5 Ways to Make More Money on AirBnB
I’m not shy about how much I love AirBnB. While I lived in San Diego, I leveraged my spare bedroom and an air mattress to bring in an additional $6,000 a year on average. Just take a moment to imagine how powerful that extra income can be for you. Your family. Your business.
It’s tremendously powerful!
Not only did I use that extra income to fund a few fun trips for my husband and I, I also used this income to launch my business. If you are aiming to kick start your Etsy store or other business idea, but not sure how to scratch together the capital, take advantage of your spare room as a revenue generating machine.
Below I have 5 easy ways you can start creating additional revenue streams into your hosting business, making that air mattress a keystone of launching your next business venture (or saving for your kid’s college, getting out of debt or helping achieve whatever your financial goals are).
1) Offer Airport Rides
As a traveler, navigating a new city’s public transportation system proves to be a huge pain every time. Regardless if utilized the transportation options all around the world or if this if your first time in a big city, those bus signs transform into Greek as your eyes adjust after getting off a long flight.
Additionally, the airport always seems to be the MOST expensive location to get to and from. Between additional service fees and abstract locations, getting to and from the airport will cost a pretty penny. Which is where you as a host can step in. By offering a rate that’s comparable, but less than a taxi, you can make getting to the lodging simple and easy for your guests. After a few trips, you’ll learn the ins and outs of your airport and the quickest routes. More efficient service always works in your favor.
2) Dynamic Pricing
Do your rates sit constant throughout the year? Most likely you’ve take advantage of the pricing flexibility tools in AirBnB to adjust based on high seasons and lulls throughout the year. It’s also important to take notice of big events headed to your region. For example, when the CMA Awards come to Nashville or SXSW hits Austin or Comic Con takes over San Diego, lodging becomes a huge scarcity. Price also skyrocket.
The first time I hosted over Comic Con, I rented out my spare room for $45 a night (which was just above what I normally did). I set the price before showering and by the time I finished, I already had several requests. Lesson learned for the following year.
Note: That being said, it was a huge win honoring the price for the first request. They turned out to be Comic Con volunteers and were able to get us tickets for the Saturday of the event after the conference had started. That’s unheard of. Made my year, and the volunteers appreciated the discounted room rate.
3) Offer Cooking Lessons
Having spent ten months traveling to 8 different countries, I can tell you that my favorite experience was always if we did a cooking class in a country. In Thailand, my husband and I loved it SO much we did two different cooking classes. If you are skilled in this area, and it’s likely you have a kitchen in your space, share the love with your guests eager to enjoy the local flavors and take the knowable about how to capture the flair home with them.
Remember to account for food prices and your time in pricing out the lesson.
4) Take Advantage of AirBnB Experiences
If you have a unique gift, such as cooking or know where all the best hiking areas or enjoy a skill in tours of your local breweries, take advantage of AirBnB’s new Experiences. This is where you can create your own adventure or activity, and offer it to guests. They don’t even need to be your guests! In fact, they might even be locals looking to get a different spin on the area.
If you have a skill or enjoy showing guests around your favorite hangouts, make it an official experience.
5) Offer Concierge Services
There are some nuances traveling that are just plain a pain. For you, they are the everyday ordinary but when you’re traveling they prove to be challenging (especially when you are a long term traveler). Things that fall into this category include laundry and grocery shopping. In short, they pull away from the main experience in that city and can be extra time intensive to navigate in a new city.
Offer a concierge service! Know your guests are coming in from out of town and staying a week? Offer to stock the house full of a pre selected grocery list before their arrival. Are there a ton of activities they are looking to fit in? Offer to schedule it all out, make the reservations and even recommend the best providers in town.
Even More Ways to Make More Money on AirBnB
In truth, this list is only skimming the surface! I have 25 ideas in my jam packed new eBook “AirBnB Profit Machine: 25 Ways to Make More Money on AirBnB.” There are even entire sections dedicate to individuals who want to take advantage of the sharing economy, but don’t have any space to rent out. Yes, you read that right, you don’t even have to be a host to capitalize on some of the different options.
Even more important, all these strategies are designed to make your guest’s experience better while developing different revenue systems in your business. In short, a need always presents an opportunity.
Not only do I outline these ideas in extreme detail, with ideas for hosts all over the country (and world!), I also lay out non sleazy ways to sell these to guests. These no fuss tactics actually help present you as a better host and improve the guest experience.