Have you ever thought about becoming a part-time landlord? With Airbnb, it’s easier than ever. In this article, I’ll share how to make money as an Airbnb host in 2024.
From the get-go, I was aware of the potential financial benefits, but there was more to it than that.
The thought of meeting travelers and positively impacting their stay appealed to me. I also liked expanding my network since you never know who you might meet through Airbnb.
I was ready to give it a shot, so as soon as I had everything in place, I opened our guest room for rental on Airbnb.
Sure enough, it took only a short time before our first booking came in!
Read on to learn how to make money with Airbnb and why renting your room can be worthwhile.
What is Airbnb & How Can it Make Money?
Have you heard of Airbnb? It’s an online platform that makes renting out rooms or entire homes easy.
From modest one-bedroom apartments to luxurious villas, Airbnb lets anyone make money from their spare space.
So how does it work? You list a room or a property on Airbnb, set the price and availability, and wait for guests to book.
When someone books your rental, Airbnb handles the payment and transfers the funds into your bank account.
Hosting on Airbnb brings in extra cash, and you also get to meet and interact with new people.
Plus, you choose the guests who book your rental—so you can handpick who stays in your home.
And thanks to flexible rental and guest review systems, both parties are protected throughout their stay.
Using Your Spare Bedroom as Airbnb
With the advent of the sharing economy, it’s now easier—and more lucrative—than ever to make money from renting out your spare room.
And if you’re wondering how to make money with Airbnb in 2024, you’re not alone! With so many people looking for a place to stay, there’s never been a better time to get in the game.
Renting out your spare bedroom on Airbnb is a great way to turn that extra space into extra income.
Consider it: It’s safe and secure, and you can easily set the prices and minimum stay lengths that work for you.
Plus, with hosting platforms like Airbnb, you can be sure that your apartment or house is in good hands.
For Airbnb bedrooms, safety should always be your top priority. That’s why we ensure guests are verified with their personal information before booking any room on our app.
And once they arrive, they have access to our 24/7 customer service line in case of anything unexpected or unsafe.
So if you’re looking for a reliable way to make money from home while protecting yourself and your property, Airbnb could be right up your alley!
Prepping Your Guest Room for Renting
If you’re considering renting your guest room to Airbnb guests, the first step is to ensure it’s ready for them.
This involves preparing and cleaning the room to look inviting, tidy, and comfortable.
Cleanliness Matters
Making sure your guest room looks neat and clean is essential. You want to ensure guests feel comfortable entering the room.
So be vigilant about dusting, vacuuming, mopping, and wiping down surfaces like light switches and door handles.
Stock Up On Essential Supplies
You’ll also want to stock up on essential supplies like replacement linens, towels, toiletries, and cleaning supplies.
Guests don’t expect luxury amenities, but providing simple amenities like a spare toothbrush or a vase of flowers can go a long way in creating a pleasant experience for them.
Make The Room Appealing
Finally, accessorize the space with items that make it look warm and inviting—things like throw pillows or framed art on the walls can help create a cozy atmosphere for your guests.
Remember that if you’re renting out a spare bedroom or office, you may have to invest in some furniture, like a bed frame or desk, to make it tenant-ready!
Setting the Price & Limiting Bookings
When setting the price for renting out your space, it’s important to remember that you want to make the rental profitable for yourself.
Airbnb has some default pricing schemes that use dynamic pricing, which can help guide you.
However, you’ll also want to consider things like the average price in your area, the time of year, and other factors to get a reasonable price.
It’s also essential to keep your space the same! You can limit bookings per week or other time frames so that guests never overlap and that you don’t lose more money than you should by offering too many discounts or free nights.
Balancing Supply & Demand
When setting prices, you should also look at the highest demand in your area. Try to find out what people are looking for.
For example, if families are searching for rentals in the summertime, you’ll want to offer more family-friendly spaces during those months.
Additionally, if business travelers come into town on weekends, which are usually busier days of the week for Airbnb hosts, you’ll want to adjust prices accordingly.
Finally, if an area is flooded with listings on Airbnb (or there’s a lot of competition), set prices below competitors or add amenities they do not have, such as pet-friendly rooms or discounts based on length of stay.
This will ensure that guests choose your Airbnb over others when browsing.
How to Craft the Perfect Listing Description
A great listing description is vital to make money with Airbnb in 2023. After all, you want to entice travelers to stay in your guest room.
We’ve learned that getting creative and descriptive can be a great way to go here.
Use Clear Language
Start with the basics – use clear, concise language and try to avoid jargon. Make sure you mention key features like the size of your room, the amenities and services you offer, and any unique experiences or attractions nearby.
Get Visual
In addition to describing your rental space, remember that visuals are also important.
People love seeing photos of the rental itself; this helps them better visualize their experience with you.
So ensure you include high-quality photos of your rental space in your Airbnb listing — it could make all the difference!
Revamping Your Listing
Lastly, keep a close eye on what works and what doesn’t work in your Airbnb listing description.
You may find that certain words or phrases resonate more with travelers than others.
An excellent tool for keeping tabs on this is Airbnb’s “Vacation Rental Insights.”
It allows hosts to track their listing performance over time and provides valuable insights about trends in the booking process on Airbnb.
Promoting Your Listing & Offering Extras
Once your listing is live, you must consider ways to get the word out and draw in guests.
Here are a few tips for promoting your listing:
Contact your family and friends and let them know about your Airbnb listing!
This doesn’t mean you should harass them about every new guest—a simple post or two on social media can go a long way.
Your local community & business network
Spread the word within your local community by joining neighborhood associations or business networks.
They often feature listings and hold events that allow you to get visibility for your listing.
Offer extras
You can also offer extras like free parking or a welcome basket that will make it attractive for people to stay on your property.
You can even sweeten the deal by offering a discount on their first stay. These little touches can make all the difference in getting people interested in renting from you.
Learning From Experiences & Managing Reviews
As a landlord on Airbnb, you will gain valuable experiences over time. One of the most important is learning how to manage reviews from guests.
Knowing how to manage reviews effectively is essential for success with Airbnb.
Encourage Positive Reviews
You can inspire positive reviews by providing a great customer experience.
Be prepared and ensure all amenities (such as linens and toiletries) are accounted for.
Also, ensure your property is clean and in good repair, and you can promptly answer any questions or concerns.
Responding Appropriately
It’s also important to respond appropriately to negative reviews. Remember, people often write reviews when frustrated or disappointed with their stay.
So take the time to address their concerns politely and professionally. If necessary, offer an apology, a refund, or other resolution.
Utilise Review Management Tools
Finally, consider utilizing review management tools like Review Push or Grade, which allow you to track your ratings across multiple platforms, including Airbnb, TripAdvisor, and Google Reviews.
These tools provide insights into what your guests think of your home, so you can improve and ensure that future guests will have an excellent experience when staying with you!
Conclusion
Whether you are a traveler or a homeowner, we all want to get the most out of our experience with AirBnB.
Renting out a room is a great way to make extra money in the long run, but it is also an opportunity to get to know people worldwide and build a sense of community.
Today, creating a successful AirBnB listing is easier than ever, with more benefits than ever.
With guidance and preparation, anyone can make money with AirBnB in 2024. Whether you want to travel or make extra money, AirBnB is the perfect tool to help you accomplish your goals.
