How to provide a facility or become a 5-Star Airbnb host?
· Mention you Airbnb space
· Get through all the permission process required
· Set your price depending on the market survey.
· Seek for some help by hiring or shortlist the same.
If you love traveling and want to feel like home wherever you go then here is the best option and that is Airbnb. Where you can rent or stay in a home instead of staying in a hotel. Airbnb services provide you the best service and make you feel like home. Now, you must be thinking that this is a good option to start a new business. And you will also think of becoming an Airbnb Host then here am I to help you economically how to become a host. How much will it cost with regards to space, accommodation, and over maintenance charges?
The Airbnb platform has made a lot of efforts to build home-share models safe, reliable, and culturally acceptable than those services provided at hotels, lodges, etc. More than 65,000 cities are into this business of becoming an Airbnb Host. And up to 4 million listings. There are guest houses, apartments, and single rooms with facilities like food, traveling, etc.
How much money can you earn as an Airbnb Host?
If you have decided to become an Airbnb Host then your thoughts should more likely to select it as a side hustle, instead of starting with a full-fledged business. As a host you can earn $924 a month, these numbers vary depending upon the facilities and market rates. There are some hosts who even buy or lease a number of apartments or homes and they also can rent it on full-time bases. So, that they can make out a six-figure income.
If you want to know how much you can earn by becoming an Airbnb host, then you have to just add your location, how many guests you can accommodate, and how much of your space can be rented out on Airbnb’s website, and once you enter the details they will help you out with the average income to be earned.
For sure it is to be clearly mentioned that for how much you charge for your space and for how often you can rent it out- both these options are valid only when you decide or think of how much time and money you will spend on furnishing and maintaining your home. Always remember that you have to make your space more worthy than a hotel.
Before you start as an Airbnb Host you have to decide your goal and also think of only achieving it. Both efforts and money required to become a successful host. Your roles, expenses, and responsibilities will be completely different as a host you need to keep it up to your own exception. You have to maintain it if you want to flourish in this business.
A step-by-step guide of becoming an Airbnb Host
1. Mention your Airbnb Space
Airbnb is a website where you can carve whatever niche you want to, whether it is a private house with a separate entrance or a room you want to remove it only for a weekend or a private room with a common washroom and if possible you can still add some more facilities to your space to attract more tourist.
Once you are an Airbnb Host it becomes very easy for you to find the customer to rent your own space. Not only to the particular one but you get exploded to the larger audience. And most of the time staying in a local area helps you to get connected with them easier. You help the guests to know the place better.
If you are planning for house-shopping try to look for homes that should have additional Airbnb space. And you can also change the interiors to attract more customers and provide them with a comfortable and flexible environment. You can also build a partition that will help you to maintain your personal space, and you can also use it for your family to get together.
You can also have additional amenities, like a fridge, microwave, a Keurig, and a separate furnished room with a television, lock system, etc.
Payment can be with regards to the weather. It is completely your choice whether you can rent your entire house or just a room. It should have all the necessities like clean sheets, towels, and toilet paper, etc.
This is again an important point to be remembered that your utility bill is going to increase with an extra number of people visiting your space.
2. Get Permission
Once you are an Airbnb host you should avoid things that can cause a disturbance in your working process. So, it is very much necessary to seek permission before renting your Airbnb space. Permission may be from your landlord, co-op board, or homeowner’s association. You can thoroughly go through your lease arrangement before you approach your landlord because the agreement includes a provision of subletting.
Location matters a lot, it depends on the area where you are residing you might need to take the permission of local heads before renting your home. Going through this process is quite lengthy and boring but believe me, if you avoid it and continue there will be a heavier loss then imagined.
3. Research Your Market and Set your Price:
Once you have decided to become an Airbnb Host you will clearly have an idea how to improve your space through proper furnishing and maintaining, to think of how are we going to economically get settled with this Airbnb hosting. You have to pay attention to how you will fix your place in the Airbnb market. You can also use Airbnb DNA which will help you in market research.
Before starting as an Airbnb Host you should keep three key points in your mind firstly, affordability, and then the interest of your customers, and knowing your market. You will gain success in this field by your experience, communication, accuracy, cleanliness, Check-in, location, comfortability, and value. You will have a competition in your own locality, it completely depends on how updated you are and how your services are more flexible and comfortable with regards to others.
How to Set your Airbnb Price:
You can list your space on the Airbnb website without any charges, but you might incur an extra charge to be a host.
Airbnb Platform has the number of options to help you whether it is with regards to your housing price and what will be parameters to visit. Airbnb Matric helps you to find out the rate list of your locality and depending on that list you can decide your price. Maybe it depends on the day of that particular week or expected surge in demand you can surely reduce or raise your price.
you can set your terms and conditions like you want your customers to stay only for a week not to exceed, you can include in the charges for extra work like cleaning and upkeep. Also charge for extra guests, or for any extra or additional service you are providing them with like equipment rental, city tour, or cleaning.
we start any form of business we always think of profit. So, it is very necessary to think of your profit margin. We can make profits by providing the best services and maintaining our space.
How You Get Paid For Your Airbnb Rental
Airbnb gives you an opportunity to select your own way of giving or receiving payment. Airbnb takes the payment from the guest before their arrival and gives it to you within 24 hours of your guest check-in.
Host charges are 3% to 5% the listing price is higher than what you earn as observed by the guest. There are a few more factors that impact how much will you be paid, it includes:
· Discount on weekly and monthly services
· Seasonal or weekend price list
· Payment of your co-host
· Vat in particular non-US areas.
4. Hire some help:
You need to hire somebody to help you out with your work because it is difficult to manage alone. That person will look after your emails and communications or maybe you will need help in physical activities. So, it would be convenient to have co-manage to get the work smoothly done.
A co-host can help in many ways like dealing with urgent issues, provide with specific neighborhood ideas, can check with the Check-in process, and more. You can find your co-host from your family, maybe a friend or neighbor.
You can add your co-host on your list which can exceed up to three members. They should thoroughly understand the Airbnb co-host terms of the agreement. Your co-host has to pay along with you
If you are unable to find a proper co-host you can easily consult cottage industries that have been growing in Airbnb space. These co-hosts will be useful to you through their experience.
The Time Investment of Hosting on Airbnb:
As you now know how to become an Airbnb host then next is to decide how to invest your time and find out whether it is worth it.
To get more booking you have to invest more time. Get feedback or review from the customer who avails your services because review plays a very important role in increasing your demand or ranking. If you are a high ranking you will be the first to appear in the people search list.
You can show your status and people who visited you as a host which will show you first and get you more bookings than expected. Most of the time you might get overnight booking then you can relax in the day time or a day before the booking. Many such things help you to increase your demand and get you more and more guests.
Your quest will give positive feedback only when they will be more comfortable, find your space beautiful and functional. Once you get good reviews you need to be active and respond immediately to the query or appreciation received by the guest.
Is it worth becoming an Airbnb Host?
becoming a successful Airbnb host depends on your efforts, economic goal, how much time are you willing to put in making your space look more beautiful and comfortable.
Once you are an Airbnb Host it will help you to earn extra income but it also includes expenses as mentioned below:
l Co-host income
l Maintenance, furnishing, and stocking in your space.
l Airbnb host fees and taxes to be paid.
l Cleaning services
l Utility bills
If you are willing to contribute a maximum of your time to becoming a good Airbnb Host it will be beneficial for you. And you will earn profits. You have to be best at your hospitality and also maintain the same. Which will not only help you to receive more booking but expand your business.
A potential Airbnb host always has patience and deals with guests with a smile, you have to enjoy being with them, interact in a friendly manner, engage them to make them feel home. So, your positive approach will make you a good host if not then it is advisable not to be an Airbnb Host.
Airbnb is not a hotel service but still it is in the hospitality business. So, consider everything that makes your guest comfortable. So, that as an Airbnb Host you will be successful in your goal to be achieved. Your time and attention towards this service will make you feel worth it of being an Airbnb Host.