And how you can max out your home's earning potential.
Airbnb has changed the way the world travels since its launch in 2008. The company, which is now valued well into the billions, has helped homeowners across the globe become mini-hoteliers, allowing guests to stay overnight in an extra room, or take over their entire home for a set period of time.
To date, the company has helped book more than 160 million guests for its more than three million listings in 190 countries, according to Airbnb’s own statistics.
But just how much are all those hosts actually making? According to Priceonomics, hosts on Airbnb are earning more than anyone else in the gig economy and are raking in an average of $924 a month.
“Airbnb hosts make nearly three times as much as other workers,” Priceonomics reported. “Workers at the general task-service platform, TaskRabbit, rank second at $380 per month.” But as it noted, Airbnb earnings can range drastically, with some hosts making more than $10,000 per month, while others make less than $200.
Still, even with the wild discrepancies, nearly 50 percent of all Airbnb hosts make more than $500 per month. So, how can all Airbnb hosts max out their earning potential?
Take beautiful photos to showcase your home
“Photographs are the single most important factor for marketing a vacation property,” Scott Shatford, an Airbnb host who claims to make $100,000 a year off the service, told Fast Company. “I was sharing my home with everyone from Midwest retirees, to international backpackers, even an NFL quarterback and a president at Starbucks.”
In the photos, highlight anything unique about the home, all the amenities you offer, and perhaps a few local attractions people can get to from your listing.
Keep your prices realistic
You’re not a traditional hotel, Fast Company notes, so don’t try to price yourself like one.
“Is it better to rent your place a third of the time at three times the price, or is it better to rent it all the time at one third of the price? The answer is the latter, because people like to save money," Airbnb Superhost Gary Bearchell told Fast Company. “So they stay at your reasonably priced cabin. And then they leave you a nice review. And then you have a whole bunch of nice reviews. And the reviews are the only thing that takes away the risk of staying at a stranger’s house.”
Don’t forget the little things
Ensure a great guest experience by providing your customers with everything they will need during their stay, including mini toiletries, towels, entertainment, and maybe even a bottle of wine local to your area or a sweet treat from your neighborhood bakery.
As Bearchell said, “Friends thought we were crazy for doing that, but really, what’s $10 when you’re pocketing $200 to $300 for very little work?”
Check out more tips on making the most of your listing here.