Putting your house on Airbnb or renting your house on Airbnb
You may be one of the people wondering how to rent out your house on Airbnb. There could be many reasons why people choose to list property on Airbnb that they own. Putting your house on Airbnb or renting your house on Airbnb can be a great way to get extra money or solve for tenant vacancies. This can be of greater importance if you have a second home and need to cover mortgage payments. Airbnb could be a good solution for you. Our article will briefly explain some of the information you might need to get started as an Airbnb host.
Be an Airbnb host
Check out these easy steps below to get started as an Airbnb host, and be an Airbnb host today!
Step 1: Review local laws to make sure hosting an Airbnb is not prohibited in your area. Find out here.
Step 2: If you don’t have an Airbnb account, go to airbnb and sign up for free.
Step 3: Be prepared to provide information such as location, type of property, number of bedrooms and bathrooms, unique or special features of your property, etc. which will help create your listing.
Step 4: Prepare photos
Step 5: Draft rules for your space such as “no pets”, “no smoking”, etc.
Step 6: Determine your price
Step 7: Get your place ready for guests
Step 8: Add your listing with your reservation calendar.
For a more detailed listing of steps and even tutorials, feel free to search on YouTube or sign up with one of Airbnb’s free online classes.
How much can you make off Airbnb
According to this article from CNBC, Airbnb hosts receive about $924 a month on average. Of course, this can go up based on whether or not you are listing your whole property instead of just a room, the location, and any additional services you are offering. Recently, the company CEO said Airbnb needs millions more hosts to accommodate the expected post-pandemic travel boom. How’s that for an opportunity promo!
As with any opportunity, results may vary, so do your due diligence in comparing existing Airbnb listings and other listings in your area. Also estimate your potential profit/loss and determine if you can do anything to make the numbers right for your situation.
How much does it cost to start an Airbnb
Signing up for Airbnb and listing your home is completely free! Once you receive a reservation, Airbnb charges a service fee for hosts, generally 3%, to help cover the cost of running their business.
In order to compete with other listings, you probably want to repair, clean or purchase furniture, decorations, lighting, wifi and any other amenities attractive to guests. You may want to set aside 10 to 15% of booking revenue for contingencies in case you have to clean up after guests who really enjoyed their stay more than most!
Unless you want to pay for additional insurance coverage, Airbnb provides a Host Guarantee to cover property damage and Host Protection Insurance to cover liabilities. Details for both programs are explained on the Airbnb website within the help center.
In conclusion
Airbnb could be a great way to make additional income or solve a rental vacancy if the opportunity fits with your situation and needs. We hope you found this information helpful. Thank you!
