Airbnb is an excellent service that can bring in regular money for reliable hosts with an extra room to spare. There are many hosts out there who enjoy hosting and helping customers travel the world. However, if you don’t have your own home, you might find it difficult to start making money on Airbnb and earn some extra cash fast.
You were searching for ideas on how to make money on Airbnb? You may have thought that the only way to do this was to buy Property, renting it out for a profit. While subletting is the most obvious way to earn money from your Property. However, there are also different ways to make money from Airbnb without homeowners. So let’s drive into those ways to explore opportunities. Read on to learn;
- Take The Airbnb Rental Arbitrage Route
- Short-term Rental Property Manager
- Consider Co-host To An Airbnb Host
- Consider to Join a Vacation Rental Franchise
- Become An Airbnb Consultant
Take The Airbnb Rental Arbitrage Route
Airbnb rental arbitrage is an excellent way to earn passive income. You can expand this business model even more by adding and managing multiple properties.
Before starting this strategy, you will need to consider legal rules and regulations as some cities do not allow subletting. Moreover, you should obtain permission from the landlord before you attempt to rent out your rented accommodation. In many cases, long-term rental lease agreements do not allow tenants to rent out properties on listing sites. If a tenant violates the deal, they run the risk of being evicted. However, if both parties have agreed, rental arbitrage can be a great option to enter the industry.
Short-term Rental Property Manager
Become a short-term rental property manager. Property management offers flexible working hours, and the income can be just as lucrative as your regular job. Simply put, it’s a great way to make money on Airbnb without investing in a vacation rental. During your short-term rental Property managing, your responsibilities include Confirming bookings, Communicating with guests, Supervising the check-in process, Marketing, and Property inspections.
What are the legal qualifications to be a short-term rental manager? To be a short-term rental property manager, you will need first to know the laws of your state. For example, while some states like California do require a real estate broker’s license, other states do not require any qualification. Remember that it is better to further your education in property management even when not needed, as this will truly set you apart from your competition.
Consider Co-host To An Airbnb Host
Become a co-host to an Airbnb host. By helping them, you will be able to grow your Airbnb skills and earn additional income. Co-hosting is a great way to help hosts who are still new to this industry and offer guidance as they learn about everything from writing a good listing description and pricing their space to meeting their guests. With an Airbnb host in your network, you can start co-hosting for as low as $250 per month!
While you will be working and helping to manage an Airbnb listing, a co-host’s duties are more personal than those of a short-term rental manager. For example, you’ll likely need to coordinate amenities that are more likely found at home than in an apartment (such as towels and linens), translate messages from your host and guest, provide local recommendations and tips, assist with problem-solving before guests arrive, and clean and standardize the house before each guest check-in.
Consider To Join A Vacation Rental Franchise
A vacation rental franchise takes the guesswork out of the Airbnb business model for people who do not want to start from scratch. A franchise assurance helps protect property owners by providing monthly financial reporting, legal support, and a designated site manager.
But a question usually arises: How much can you make by getting a franchise? There are a lot of costs that you should expect when buying a franchise, even if it is for a vacation rental property. Depending on the brand you select, these costs can be as low as $55,000 and as high as $100,000—and that’s not including any other upfront costs that you might have! The best way to make sure the franchise will be profitable is to study information on the company thoroughly so that you know exactly what you’re getting into before handing over your check.
Become An Airbnb Consultant
Have you been a successful Airbnb host and have tons of experience renting out places? Do you have to host tips to help others find or live full-time in a profitable Airbnb market? You may want to consider becoming an Airbnb consultant. A consultant can be an entrepreneurial-minded person who wants to share their knowledge of the Airbnb philosophy. While Airbnb hosts are primarily responsible for choosing the right people to rent their properties, they would like to know that they are doing it the right way to get an even greater yield. Consultants typically offer their services on a per-demand basis by providing guidelines, training, and suggestions on how other people should conduct business.
Earning with Airbnb has never been easier. As a professional, you have a career opportunity that can be started as a side hustle or turned into a full-time gig.
Some of these strategies are more challenging than others and require more financial investment, but you can make a decent living with hard work and commitment.