How to Make Money on Airbnb in 2023
By TOI Team May 19, 2023 Update on : May 19, 2023
Even if you are not currently earning from Airbnb, you may have heard about this real estate money-making venture. Or at least, you may have used an Airbnb property during a vacation. What many people don’t know is that there are many more ways of making money from Airbnb than just renting out an unused part of your house. In fact, you don’t need to own a home to make money from this venture if you are innovative enough.
Airbnb has made it free to register or list a space that you want to rent out and even gives you the freedom to choose how much you want to charge for the space. However, there are factors that you should evaluate to charge for your space correctly.
There is a requirement to choose what kind of host you want to become, and this is what determines how you make money. We will put more focus on hosting options that do not require you to own a property. So, read on and take notes.
Subletting a Rental Property
If you are thinking of making money on Airbnb without owning a property, then this will be your first thought. Well, it is the easiest except that it requires some considerations.
Firstly, ensure that your state, city, and property management allow subletting a rented property. If it is not allowed, then you have hit a dead end with this one and have to explore another rented property.
Secondly, you have to make sure that the Airbnb proceeds are more than the rent you pay per month. Of course, consider other expenses and a substantial amount of profit. This option is best in areas where rent is relatively low and demand for Airbnb spaces is high.
Managing Other People’s Properties
You don’t need to own any property to make money on Airbnb. You can manage other people’s Airbnb properties now that most of them are busy with other things. While this gives you flexible hours to work, it can give you a lot of money because you can manage a number of properties at the same time.
Your work involves ensuring that the Airbnb spaces are clean, neat, replenished, and ready for occupancy at all times. Also, you have to make certain that all revenues tally with the occupancy of the houses per month. And lastly, ensure that your guests are comfortable and assisted where possible.
Starting an Airbnb Digital Marketing Business
Although the Airbnb platform markets the business aggressively, there is high competition in the business, and individuals need to market their accommodations on various digital platforms to maximize bookings. If you are experienced in digital marketing, you can make money on Airbnb without owning a property by offering these services.
This includes marketing the spaces on various websites, social media platforms, and many other platforms. Ensure that your strategies are good enough to yield results. With this, you can rest assured that many clients will seek your services and that you will make money.
Providing Airbnb Consultation Services
Many people who want to venture into Airbnb don’t know where to start or how to do it. Therefore, you can start a business that guides and assists them in getting started. You can only do this if you have enough experience in Airbnb operations, understand legal issues around Airbnb, and can help investors to get started.
As a consultant, you might also be required to help in maximizing bookings through marketing solutions and reducing or solving guest complaints accordingly. As an Airbnb consultant, you can earn a good amount of money, especially if you have many clients.
Offering Airbnb Cleaning Services
Cleaning services are highly sought-after services in the accommodation industry as well as in residential homes. If you have enough capital, you can start this business and specialize in cleaning Airbnb spaces in your town or state.
However, it is good to research well to understand how the business works and how you can maximize profits from cleaning these spaces. You will also need human labor and transport to attend to spaces in different locations. So, plan accordingly.
There are many ways to make money on Airbnb even if you don’t have a property. Apart from subletting a rented property, which is very popular, we’ve discussed other amazing ways that you should consider. Some are easy to start while others require licenses and significant investment, but the results are rewarding.Read More: How to Make Money on Airbnb in 2023