One of the side hustles that you can do is renting out your space. It’s a great way to earn money by using what you already have. If the room or the house or the unit is already presentable, then you won’t need a lot of money to get it started, unlike other businesses where you need to shell out a big capital.

Fact: More and more are turning their properties into Airbnb rentals.

If you don’t know it yet, Airbnb was founded in 2008 in San Francisco, California. It is, primarily, an online platform offering lodging by acting as a broker for the property owner and then getting commissions from the bookings.

Now, let’s start planning!

1. Research.

According to research by Earnest, Airbnb hosts earn an average of $924 a month. This still depends on how often you rent out your space. Some hosts would open their property for rent on a daily, weekly or monthly basis. It may also depend on where your property is located. Properties with a lot of tourist attractions around or those situated in city centers often have higher rates per night. The quality of your property is also a big consideration.

Also, check with your locality regarding hosting in your area. Some cities or towns may require you to inform them that you will be renting out your property or if it’s allowed at all. If your property is in a village or a building, make sure to check rules and regulations with the homeowners’ association or with the building administration.

2. Fix your place.

If it isn’t Airbnb-ready just yet, make sure that you invest in sprucing it up. Fix clutter. Do a maintenance check. Get fresh sets of linens, the mattress too in case it’s too worn out. Make sure there are no bugs nor unpleasant smells. You don’t need to overdo it with interiors but just make sure it’s clean, comfy and presentable because you will be competing with other hosts. You can add the extra decor once your income from it becomes steady.

3. Invest in great photos. 

One surefire way to do this is by getting a professional photographer to snap photos of your space. If your space has unique aspects in it, highlight those. Most likely, people looking for lodging will rely on the photos you upload more than the description. When your listing is new, you won’t have any reviews yet, so people will do a lot of judging on the photos that you’ll put out there. 

4. Sign up.

If you don’t have an account yet, sign up here. It’s free but remember that Airbnb will get a cut from every booking that you’ll get. In general, that’s 3% per reservation.

Set up a trustworthy profile with a clear headshot of yourself with complete details about you. 

5. Make your listing!

Airbnb will guide you every step of the way. It will suggest the nightly rate for your space based on different factors like the number of rooms you’ll be renting out, the location, the amenities, etc. You may make adjustments on the rate anytime. You can also list dates when your property is available for rent. 

Make a nice and accurate description of your space that can spark interest. If you have added perks, that will be great to mention. But you also have to be honest with deterrents like noise or if the area is too quiet, the accessibility, the size of the space or if you’re ok with pets in your space. 

Final Thoughts

Now, that we have the basics set, ensure that your property lives up to what you say and show in the listing. Be good hosts, as well, and be reachable when there are emergencies. Maintain a strong response rate by answering Airbnb messages promptly. You’ll be earning great reviews and cash in no time.

If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!