7 important things to know before starting a space rental business on Airbnb
Category : blog
If you live in the United States, then you should know Airbnb space rental business, but for those who don’t know, here is a little description from Wikipedia: Airbnb, Inc. is an online marketplace for arranging or offering lodging, primarily homestays, or tourism experiences. The company does not own any of the real estate listings, nor does it host events; it acts as a broker, receiving commissions from each booking. The company is based in San Francisco, California, United States.
To Sum it up, you have a free space which you rent temporarily to someone and make extra income. it’s similar to hotel business.
In this post we shall be discussing 7 things to know before thinking of renting your space on Airbnb.
1. How much money can you make on Airbnb?.
Here’s what travelandleasure had to say: “Airbnb earnings can range drastically, with some hosts making more than $10,000 per month, while others make less than $200. Still, even with the wild discrepancies, nearly 50 percent of all Airbnb hosts make more than $500 per month.”
2. What about property damage?
Airbnb promises Free $1M Protection For Property Damage and 24/7 Global Customer Support when you rent Your Space.
3. Security and protection?
Airbnb have a host protection and insurance program, Host Protection Insurance provides primary coverage for Airbnb hosts and landlords, The Host Protection Insurance program provides primary liability coverage for up to $1,000,000 per occurrence in the event of a third-party claim of bodily injury.
Airbnb review on different review site showed that over 50% of hosts are happy with the service as a result of what they make on daily basis, but let’s look at some not so good reviews from trustpilot
“I’m a host and I have 2 cats on my premises. I recently had a guest come and starve my cats for days by not feeding them. He also locked all the keys including the spare key in my apartment and I had to pay for a locksmith. Airbnb would not help at all. They do not protect renters at all. Horrible platform. ” – Trustpilot
5. what are the legal requirements?
Every city will have different rules on short-term bookings. In many cities you must register, or get a permit or license before guest are allowed to stay.
6. How can I get started on Airbnb?
Getting started is easy, First, you list your house. Set a price and upload your house pictures. You set your conditions, days available and terms.
Next, you go back and forth with your possible guest and make plans for check-in.
Finally, welcome your guests. How you do so is up to you! You can meet them there. Have a lock box with a code. It’s entirely up to you.
7. What about Payment?
Airbnb handles all the money. Your payment is automatically sent 24 hours after your guest checks in. Easy.
Are you a host on Airbnb? Share your experience in the comment section.
BONUS TIP: find remote jobs on Airbnb