If you’ve traveled recently, there’s a good chance you paid to stay in someone else’s home rather than a hotel, and you did so because of Airbnb. If your experience was positive, you might be asking how to become an Airbnb host yourself. The Airbnb platform has done more to make the home-share model safe, reliable, and culturally acceptable than any other service. Today, Airbnb is active in more than 65,000 cities around the world, with upward of 4 million listings.
It is no secret managing an Airbnb rental business is a very profitable business model, if executed right of course. Many real estate investors purchase short-term rentals with the idea of generating passive income. However, becoming a landlord and making passive income is not that simple and goes far beyond choosing the best Airbnb investment property. To start making money with Airbnb, the real estate investor really needs to sustain a high level of Airbnb management. In case the House owner wants to own a passive income investment, they should also consider hiring a third party like a professional property manager also known as a Co-Host.
A CONSTANT FLOW OF NEW PEOPLE COMING IN
When buying an Airbnb investment property, you should be prepared for what is ahead of you. The truth is that in order to start making money with Airbnb, you should take numerous things into consideration and implement them in the management of your short-term rental property.
Typically, Airbnb guests stay at the property for a few days. This means that, if you have managed your bookings correctly, there is a constant flow of new people coming in. As you can imagine, this means that the property requires quite a lot of maintenance. For instance, you need to prepare the place for your Airbnb guests. The latter includes cleaning, restocking supplies as well as fixing and repairing.
Moreover, in order to ensure that your rental is one of the top Airbnb listings, you need to show an attentive attitude towards each guest and be available to assist whenever needed. In order to make a well-informed decision, we will present you with all the information you need to know as a home owner.
HOW TO HIRE A THIRD PARTY TO HELP YOU
As previously described above, taking care of an Airbnb property is not an easy task. That is why some real estate investors are willing to hire a third party to help them, despite the fees. Your best option for this third party is definitely a professional Co-host.
An Airbnb co-host is typically someone already familiar to the owner of the property. This might mean that the Airbnb co-host is a family member, a friend, or even a neighbour. When hiring a co-host, you divide the tasks. This means that you agree on who will take care of what when it comes to the rental property management. You should also establish in advance how much of the rental income the Airbnb co-host will get and how much he/she will contribute towards rental expenses. It is important to note that the person you hire as a co-host does not need to be a professional in the field. It is rather that he/she gets involved in the business in order to help you increase the Airbnb profit.
REDEFINING THE CO-HOSTING INDUSTRY
Finally, when hiring a professional for the job, you can leave all the tasks to the manager and simply receive a passive income from your short-term rental. Of course, it is wise to check on the property every once in a while. You can also hire a professional property manager for once specific task. Such a task may be cleaning, dealing with taxes or bookings, etc.
You have two options: either you know a friend who could help you, either you don’t know anyone and will need to use CoHostMarket. If you’d like to become a co-host, there’s nothing easier! Just add your profile to your neighborhood’s co-host directory. Pick the services on which you wish to help and define your service fees. They’re generally ranging between 10 to 20% of the booking revenues. When an owner picks you up, you then become the travelers’ official intermediary: it’s now your duty to share your sense of hospitality and hosting, valued by Airbnb! That’s also an easy way for you to supplement your income.