Do you love meeting new people and have a spare bedroom or even a couch? If so, you can combine those two things and make some fast money using Airbnb. By renting out a room or bed in your house you can make a substantial amount of passive income each month, and have fun doing so!
What is Airbnb?
Airbnb is an online portal that allows travelers to book accommodation around the world. Usually, this accommodation is not your average hotel. Instead, people book apartments, villas, and cabins owned by individuals or small leasing offices. Likewise, Airbnb is a portal that allows property owners to list their houses, villas, cabins, apartments, or rooms for potential travelers to book.
How does Airbnb work?
When you decide to rent out your place on Airbnb, you have to make a profile and list your property. You can list your property as an “entire home/apartment”, “private room”, or “shared room”. Entire home/apartment means the guest will be the only person/group staying in the accommodation during his/her rental period. A private room means they will have a room to themselves in a shared apartment (you or other guests will be living in the apartment) while shared room means they will have to share a bedroom with other guests/you or their sleeping accommodation is in the living room where you/other guests will be active from time to time.
You set the price for your accommodation and Airbnb charges the guests an additional service fee for using Airbnb.
Is Airbnb legal?
In most places it is totally legal. You will have to read up on your state’s exact rules and laws related to Airbnb, renting, and accommodation. If you live in an apartment building or complex or are a renter yourself, then your community or landlord may have issues with Airbnb. However, most of the time if your guests are good, there won’t be any problems!
Will my apartment/house be safe in the hands of strangers?
Everyone who uses Airbnb is required to make a profile. There is a peer review system for both guests and people offering apartments. You can read through the reviews of your potential guests before you agree to let them stay. For the most part, this is a good filter.
If you do run into problems with your guest, you can turn to Airbnb’s Support Center for assistance. They are quick to respond and easily resolve most problems.
If you are worried about theft or damage to your house/apartment – don’t! Airbnb has the credit card information for each guest. If anything should go wrong, then you can file a complaint within 72 hours to ask for reimbursement to cover these things.
How to Attract Guests
You may have a lot of competition when you list your flat. So how do you get guests to choose your property? Here are some tips:
- Have competitive pricing – don’t overprice your place. Offer discounts for weeklong or month-long guests
- Use great photos! This is one of the most important things. In fact, it’s so important that Airbnb even has its own photographers which it may eventually send to your property. In the meantime, however, take the best photos you can to display your property. It may even be worth investing in some semi-professional photos.
- Make a fun profile! The way you write your profile is what will attract potential guests. Use fun language, be inviting, and be sure to edit everything. Draw their attention to your place’s selling points. Remember, your profile is your only form of advertisement!
- Get your friends to write you a recommendation. In addition to guest reviews, you can ask your friends to write endorsements for you. This will help people to get to know you better.
- Respond in a timely manner. Potential guests will write you with questions before they book. The faster and more accurately you respond, the better. Also, be polite and friendly in every response!
How much money can I make on Airbnb?
This is a very big question without a definite answer. If you have a big property in a highly desired location, it’s entirely possible to make your entire income off of your Airbnb listing. However, each destination has a different demand. It also depends on how often you want to host. You are always free to block dates or decline guests. If you only want to make a few hundred dollars a month, then you may only need to have guests a handful of nights a month.
Why is an insurance company writing about Airbnb?
At TermLife2Go, our job is to help insurance seekers to secure a great life insurance policy. We can only do that if people have the spare cash to invest in a policy. We believe strongly in the importance of protecting your loved ones, which is why we are willing to do help you come up with different ideas to help you do so. One of those things is helping you find ways to make a little extra income to afford those monthly payments.
Because term life insurance policies aren’t that expensive, it’s entirely possible to make enough money to cover your monthly premiums and then some by putting your apartment, room, or couch on Airbnb.
If you would like to know more ways to make extra money or about options for affordable life insurance policies, give TermLife2Go a call!