Sunday, September 9, 2018

Establishing Your Main Income As an Airbnb Host

Share economy is such a trendy thing in the past few days. Not only does it allow people to earn from their existing properties from cars to real estate, it is also a great alternative for others. Instead of going for a cab, you have an Uber and other ride-sharing apps.

If you have traveled recently, Airbnb is such a hit among different types of travelers mainly because it offers so much for less. Can you establish your real estate as your main source of income? Keep in mind that though there is a demand for Airbnb, there are factors that you also have to consider.

Average Income


First, you have to understand how much you actually earn from being a host. The safest way to do this is by knowing the average income that Airbnb hosts make. Worldwide, the average is at $924. But of course, you have to understand that there are some places where it is lower while there places where it is actually higher. Also, you have to consider the fact that some places that have a high cost of living make this amount not enough to suffice your daily needs.

Create a comfortable space

You have to understand that the niche is also becoming quite competitive. This means that you are going to be dealing with other hosts as well. You have to make sure that the property stands out. In order to do this, you will have to ensure that the space is quite comfortable.



You have to make sure that you have enough funds to cover for the renovation and the interior design of your property. It is important that the property isn’t actually cluttered. This will gives your guests relaxation and peace of mind.

Know the demands of the location

You have to understand the demand of the market if you are serious about making a good amount of money out of your property. Who exactly goes within the area? Are they tourists who usually visit the place during the summer? Are they usually backpackers? Or perhaps, do you cater usually to groups?



These are some questions that you have to ask yourself first. By knowing who you are catering your services to, it becomes an easier way to narrow down your approach. You have to understand as well that it isn’t really simple for a lot of locations because you have to consider changing the place if you want to cater to families with their children or pets.

Pricing

Pricing is also important. You don’t want to be asking as much as a hotel room. The thing that you want is to be competitive within your niche. You can do this by knowing the budget of your market and the pricing of hotels in your area.



Keep in mind that there are a lot of factors that you will have to consider if you ever want to make Airbnb your main source of income. You have to understand these factors before you even attempt to go all-out in your property.