Your Complete Guide to Airbnb Hosting

Just about everyone wants to make a little extra cash every now and again. With the wide array of delivery and rideshare services available, it’s never been easier to boost your income. But, what if you don’t have time to add any more work hours to your schedule? Well, there’s one fairly hands-off option you can use—Airbnb. If you’re ready to earn a little extra money without much effort, here’s your complete guide to Airbnb hosting.

What Is Airbnb?

Airbnb is a profitable peer-to-peer homeshare service that booked over 100 million stays in 2017. The company has an estimated market value of $53 – $64 billion.

The Airbnb app connects short-term renters with property owners. The service is popular for vacations, business trips and corporate travel, and special events. Hosts are able to list a single room or their entire home for rent. Guests search the available accommodations and place a request at the property they like best. These rentals can last anywhere from one day to upwards of a month, depending on the circumstances.

How Does Airbnb Work?

The rental service is all virtual. As a result, Airbnb users (renters or hosts) simply sign up for the platform to access all of the features.

Here’s a closer look at what you can expect as an Airbnb host.

All Airbnb bookings are made through the Airbnb website or app. The same is true for payments and listing changes. There’s also a two-way review function where guests and hosts are allowed to rate each other after checkout. Plus, the in-app messaging feature makes communication incredibly easy.

Customization

The beauty of Airbnb hosting is that you make the rules. Every aspect of the process is built around your decisions. Choose when your rental is available, customize the pricing, and create your own House Rules. For the latter, guests are required to sign a contract agreeing to your specific property regulations. You can also set the way booking takes place – either instant or through your approval.

Airbnb Host Dashboard

All hosts can view information about their listings and upcoming reservations on their host dashboard.

From the dashboard, hosts can take car of things like setting pricing, responding to inquiries, changing listing info, and contacting Airbnb host support.

Earning Potential And Airbnb Fees

The Airbnb market is ruled by supply and demand, so your earning potential is based on a variety of factors. Size of the rental space is at the top of the list. Larger spaces are associated with higher rates, but there’s also usually less of a demand.

Another contributing factor is the location. What a single room makes in New York City per night is likely to be higher than a small home in a more rural area.

Hosts can boost their earnings with specialized services. A step as simple as offering rental equipment, like a bicycle, allows you to charge more. You also have the opportunity to include additional fees for things like cleaning with every booking.

When it comes to getting paid, Airbnb automatically takes a 3% to 5% commission. The exact percentage is based on location and is charged after the reservation is made. However, it is free to list a space, so you won’t face any Airbnb fees withoutscoring a guest. Hosts receive their payment via Paypal or direct deposit within 24 hours of the guest’s check-in.

Coverage

Airbnb offers two safety protection solutions for their hosts. The Host Guarantee is a free program that covers up to $1 million in property damage caused by any guest.

The Host Protection Insurance, on the other hand, provides each property owner with up to $1 million in liability coverage. When an incident occurs, claims are filed directly through the support service.

For extra protection, every host also has the option to request documentation from their guests. This process includes verification of their phone number and government ID. However, it’s important to remember that these steps only occur if you request them ahead of time.

Host Support

Regardless of the issue at hand, the Airbnb support team is available 24 hours per day, seven days per week.

They’re accessible by phone, email, and live chat. The company also offers a community support group, which allows multiple hosts to answer each other’s questions and concerns. There’s also an online help center with a variety of useful articles and guides.

Airbnb’s Hosting Requirements

Airbnb doesn’t really have any rules or regulations regarding their hosts. It is recommended you own the property you’re listing. While they don’t technically prohibit room listings in rental properties, it could cause an issue with your landlord. Even though the company provides host insurance, it’s also a smart idea to add a rider to your homeowner’s insurance to cover any homeshare mishaps.

Do note that Airbnb does not perform criminal background checks on their hosts, like Uber and Lyft require for their drivers. However, Airbnb does screen their users. Instead of using a social security number, the homeshare company runs your legal name through public record databases. One of the perks of this process is that the results are instant, so you won’t have to wait to begin earning.

How to Become an Airbnb Host

Becoming an Airbnb host is as easy as 1-2-3. First, click the button below to start your Airbnb host application.

1. Create Your Airbnb Listing

First, you’ll create your account. After inputting basic personal information, you’re ready to begin your listing. Airbnb will walk you through various information screens. Provide all of the details regarding your home or space, like available bedrooms and bathrooms, and how many guests you can accommodate.

You’ll also be able to select the amenities your property offers and add photos. You can skip any part of the listing creation process and come back to it later.

2. Set Your Rules And Use Airbnb’s Smart Pricing

Next, you need to set custom preferences. These items include available dates, pricing, and visitor rules.

Airbnb Smart Pricing helps you set the best price range for your rental.

3. Post Your Listing

Finally, it’s time to review your listing and post your home. The Airbnb app will notify you when a rental request comes through.

Become an Airbnb Host and Watch Your Income Grow!

Becoming an Airbnb host is a quick and incredibly easy way to make some extra money. One of the biggest perks is that there’s very little work involved. While you need to present a comfortable and clean space, you also have the option to charge guests a cleaning fee. This is a simple money-making option for any property homeowner, especially those with busy lifestyles.