How to turn your spare space into a passive income source – a step by step guide.
By now you’ve no doubt heard about AirBnB (NOT “Air B&B”).
As millions of wannabe AirBnB hosts can attest, it’s not just flicking a switch and in pours your money. No no. Becoming a successful AirBnB host takes a fair amount of work and effort – yet the rewards are compelling: imagine earning as much for your apartment by renting it out for ten days a month as you’d earn for a full month of long lease rental income? Especially in a time where most people are feeling the economic pinch, renting out your spare room – or even your entire apartment – for a few days per month is an option worth considering.
Being big on passive income and affiliate marketing, I’ve been toying with the idea for over a year. I only recently decided to give it a proper go recent, so I’ll be documenting my journey as an AirBnB host as I go. I’ve already learnt a lot, so you can learn from my mistakes and get to making money and becoming a super host on the platform faster.
The sharing economy is booming worldwide – and it’s not only due to price sensitivity. People are humans, and humans like dealing with humans more than they do with corporations. AirBnB has not only made interesting accommodation more affordable and accessible around the world, they’ve also enabled people to effectively and conveniently monetise spare rooms or even their full apartments on a part time basis.
Air B&B users are looking for something unique and different. They’re also the kind of travellers who book direct, and are budget conscious, if not quite travelling on a shoe string. To appeal to these accommodation bookers, your space is going to need a little Something Special factor – whether it is the view, the feel, the location or the interior decoration style, your home or apartment is going to need to be appealing.
And how you represent your space visually – through the photographs you post on the platform – is going to play a make or break role in your success as an AirBnB host.
This foundational insight – the fact that your offering needs to look slick – is what took AirBnB from being a struggling startup to a multi billion dollar company.
I live in a single bedroom apartment, which has made the initial experiment a little harder. I’m busy, and I love travelling, so home decoration has never been an area of focus. This mean that I had some work to do that you’ve probably done already.
I’ll be expanding this article to a full how-to in the next couple of days, so please stay posted…Over and out for now though – Andre.