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Airbnb is the world’s largest vacation rental marketplaces that connect hosts with people who are looking for accommodation in their travel area. The principle of the Airbnb platform is simple: the company aims to make sharing easier for both hosts and guests. That’s why they provide an easy-to use platform with a lot of built-in features that are convenient for both parties.
- 30+ million of users in USA alone
- Set your own prices
- Rent the place when you want
- Meet interesting people
- Potential home damage
- Income is erratic – no guaranteed income every month
Best Sites to Rent Stuff
$125,000 property coverage
Personal liability guarantee up to $100,000
Relatively low fees – 10%
No listing fees – earn up to $10000+ per year
Chance to screen renters
Ability to require photo ID
What is Airbnb & How Does it Work?
Airbnb is the world’s largest vacation rental marketplaces that connect hosts with people who are looking for accommodation in their travel area.
The platform currently covers more than 81,000 cities in 191 countries worldwide.
While the company name Airbnb actually stands for ‘Air Bed and Breakfast’, you as a guest, aren’t required to provide breakfast to your guests. However, it might be highly appreciated if you do so, or you can charge your guests an extra fee for providing breakfast.
The principle of the Airbnb platform is simple: the company aims to make sharing easier for both hosts and guests. That’s why they provide an easy-to-use platform with a lot of built-in features that are convenient for both parties.
On one side there are hosts like you, who have listed their properties on the platform. On the other side, there are travelers, who seek for a comfortable place they
The types of properties can you list on Airbnb:
- An extra bedroom or a living room
- And even moving properties, such as RVs, camping vans and motorhomes.
As Airbnb aims to simplify the process of renting out your property, it offers various features.
A built-in calendar helps you manage your bookings easily. Each time a guest books your place, the selected dates in your calendar become unavailable for other travelers. This eliminates the cases of double-booking.
This feature also allows you to keep an eye on your calendar and check your availability.
And if for any reason you can’t or don’t want to host anyone for a certain period of time, you can lock the calendar, so it looks unavailable for travelers.
In order to keep your privacy or help you resolve issues with guests, Airbnb requires you to keep all your communication with your guest on their platform.
But this requirement changes when the guest books your place. From there, you’re free to communicate outside the Airbnb messenger.
Airbnb Customer Support
Whether you have issues with the platform or with your guest, you can contact the Airbnb customer support team at +1-844-234-2500 who will help you resolve any case.
Airbnb Host Guarantee
Accidents happen. If guests damage your place or belongings during their stay and refuse to reimburse you, Airbnb host guarantee may protect you with up to $1,000,000 USD property damage protection.
Just make sure you report the case to Airbnb customer support, providing all the details about the damage. Also, make sure you document the damage with a photo or a video.
Airbnb Cancelation Policy
If you cancel a confirmed reservation, you’ll be penalized and the fee will be deducted from your first payout after the cancelation.
The amount of penalty depends on how long after the reservation and how soon before check-in you canceled the booking.
You’ll be charged:
- $50 – if more than 7 days are left before check-in
- $100 – if less than 7 days are left before check-in
Airbnb Mobile App
To further simplify your hosting experience, Airbnb provides an app for iPhone and Android devices. This app lets you manage your calendar and communicate with your potential or existing guests on the go.
And the app is available for travelers as well. So they can easily book your place and communicate with you from anywhere they might be.
Airbnb Experiences allow you to share your hobbies, skills or expertise with travelers from around the world.
Whether it’s a local cuisine that you can teach or take travelers to discover hidden gems in your city, you can list them as experiences.
Experiences are a great way to maximize your Airbnb earnings as whatever activity you share with travelers, you’re charging them an additional fee.
Because of the current pandemic situation, Airbnb added an option to host experiences online. This enables you to earn money even due to travel restrictions.
Is Airbnb Safe & Legit?
Airbnb is a legit company, offering safe services. They screen any travelers before allowing them to book properties, so that you don’t have to deal with scammers.
But if for any reason you suspect your prospect is a fraud, you can report them to Airbnb support, who will restrict them not only from contacting you, but also using the website.
While Airbnb is one of the largest vacation rental platforms in the world, it can’t boast with Trustpilot reviews. Airbnb currently has a 1.5 out of 5-star rating on Trustpilot. But I’ve found that most of the 1-star reviewers complain about new cancelation policies due to Covid-19.
How Much Can You Earn with Airbnb?
While you are free to price your property as you like, you should consider the rental price range in your location.
The amount that you can earn per night by renting out your place actually depends on your location, type of property and its size.
For example, according to the Airbnb calculator, you can earn on average $2,458 per month hosting a place for 2 persons in New York.
You can also use AirDna – an independent platform that helps you understand your estimated earning potential. The tool analyzes properties in your area that are listed on Airbnb and gives you an idea of how much you can earn.
What Are Airbnb Hosting Fees?
Listing your place on Airbnb is free and there are no monthly maintenance fees either.
Although, you’ll be charged a service fee of 3% when your place gets booked via Airbnb platform.
How to Rent Your Property on Airbnb?
Step 1 – Create Your Account
Naturally, the first thing you need to do is create an account. You’ll be required to provide basic information about you – your name, email address and phone number.
Step 2 – Create Your Listing
Once your Airbnb account is set up, you’ll be prompted to create your first listing. At this step, you’ll be required to provide every detail about your property, including:
- Type of property offered – is it a private room, an apartment, a house, villa, etc.?
- How many persons can you host
- What facilities are included in your property
- Where’s your place located – you should also list attractions nearby
- A brief description about your place – this one is just like a sales copy, describing your place and surroundings
- High quality photos of your place – make sure you showcase your property in the best way from different angles.
Step 3 – Publish Your Listing
Once you’ve provided all the information about your place and created your listing, it’s time to hit that Publish button.
After you publish your listing, the Airbnb team will review it before making it public. The review process usually takes up to 24 hours.
Airbnb Pros & Cons
- User-friendly and easy-to-use website and mobile app
- Low booking fee – 3% from each booking
- No listing or monthly maintenance fees
- 30+ million users in the US alone
- Helpful customer support
- You have to clean your place after each customer leaves
- Some guests may cause problems
- Your earnings may fluctuate depending on seasonal demand
Airbnb vs Booking.com
Booking.com is a go-to vacation rental marketplace for many people who are seeking for an accommodation for their travels. However, the major difference between Booking.com and Aribnb is that Booking.com is focused on hotel rooms, while Airbnb is
But this doesn’t mean that you cannot list your house on Booking.com. In fact, this platform has a filter that allows travelers to browse for houses. So listing your property on both, Airbnb and Booking.com will just increase your earnings.
Although, Booking.com charges you a much higher fee which is 15% of your booking total, while Airbnb’s fee is just 3%.
Airbnb vs VRBO
VRBO is a great alternative to Airbnb, that is focused on vacation house rentals. But unlike Airbnb, VRBO is more about family stays and they only accept entire properties, not shared places.
Moreover, VRBO is more suited for longer stays while Airbnb is a great option for people looking for shorter trips. But it’s still possible that guests book a place on Airbnb for the long term as well.
Airbnb vs Homestay
Homestay works a bit differently than Airbnb. Guests, who book their stays on Homestay are lodged with a host family, i.e. you’re hosting travelers in your house, where you live.
On the other hand, you can rent out private spaces, including entire houses on Airbnb.
Is Being an Airbnb Host Worth it?
While Airbnb is the world’s largest marketplace, it is visited by millions of travelers every day. So rest assured, you can leverage the platform’s organic traffic and put your property in front of people who are already seeking it.
Plus, Airbnb charges the lowest fee possible – a 3% commission out of each booking you receive through the platform.
So my personal verdict is that it’s totally worth listing your property on Airbnb.