Start acting on your New Year’s resolutions – boost your income with Airbnb
Want to earn more money this new year? Consider becoming an Airbnb host. Photo: Airbnb
The New Year is a good time make resolutions that could help you break bad habits and make positive changes. For many, positive changes include saving more money.
But that can be hard if your budget is already stretched. How about earning more money?
If you have extra space in your home, such as a room or detached unit, or a holiday home, you may be able to have it listed on Airbnb to earn extra cash.
As an Airbnb host, you make space available to guests who pay to stay.
Potential earnings
How much could you make hosting on Airbnb? They provide a tool that helps estimate what you might earn based on other listings in your area. Airbnb makes the payment process simple, too. Guests are charged when a reservation is made, and funds are typically released to hosts 24 hours after check-in. How you’re paid is up to you: You can set up direct deposit, PayPal or a number of other options. Creating a listing is always free.
Time commitment
The online process to create a listing is straightforward – you write descriptions of your space, upload photos, and mark dates your space is available to travellers. You can also access your account via the mobile app, so if you’re out running around, you can still easily stay in touch with your guests.
As a host you can be as hands on – or as hands off – as you want, ranging from meeting guests at the airport to directing them to your hide-a-key to check themselves in. Whatever style you’re comfortable with is up to you. Many hosts charge a cleaning fee to cover the cost of a cleaning service, so they don’t have to launder the linens and mop the floors after each guest’s stay.
If you want to list your space but just don’t feel like you have the time at all, consider a co-host, which is a fellow host on Airbnb who will take care of hosting duties on your behalf, in exchange for about 10 per cent to 20 per cent of booking earnings.
Host support
Allowing strangers into your home might feel a little strange or scary. You can get a sense of what to expect by visiting the Airbnb Community Center, where experienced, successful hosts tell their own stories and can answer your questions. Also visit the Airbnb blog for insights on getting the most from your available space.
If you’re nervous about the safety of your home and belongings, Airbnb’s got your back: In the rare event an accident happens, our host guarantee may cover your property up to $1 million per stay – it’s peace of mind for you at no extra charge.
And as for the folks staying at your place, everyone who travels on Airbnb needs to submit a profile photo and confirmed phone number and email address. For extra assurance, you can also require your guests to submit a government-issued ID.
Getting started
Visit the Airbnb host site to explore resources, learn about host expectations, and create your listing. Start hosting now, and maybe earn some extra cash on the side so that you can check off at least one New Year’s resolution that you won’t break.
