Starting an Airbnb might seem complicated, but it is easy to become a host when you know the necessary steps. Providing a place for travellers is only half the fun. If you have a small home to rent, you could make a good amount of money from hosting. Here is a guide to Airbnb hosting.
What is Airbnb?
Airbnb is an online platform that links people who want to rent their homes to people looking for accommodation.
Why you should start your own Airbnb business
Earn additional income
A small home is an ideal Airbnb investment. You earn more income monthly by renting on a short-term basis. However, the amount you receive depends on location and other factors.
Complete control over listing
Whether you want to temporarily deactivate your listing so you can take a much-needed break from hosting or snooze your listing, Airbnb gives you complete control.
List for free on Airbnb
Airbnb provides free listings on the platform for hosts. There are no hidden fees or costs. However, you will pay hosting fees when you receive a booking.
Host protection insurance
You don’t need to pay extra money for this insurance. It covers your legal costs when you get into a confrontation with a guest.
Steps to starting an Airbnb
Get relevant permissions
Apart from the Host Protection Insurance, it would help if you had a property license and a commercial subleasing agreement.
Find and prepare your Airbnb space
You can use a suite in your home or a private campsite as your Airbnb. Add personal touches by providing extra towels or a spare charger.
Work out how much to charge
Factor in the number of bedrooms and amenities to set a fair price. You do not want to overcharge or undercharge, as both will affect your business.
Create a compelling list
Give a precise description of your home, and don’t deceive your guests about your amenities. Don’t include people in the pictures so your guests can picture themselves living in your home.
Boost your profits
Take note of your town’s busy days or seasons so you can charge more for your rental home. You can offer additional services like pick-up and drop-off services.
Other things to consider before listing on Airbnb
Safety
Create an online application form that will ask for the personal details of the renters. Ask for a picture, their number, and social media handles. This step will make them easy to track when there is an unfortunate incident.
Insurance
As a host, you must ensure that you have secondary insurance coverage for your home. That, in addition to the Host Protection Insurance, will protect your property fully from damage and theft.
Tax implications
For tax purposes, you must keep records of every transaction and all income associated with Airbnb.
Refunds or cancellations
Guests who want a full refund must cancel within 48 hours of booking. If a host cancels a reservation, the guest gets a full refund automatically.
Airbnb hosting will give you the experience of a lifetime. You will get to meet new people and grow your income.
