Airbnb has become an extremely popular option for travellers, and an ideal way for people to make money too. Not only does Airbnb give you the flexibility to rent out your property when you choose, but you could find that it turns into a more permanent money-maker – helping you boost your income, or give up your job altogether.
But is it really possible to make a lot of money from Airbnb? Here are some of the ways you can make it happen.
Make your listing great
Airbnb has grown in popularity over the years, which means more and more people are using it to list their properties. So how can you make yours stand out from the rest? To create an Airbnb listing that stands out, you need to write a detailed, but friendly description – one that’s honest and mentions all the great features about your property. You’ll also need to make sure that you include plenty of photos of all of the available rooms and spaces to provide the most accurate picture to a potential guest.
Take a look at some other popular Airbnb listings in your area. It’s a good way to help you work out which information to include, as well as help you pick out the unique things about your property that nobody else has!
Find a solution that lets you rent out your property more frequently
To be able to make more money from Airbnb, you need to work out how you can rent out your property more frequently. Do you have a second home you can stay in, or split the money with friends and family in exchange for a stay at their place? If it’s your own home you’re making money from, you’ll need to have a lot of availability to help you get regular guests.
Many people turn Airbnb into an at-home business, which could help you generate a lot of income. Why not look at promoting your Airbnb more widely using Facebook or using Instagram to boost business? The more effort you put into it, the more you’ll get out of it, which could help you make a great income from Airbnb.
Consider investing in a property abroad
If you’re serious about turning Airbnb into a money-making opportunity, then you need to consider investing. You could have some great earning potential from a property overseas, with some affordable properties available in countries like Spain and Portugal. Getting a holiday let mortgage can be tricky, but provided you can get everything together and make a good case, you could soon have the funds to buy a property overseas. Not only is this a good way to make money, but it will mean that you also have a property to enjoy some holidays abroad when you can!
Make yourself a great host
To become a popular listing on Airbnb, you need to be a great host. Reviews are extremely important on Airbnb, which means you need to work hard to achieve some great reviews. Some tips that will make you a better Airbnb host include being flexible with check-in and check-out, collecting your guests from their arrival point, and providing some welcome goodies like a bottle of wine and some treats.
One of the main things that makes a great Airbnb host is communication with your guests. Make sure you stay in touch prior to their stay, confirming the rest of the details the week before. It helps if you give your contact number to guests in case they can’t find the property, or they have a question after you’ve let them settle in.
Beware of some of the pitfalls
While Airbnb can be great for boosting your income, there are also many pitfalls that come with Airbnb. There’s the risk of damage to your property, as well as some additional fees you might not be aware of. If you’re making money from Airbnb, you’ll need to pay taxes if you make over £1,000 a year from it. Being a responsible host will stop you getting into trouble, and can help you avoid legal troubles over your income. Make sure you set up a self-assessment account as soon as you decide to list on Airbnb, and start putting aside the money ready to pay your taxes at the end of the financial year.
There are a lot of ways you can make money from home, but Airbnb certainly has its appeal. It’s an easy to use, popular platform, which could help you meet some great new people. Airbnb is a fun and enjoyable way to earn a living – could it work for you?
This is a collaborative post.