Every year, many people worldwide enter the vacation rental industry and earn a high income. Read the article to learn how to make money on Airbnb and build a profitable business. Life Gadgets Online is pleased to let you know the process.
1. What Is Airbnb?
Airbnb is a website that connects people wanting to rent out their homes with people looking for accommodations in specific areas.
2. How Does Airbnb Work?
This is how Airbnb works: Find a way for locals to earn some extra cash by renting out their spare room or home to visitors.
Hosts who use this platform can advertise their rentals to millions of people around the world while also knowing that a large corporation will handle payments and provide support if needed.
For guests, Airbnb will provide a welcoming environment with more personality, possibly even with a kitchen to avoid eating out, and at a lower cost than hotels.
3. How To Make Money On Airbnb?
Here are our suggested ways to earn money on Airbnb:
3.1. Airbnb affiliate
You can become an Airbnb affiliate if you have a website that receives at least one million visits per month or an app that receives more than one million app downloads per month.
There are two ways to become an affiliate with Airbnb:
- Guest affiliate program: Include Airbnb properties on your website and earn a commission for each booking you handle.
- Host affiliate program: Promote Airbnb hosting opportunities on your website to earn a commission for each new host you help sign up.
3.2. Airbnb as a Real Estate Investment
Airbnb real estate investing is an excellent way for investors to generate revenue from their investment property.
Essentially, it is a strategy in which a real estate investor purchases a rental property and lists either the entire house or individual rooms on Airbnb. A real estate investor does not usually live in an Airbnb investment property.
Airbnb real estate investing is widely regarded as one of the best real estate investments you can make right now due to the numerous opportunities it provides for investors.
3.3. Airbnb co-host
A co-host is a person added to a listing by the property owners who have permission to assist with specific tasks such as posting the listing, managing listings, communicating with the guests, restocking supplies, etc.
The co-host feature is ideal for Airbnb hosts who own property but don’t have the time to set up and manage their listings.
If you want to be a co-host, you can approach someone you know who is already a host and ask if they would like to add you as a co-host.
3.4. Airbnb experience host
If you don’t want to become a property host, Airbnb has another option for you to host as an “Experience Host.”
You can earn money in this role by guiding guests through an incredible experience such as a traditional guided tour, a cooking class, or an art class.
This is one of the best ways to make money with Airbnb because you are compensated for doing something you enjoy.
3.5. Airbnb house-sitter
You are responsible for taking care of the hosts’ living space while also managing their Airbnb rental as an Airbnb house-sitter.
This is a fantastic deal, especially if you’re looking for a low-cost way to travel.
This situation enables you to visit a new location, stay for free, and earn some additional spending money.
3.6. Become a professional Airbnb photographer
Becoming a professional Airbnb photographer is another creative way to make a living with Airbnb.
There are two ways to pursue this career path:
- Become a freelance marketplace listing photographer and be listed by Airbnb.
- Advertise your services on other platforms such as Fiverr, Instagram, or Upwork.
3.7. Become a Short-term Rental Property Manager
One of the simplest ways to make money on Airbnb without investing in a vacation rental is to become a property manager.
A property manager’s job not only has a high demand, but also offers flexible working hours. Your primary responsibilities will be: Confirming bookings, communicating with guests, managing the needs of property owners, etc.
3.8. Become an Airbnb Consultant
As an Airbnb consultant, you’ll assist hosts in increasing their bookings, improving their ranking, and potentially buying and selling short-term rentals.
You’ll also need to identify a specific niche because the most successful consultants know how to do this.
3.9. Become an Airbnb Copywriter
Another non-trivial way to make money without renting out an Airbnb property is to offer copywriting services. Airbnb hosts are increasingly using copywriting services.
As an Airbnb copywriter, you are responsible for engaging property descriptions, writing catchy titles, and possibly even house reviews for guests.
3.10. Housecleaner
While some Airbnb hosts are hands-on and like to do the cleaning themselves, others prefer to hire someone to do it.
Many hosts own properties all over the world and require reliable people to keep their rentals clean and hygienic.
These opportunities can be found in various places, including LinkedIn, Indeed, social media, and so on.
3.11. Join a Vacation Rental Franchise
Joining a vacation rental franchise is another way to make money on Airbnb if you don’t want to start from the beginning.
Local property managers can obtain a special license from a franchise owner to use their resources and sell services under their brand name in exchange for a fee.
3.12. Learn the Craft of Vacation Rental Marketing
Because hosts have many tasks to do, they usually seek outside assistance in developing and implementing a marketing strategy to promote their rentals.
If you already have marketing skills and want to get into the industry, this is a great place to put them to use.
Vacation rental marketers offer the following services: Social media marketing, content creation, SEO, SEM, lead generation, etc.
3.13. Property management
If you don’t have your own property, managing others’ will be a good idea to earn extra bucks. There is a market of homeowners who want to list their homes on Airbnb but lack the time or expertise to do so successfully.
If you are ready, you can be in charge of communicating with guests, dealing with any issues that arise, listing the properties, and making sure the property is properly cleaned and ready for new guests.
3.14. Rent your rental
“Rental arbitrage” is another term for this method. When you rent a property solely for the purpose of subletting it on vacation rental sites like Airbnb, you’re engaging in Airbnb rental arbitrage.
You don’t need a lot of money to get started because you can do it without owning a home.
You can keep 100% of your earnings for yourself, which is not possible with other strategies. For example, as a property manager, you can only rely on a certain percentage of the property owner’s income.
3.15. Traditional Lease vs. Short Term Airbnb Rental
Airbnb as a rental strategy does not automatically result in higher rental income.
It is highly dependent on the location of the investment property and the investor’s willingness to market the property, have positive reviews, and use the Airbnb rental strategy.
If these conditions are met, the comparison of Airbnb vs. traditional renting in terms of generating rental income will show that Airbnb generates more rental income.
After reading the article from Life Gadgets Online, you understand what Airbnb is, how it works, and how to make money on Airbnb. Earning money with Airbnb is now simpler than ever. Even if you have no prior experience, there is a career opportunity for you that can begin as a side hustle or grow into a full-time job.