Are you an office worker looking for ways to make extra cash? Then this article is just for you. There are hundreds of side hustles that will bring in extra cash in your wallet. With the cost of living increasing every day, having extra cash will not satisfy your needs but also provide you with financial stability. One of such interesting ways to make money is renting out your space.
You must be thinking, come on this is something that people have been doing for years. What is new in this? Well, the truth is yes, people have been doing it for a long time there is absolutely no doubt about that. Rent has been one of the best ways to make extra income for the longest time. People rent their property or part of the property. This is one of the reasons why purchasing a property is deemed an investment. Along with staying in your property you can also rent part of it too.
Another interesting way to make money from your property is hosting your house for guests. Yup! This is a thing now. Do you have an empty room in your house or an empty house then become a host. Host it to guests and make fancy income. If you’re planning to go for a long vacation or want to make extra money then this is one of the most efficient methods.
Have you ever heard about Airbnb? You must have. Airbnb is quite famous among travelers. Yup! No matter where you’re traveling you can find perfect rentals through them. They are an online marketplace for homestays, lodging, vacation rentals, and tourism activities. One of the main concerns for people while traveling is finding safe places to stay within their budget.
If you’re a solo traveler, your safety becomes a major concern for you and your family. However, booking accommodation can be more costly than you imagine. At a time like this Airbnb has come as a blessing in disguise for many. Vacationers can easily find accommodation or a beautiful location at a decent price.
Airbnb has been a golden finding for both vacationers and hosts. The vacationers can find excellent accommodations at reasonable prices and the host can make excellent income from this as a side hustle. A win-win situation for both of them. If you also have a vacant house or space on your property then this is your sign to make money through this platform.
Let’s discuss Airbnb in detail.
Let’s go, then!
Airbnb in Detail
Well, one question that must be plaguing your head must be why Airbnb? You can just rent your property to anybody, right? Why must you go with them? True! This is the first question that needs an answer. More than 2.9 billion people are hosting their homes through Airbnb.
Over 7 Million rentals are listed on this platform. You can see how many people are trusting this platform to make good money. Well, this platform is available in 191 countries and more than 1,00,000 cities. It is not an exaggeration to say that this Airbnb has changed the way people are renting their vacation stays. No matter where they are traveling, be it domestic or international the first thing many people do is check for rentals or accommodations on Airbnb.
Another reason why most people are preferring this platform is while staying at the host’s accommodation they can experience local culture and also communicate with locals. This is why Airbnb is quite famous.
People are also preferring hosting options over other lodging choices. This is creating a lot of market for short-term rentals. The house owners can either rent a room or they can rent a complete house. The best part is the host can decide the term until which they want to keep their property listed. Confused? You have saved up a good amount with Airbnb Hosting for your vacation and you have also booked a beautiful rental in Airbnb, you have to leave your house empty while going on vacation. However, by renting your property while you’re on vacation you can earn some extra cash.
With all this being said, you must be curious how Airbnb works?
How does Airbnb work?
Finding your accommodation for your next vacation is now just three steps away. Yup! In three simple steps, you can find rentals or accommodations that are within your budget and taste.
Here are the three steps that will bring you closer to your favorite destination.
This is the first thing that people do once they enter the site. They can enter the location they are looking for rentals in. And once you enter the location you will find hundreds of rentals in your preferred location. Airbnb website is quite user-friendly too. Once you go to the site you can easily find everything that you want. If you want to find your perfect accommodation then you must apply filters that will help you in finding the right accommodation. Once you find your desired accommodation you can wish list it too.
Once you have found a few of your favorite options you can now look further into these accommodations and learn about the property, host. One thing that you must not forget is to read the guest reviews and the cancellation process. If you’re satisfied with all these things then the only remaining step left to do is book your accommodation.
On the app, you can connect with the host to learn more about the accommodation and locals. You can ask them all the questions you have about the property and they will answer you. If you need further assistance you can rely on Airbnb for additional support.
Since the pandemic, Airbnb has made health and safety a priority. The hosts are also abiding by this policy to provide a safe environment for the vacationers. They are making sure that the accommodations are well sanitized too. Also, Airbnb will be there to provide you with 24/7 assistance. They are at your service day and night.
Why do people host on Airbnb?
The answer is quite simple, they can make excellent income. Most people have some financial goals they want to achieve and with this plan they can make a lucrative income that will help them in achieving their goal. Above all, it is free to list your place on Airbnb. All you have to do is create an engaging listing post along with beautiful pictures and done. Your job is done, you just have to wait for the reservations to pour in.
Wondering how Airbnb will be making money then? Well, it is quite simple. They will be deducting the service fee from the payouts you will be receiving. This service fee is called the host service fee. The fees deducted will help Airbnb in providing their host’s community support, product development, host protection, etc. Always quote your price with consideration of the service fee because the payment you receive will be after the service fee.
Another important advantage for the hosts is that they can decide the rates. Cool, right? They can also modify the prices based on the seasons and the night. Confused? Well, some people charge different prices from night to night. They charge more on weekend nights compared to during the weeks. Not only that they also add additional fees such as house cleaning fees and extra guests. You can also use the pricing tools offered by Airbnb to set a profitable price.
Tip: While fixing a price you must consider the amount you will be spending or the supplies such as toilet paper that the guests will be using.
Lastly, if you’re wondering when you will be receiving your payments. You will be paid within 24 hours of your guest’s scheduled check-in time. For checking the transaction history of the payouts review your transaction history. Another important thing that you must remember is that the payout methods available will be based on your location. The payout methods included are Western Union, international wire, direct deposit to bank account, reloadable prepaid cards, PayPal, etc.
Local taxes may apply to your Airbnb earnings. So before you list your property you need to know the taxes in your location. You can also enquire from other hosts in your community. The hosts can either collect the taxes manually or they can use the collect and remit feature.
All in all, this is an excellent way to make money. Airbnb is a boon for both house owners and travelers. It brings both people with a lot of free space and people who need a free space together. One that you must keep in mind while booking a listing is to check the reviews of the previous stays. Yup! Although rare there are still chances that you can get scammed. Not only that for your safety and security read reviews and communicate with the host so that you have a better understanding of the rental and the area.
Effects of the pandemic on Airbnb
Pandemic has put a break to the growth of any business. One of the industries that have suffered a lot is the hospitality and tourism industry. Since the pandemic has been on the rise the number of people who travel around has become considerably less. Airbnb is no stranger to this situation, the cancellations have increased compared to the booking. Which was quite alarming as this would put the business in danger. However, Airbnb has immediately understood the situation and took responsive measures to make sure that they could reduce the damage.
Although the business has not yet completely recovered from the pandemic blow they have taken measures to bring business on track. And by June 2020 the gross booking has increased by 1%. Cost-cutting, creative campaigns along with new additions to the website like online experiences, and lastly their focus on the core business has been working well for the brand.
In the initial stages of the pandemic, when the cancellations were escalating Airbnb has used $1billion of their funding to pay refunds( even if most of them are non-refundable). They have done everything in their power to show their commitment to a company.
The founders of Airbnb have commented that the pandemic has provided them with clarity that what is truly important for them. Well, this statement proves to be right for not only them but for everybody. Pandemic has made people understand how valuable your life is and how thankful you should be for what and who you have in your life.
Is Airbnb Worth it?
Since you have made it to the end of this article you would have already understood everything about this platform. Airbnb is a perfect side gig for people who are looking for ways to earn extra cash. As a traveler, you can find cheap rentals for the night or throughout your vacation stay. Cool, right? Airbnb has revolutionized the way people are looking for their vacation rentals. Only prefer the listing from the super host or highly recommendable postings. This way the travelers can avoid being scammed. Airbnb has made a name for itself in the market. Since 2008 this company has slowly begun growing slowly. The company went public back in 2020 raising $3.5billion.
Airbnb is providing travelers with a cheaper vacation stay. Most people who enjoy traveling are primarily concerned about their stay. The hotels in tourist areas are quite costly. However, Airbnb has come as a relief for many. People don’t have to cut down their vacation time because of the expensive vacation rentals. Also, by staying with local hosts you will be able to experience the locale culture too.
If you’re looking for a cheaper vacation stay that is reliable and safe then you need to check the reviews of the rental before you make a decision. Lastly, if your host and you want to make great money then you, my friend make sure that you comply with local rules and talk with your neighbors, inform them about this so that they will not be having issues later.