Need an easy way to make a great side income? And by great, I mean $500-$1500 a month—more than your income from online surveys and credit card points combined.
AirBNB is a website (and an app!) that makes it ridiculously easy to rent out your home, and still ensure that your “tenants” live by your rules. The size of their user-base (150 million users as of March 2017), the ease of setting up an account, and the fact that hosts can accept or deny renters based on reviews by previous hosts, makes AirBNB a very friendly income option for anyone who has an extra place, a spare room, or even a couch or garage!
How To Set Up An Account
To set up an account, just go to airbnb.com and sign up using your Google Account, email address, Facebook login, or American Express card.
AirBNB will then ask for some details about your home—whether it’s an apartment or a house, how many beds can be set up for guests, etc. You’ll also upload some pictures of the space you’re renting, and include your personal information such as:
• Full name
• Email address
• Confirmed phone number
• Profile picture
How Much Money You’ll Make
The price you charge for your listing is entirely up to you. To set your price, you can search for comparable listings in your city or neighborhood and price your place accordingly. Bear in mind, that this is your base price for the stay. You area also allowed to charge a cleaning fee (as compensation for your or another person’s labor), and other fees such as a late-check in fee, pet fee, or bike rental fee. AirBNB does charge you a 3% service fee for every reservation you get, so make sure to take that into account!
Don’t have an extra apartment or even a spare room? Get creative about the space you rent out! There are hosts on AirBNB renting out their backyard (in a tent set-up like like this user), their garage, or even just their couch. If you live in a pricey urban area like New York or San Francisco, your couch may be worth more than you think! The CEO of AirBNB himself rents out his San Fransisco couch for $50 a night!
Get The Extras Down
If your space isn’t glamorous, you can still make more money by offering extras like breakfast, free guided walks around your neighborhood, or even putting out a bottle of wine for your guests before they arrive. These small touches can raise the value of the “stay” you’re providing, and be the key to getting great host reviews. Great reviews = even more guests who will want to use the space you’re offering!
Sometimes having guests in your home can come with risks. AirBNB comes with free Host Protection Insurance to protect you in case anything on your property gets lost, stolen, or damaged. The insurance covers you for claims up to $1 million.
So, even though it may be tempting to forgo the 3% service fee, make sure you keep all correspondence and payments on the AirBNB platform. This will protect you in an unforeseen circumstance.