The most common listing on Airbnb is a homeowner who has an extra room in the house or a vacation home that they do not always frequent. For them, the motivation was to make use of the space and also earn a passive income on the side.
Now, if you are one among the lucky homeowners who happen to live in an area frequented by tourists, why should you settle for a little income? You could potentially quit your job and make this your primary source of revenue.
It is time you take a serious look at the business by taking an Airbnb course.
According to data, more and more people now prefer Airbnb to hotels. For instance, it surpassed the Hilton hotel in 2018 in the number of bookings. It is also catching up with Marriott, which is considered the world’s largest hotel chain. To date, the app has more than 150 million users, and 650,000 Airbnb hosts all over the globe. The company is valued at over $31 billion.
How Much Can You Potentially Earn?
Research by Pricenomics showed that 5 in 10 Airbnb hosts are earning over $500 a month. However, it is a mixed bag of earnings. Some hosts with plenty of room to spare, and are treating it as a serious business, earn at least $10,000 a month. Others, meanwhile, are content about making $200 monthly to augment their other incomes.
To arrive at the estimates, the website reviewed data for a period of two years, analyzing each segment between one and 27 months.
How to Max Your Income
The only way to maximize your income on your Airbnb business is to stop experimenting with trial and error and getting yourself a mentor.
First, you need to establish your goals. Do you have plans of making this your primary source of income, or are you simply looking for ways to augment your monthly salary? You will learn about your expectations vs. your goals.
An Airbnb course will provide you with a step-by-step guide on how to grow your business. It does not mean that you only have one room to spare initially, or you have multiple properties. You will learn how to evaluate the real value of your property and how much you can potentially earn. You will learn what type of host you are, the fulfillment and expected frustrations, your competitors, how to make an attractive listing, and how to set the house rules.
The Airbnb course will teach you that it doesn’t even matter if you own the property or not. Some of the most successful entrepreneurs have perfected the art of sub-lease. They rent a property and lease it out to others. It might be the perfect route for those who own only one room in their house. It can be scaring at first, but they will let you in on their secrets.
You will understand the marketing aspect of the business to make sure that your properties are not vacant for long periods.
You will also learn the nuances of the law at the federal level and your respective states. While Airbnb is not illegal in itself, you need to know the types of permits you need to secure before you can start operating. This is called rental arbitrage, and it varies from state to state.