Airbnb rentals have grown to become one of the most popular types of accommodations for travelers worldwide, making it a highly profitable venture.
Research from low-interest lender Earnest found that Airbnb owners make, on average, about $924 monthly. That being said, it is important to note that income can vary dramatically based on your location and the quality of your home.
To help you maximize your earning potential and turn your home into a profitable Airbnb, we made a quick five-step guide.
1. Do your homework
First and foremost, you should spend time doing a little research on the demand in your area. If your home is located in a hotspot, then you have a great chance of earning money from your property.
Once you've done research on your location, make sure you can legally operate your Airbnb. Some cities may need you to fill out paperwork before you can host guests, while other places allow Airbnb owners to welcome guests without this step. Additionally, check if renting out your property will go against policies enforced by homeowners' associations, condo boards, and landlords.
2. Spruce up your home
If you want to attract guests and gain good reviews at the end of their trip, redecorating is a must. For best results, start by decluttering and depersonalizing your home before bringing in furnishings and inviting elements like fluffy rugs and complementary slippers into the room.
Apart from updating your furnishings, you should also perform routine maintenance to ensure that all lightbulbs, drains, and HVAC systems are in working order.
3. Snap some photos
High-quality photos can make or break your Airbnb's success. One of the first things potential renters look for are photos of the property, which makes it even more important for you to invest in a professional photographer, specifically those with experience in real estate photography.
It is important that the photos you post on Airbnb highlight unique aspects of your home, such as an outdoor deck, funky decor, or an outdoor pool. If you are offering amenities like coffee makers, pots and pans, toiletries, or entertainment systems, consider taking a snap of those as well.
4. Write a descriptive and inviting listing
Before you write up your listing, think about your target guests. For instance, if your home is located near a famous amusement park, you could write a listing for families with kids. If your home is located near hiking trails, market your property to campers and adventurers.
For the best results, the title of your listing should grab the reader's attention. The description should also be easy to skim and should contain relevant, specific details about your rental. Include amenities like WiFi access, complimentary Netflix, or a 55-inch HDTV.
5. Apply to become an Airbnb Host
When you've got everything in place, you can now apply on Airbnb.com to become a host. Expect a rigorous application process with plenty of forms to fill up.
