I found a great article from the Press Association, that was published in Sept 2018 that I wanted to share and I have added my extra 2 cents of advice from my experience as a Short Term Rental Host since 2000.
Here’s what you need to know about Airbnb:
1. How does Airbnb work?
Airbnb is an online marketplace which lets people rent out their properties or spare rooms to guests. Airbnb takes 3% commission of every booking from hosts, and between 6% and 12% from guests.
There’s plenty of criteria to list for/search a property: from a shared room to an entire house, to having a swimming pool to having a washing machine. There are photos of the property, and the hosts/guests, with full map listing.
2. Why do people like it?
A combination of factors, but primarily financial ones. Guests get good value accommodation at a huge range of price points, from a few pounds a night to hundreds and often in prime locations where a normal hotel would cost infinitely more.
Hosts can cash in on spare space, perhaps if children have flown the nest and there’s a spare bedroom. In fact, according to economist Dr Margarethe Theseira, if an Airbnb host lists their property for seven days a month on average they would earn £5,600 per year, a boost to household income equivalent to a 15% pay rise for an average full-time employee.
3. What are the other benefits of Airbnb?
There is more than a financial impetus though: many guests like living like a local and getting restaurant recommendations from people really in-the-know, while many hosts just enjoy meeting new people and showing off their home.
4. Is it easy to book on Airbnb?
Yes, very. Once you’ve created a verified profile (which can be linked to social media), you can send a message to the host and either book instantly, or submit a request for later booking. Hosts must show calendars of availability – most are kept well up-to-date – and they will inform you of what they will provide like towels or hairdryers.
It’s not advised if you’re travelling through though – many people don’t take bookings for just one night.
5. Are there any hidden extras?
It’s not really ‘hidden’, but many hosts will add a charge for cleaning on top of their basic nightly fee. This is always made clear on booking.
People have called me the “Short Term Rental Guru” I don’t quite know why. Maybe because I’ve been hosting guests in both my Bed and Breakfast and my Heritage Cottage Rental since 2000. I’ve added my 2 cents about some very revealing statistics, that I think you may find interesting. Read my thoughts below!!
So now you know why people like to offer their homes on Airbnb to make money to cover their mortgages, taxes and utilities, without having to go into their own pockets.
According to Airbnb 60% of people who have listing on Airbnb are women. This has allowed women to stay home and earn an income, while taking care of their family financially.
Yes, Airbnb is here to stay and the sooner we accept this new business model the easier this transition will be.
You can find more articles about Airbnb on my website at: http://realwealthrealestate.com/ and on my FB page at: https://www.facebook.com/real.wealth.vacation.rentals/
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