The Ultimate Beginner’s Guide to Airbnb Hosting 

Has the Airbnb bug finally bit you? Are you ready to share your home with strangers? It wouldn’t be an exaggeration to say Airbnb has ushered in a new era of home sharing. Today, a substantial number of households in Australia and in other parts of the world don’t have any qualms about sharing their holiday homes with strangers and making some money. 

However, not every Airbnb host is successful. In today’s blog post, we will share some of the essential things you should know about Airbnb hosting and becoming a successful host.

1). Decide on your goal

One of the most common reasons for the failure of Airbnb hosts is that they are not clear about their goals. Broadly, hosts can be divided into 3 separate groups:

• People who want to put extra available space to use and earn a few extra bucks
• People looking for a stable source of secondary income
• People looking to set up a serious business that will be their main source of income

All these 3 categories require different levels of capital, planning, time, work and scale. If you want to earn only a few extra bucks, you don’t really need to do much. Just list your property and you won’t have any problem making a few dollars here and there. 

However, if you’re looking to turn it into a stable source of income, you need to plan a bit deeper. Needless to say, the risk also increases with scale.

2). Realistic expectations

The amount of money you can make with Airbnb hosting depends a lot on the location, size and nature of your property. Also, you will have to spend quite a bit of time if you want to make some serious money either as your main source of income or even as a secondary source of income.

3). Research the size of your market

You need to carefully research the size of your market and the average earnings. Airbnb has revealed that an average Aussie earns around $3,000 a month but the numbers vary widely depending on location. 

For instance, hosts in Sydney earn an average of around $3,000 each month but the figure is less than $2,100 for hosts in Perth. Similarly, the numbers in Brisbane and Melbourne are less than $2,200 a month.

4). It’s a business

If you want to earn a stable income with Airbnb short-term rentals, you need to treat it as a business. Think of it as a part-time job. 

You will need to maintain your property for each new guest. You will also need to answer their queries, and deal with poor reviews and ratings. 

This business also has its highs and lows like any other business. There is also no guaranteed income.

5). Sharing your home with strangers

The short-term rental market essentially means that there will be strangers in your home and you’re not going to like everybody. Not everyone may respect your rules. This is why you need to be comfortable communicating with strangers if you want to become successful in this business.

6). Think about costs

Every business has certain costs and Airbnb hosting is no exception. For instance, you might need to replace your carpets or upholstery much earlier than expected. Also, think about insurance. Think about who is going to pay in case your furniture or a part of your property is damaged or there is an accident.

7). Partner with a short-term vacation rental property management company

If you are serious about this business, you should seriously consider partnering with an experienced holiday rental property management company. Reputed companies will take care of almost everything including housekeeping, home styling, listing management, maintenance, marketing and other tasks associated with running the business. 

Partnering with an experienced management company will allow you to focus your time on growing your business and not worry about the day-to-day operations of managing the property.

Final Thoughts

Overall, the short-term vacation rental market has immense growth potential. Many property owners in various parts of the country are already earning a solid income by listing their properties on Airbnb and other platforms. However, it is a business that requires capital, time, energy and a lot of work. 

List Your Holiday Home on BNB Booking!

If you want to earn a stable income through Airbnb hosting, you should seriously consider partnering with an experienced and reputed holiday rental property management company such as BnB Booking. 

BnB Booking is a premier holiday rental property management company. We work with hundreds of property owners and help them maximise their vacation rental property revenue.

Please call us at BNB Booking today on 1300 421 029 or leave an enquiry and we will get back to you as soon as possible.