere are awaiting Airbnb to launch it’s Initial Public Offering (IPO). Financial analysts anticipate Airbnb will launch an IPO soon, possibly after April 1, 2019.
Though you cannot invest directly in Airbnb now, their IPO will provide an opportunity to make money. However, you will have to wait for the IPO for a few months. The news of Airbnb is expected anytime.
The demand for quality accommodation and unique experiences will always remain evergreen. Hence, these avenues to make money with Airbnb will continue for long. You too can make good money with Airbnb using any of these techniques.