How To Make Money Through Airbnb.

Airbnb has been experiencing a rapid rate of growth in Ireland over the last number of years. Recent statistics released by the platform confirm that this upward trend shows no sign of letting up for the near future at least. In 2017 alone 1.2 million guests from outside Ireland stayed in accommodation through Airbnb. This doesn’t take into account all the domestic Irish people who frequently rent accommodation through the platform.

So if you want to subsidise your income with a nice sum, Airbnb may well be the thing for you! But that raises the question;
Just how can I make money from Airbnb?
We’ve compiled a list of tips to help you get started with Airbnb hosting and a few ideas on how to get the maximum use out of the Airbnb platform.

1: Create your listing

The first step to renting out a room or a home through Airbnb is to go to their website and create your listing and add some photos. Creating a listing is free and easy while allowing the best person available to promote your property - You.

2: Setting your price

Airbnb allow you to set what price you would like to charge guests. At this stage, you might want to do a little research. Use the website to check what other Airbnb hosts with similar properties are charging in your area. You can also use Airbnb’s simple price calculator here. Be strategic here. Don’t charge too much more than other hosts or you may be ignored by guests. On the other hand make sure you don’t undersell yourself either!

3: Tweak your pricing throughout the year

While you are setting your prices remember that you are free to change them whenever you like. Make sure you keep an eye on other hosts and see when they drop or raise prices. Summertime will obviously provide a peak in guests so you might be able to charge a little more. If you live somewhere that regularly hosts a popular event, such as the Galway races or the Cork jazz festival, you could make more money during these periods. Similarly be aware of when visitors to Ireland arrive in higher volumes, such as Saint Patricks Day.

4: Promote your home and area as best you can

Cast your home and local area in the best light you possibly can. Make sure you illustrate how close it is to any areas of interest and transport links. Make sure guests are aware of any quirks or off the beaten track gems that you might be close to. Whether it be a nice area for a walk or a cool coffee shop, don’t be afraid to mention interesting local facts. Also make sure you use a high resolution camera to take images of your home, Snap the pics during the day as well and take advantage of the natural light.

5: Charge a security deposit

Cover yourself from unscrupulous guests by charging a security deposit. While the majority of guests will leave your home the way they found it, make sure you don’t get caught out by anyone who comes over for a party weekend and breaks something! Accidents of course do happen as well.

6: Take advantage of the review system

Airbnb have a two sided review system. Guests can leave reviews of hosts and their property and hosts can leave reviews of guests. Have a look at any previous reviews hosts may have left potential guests and make sure you invite the best people to stay. Similarly ask guests to leave a review of their experience with you.

7: Be the best host you can be

We’re not advising you to provide foot massages for your guests! But make sure you are as friendly and accommodating as you can be. Meet with your guests and provide them with keys, chat to them, answer any questions they may have about the local area and offer insights. 21st century tourists crave an authentic experience, you hold the key to providing them with just that.

Airbnb provides you with an excellent source of extra income and, should you choose to use it, a very simple to use service. The above tips on how to make money through Airbnb aim to help you maximise your potential earnings.

However be aware that the majority of standard house insurance policies Will Not cover you if you use the platform. Make sure you speak to your insurer if you plan on sharing your home through Airbnb, or else you could find yourself significantly out of pocket.

At Insuremyhouse.ie we have developed a tailored home share product that will provide the perfectly adequate level of cover for Airbnb hosts. So whether you are insured with us or not, we can provide you with a home share product that suits you.

Host or not, why not get started with your quote here or call 01 603 2999 to speak to one of our home insurance specialists.

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