How to make money from Airbnb
- Written by James Pointon
Airbnb is a great way to make money on the side. Since its launch in 2008, there have been over four million listings across 190 countries. You might want to become an Airbnb host so that you can be your own boss or as a creative way to share your interior design skills. Either way, there is significant earning potential for Airbnbs.
If you have a spare room or home, it could be surprisingly easy for you to make a money from listing it on Airbnb. However, you could get started even without a spare space. You could have your home available for the times you’re away, or, for when you know you can stay at a friend’s or family member’s place.
How do you set up your Airbnb?
When setting up your space for an Airbnb, you’ll want to put yourself in the shoes of a potential guest. You want your Airbnb to mimic a hotel in the sense that it should be decluttered and very clean. However, part of the appeal with Airbnbs can be its uniqueness. Have fun with the interior design, just make sure guests can feel at home in your space.
How do you make a listing on Airbnb?
Getting started with Airbnb is actually a lot easier than it seems. The most important parts of your listing are the photos and the description. It’s important that your photos highlight the best features of your space. You shouldn’t have too many photos, but, you should also have enough to showcase every part of your Airbnb, potentially from multiple angles.
In terms of the description, it needs to be engaging but also accurate. Make sure to convey your listing’s unique characteristics. Ask yourself what your space can offer that others in your area can’t. Maybe it’s easy to get to a certain attraction, you have adorable pets or you’re all-inclusive.
How much money can you make from Airbnb?
You can make a significant income from Airbnb in Australia. According to data from AirDNA, you can make anywhere from $1500 to $4000 a month in Australia’s capital cities. Of course, the amount you make will depend on a variety of factors such as where your space is located and how big your space is.
Sydney has the highest average daily rate at $230 and an average monthly revenue of $2965. Hobart has the second highest average daily rate at $208. However, since the occupancy rate is higher, 77% compared to 65%, the average monthly revenue is a whopping $3740.
How can you boost your Airbnb’s earning potential?
It’s important that guests leave positive reviews on your listing so that more people are interested in your space. Hence, you want to give the best possible experience. Go the extra mile with things such as linen, towels and accessories. Guests also tend to find guidebooks and written instructions for things such as WiFi and the dishwasher very useful.
Guest author: James Pointon is a Commercial Manager at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.