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Navigating the world of short-term rentals can be stressful, especially when you’re aiming to discover how to make money with Airbnb. We started our journey with a mix of excitement and uncertainty, and many times second guessed ourselves as we were renovating the home – getting it ready for guests.
Actually if I’m being totally honest, Jim was full of excitement and I was freaking out! This is one of those moments though where I have to say, Jim was right! Shhhh… don’t tell him!
Fast forward and under 15 months, our Airbnb had generated an impressive $93,000.
This achievement wasn’t by chance, it was the result of strategic renovations, meticulous staging, and understanding the intricacies of the Airbnb market.
In this post, I’ll share the essential steps and strategies that helped us and can guide you in maximizing your Airbnb earnings.
Can You Really Make Money on Airbnb?
Understanding the Airbnb Business Model
Airbnb and short term rental businesses, have revolutionized the way people travel and stay in new locations.
As a platform, it allows individuals like you and me to rent out our properties to guests from around the world.
The earning potential varies widely, influenced by factors such as location, property type, and the level of service provided.
The example above is the last few months of 2023 showing our earnings by month. Our biggest earning months are July and August as it’s more of a Summer destination for tourists.
Marketing and changing your listing for each season is very important though, especially if you are in a “seasonal” location.
Success Stories and Real-Life Examples
Many hosts have shared their success stories online, detailing how Airbnb has enabled them to generate significant income.
These stories serve as a testament to the platform’s potential for profitability.
Our journey, culminating in $93,000 in earnings, is just one example of what’s possible with dedication and the right approach.
Let me preface this entire post though by saying, jumping on Airbnb and slapping together an Airbnb listing is definitely not the right thing to do.
Sure, you can do that but you will not even come close to maximizing “what could be” and if you are not careful, you could end up in trouble in a variety of ways.
I am pretty excited to say that I have spent the last few months in course after course, mentorship and coaching to create something that I think you will not only love but really benefit from. That is, if you are interested in learning how to get your monthly mortgage and expenses covered each month.
How Do I Start a Profitable Airbnb?
Whether you are renting a room in your home, a finished basement or a full house, making money to cover your mortgage and monthly expenses is 100% doable.
Choosing the Right Property
The journey to a profitable Airbnb begins with selecting the right property.
Proximity to popular tourist attractions, ease of access, and the appeal of the neighborhood are crucial factors.
Our property’s location in a sought-after area significantly contributed to its success. I will tell you though, there are several Airbnb’s in our same location that do not maximize the earning potential and could be earning so much more if they simply changed a few things.
While location is key, we have a strategy for finding properties that are affordable and Airbnb”able” in the best areas.
If you haven’t already downloaded our Free 25 strategies of how we make money with Airbnb, do it now, it’s free!
Setting Up Your Airbnb for Success
Once you’ve secured a property, the next step is setting it up to attract guests.
This is where strategic home renovations come into play.
Updating the kitchen, ensuring the bathroom is pristine, and providing comfortable, stylish furnishings can make your listing stand out.
We focused on creating a welcoming, modern space that met the needs and aesthetic desires of potential guests.
Setting the right price is a delicate balance.
It’s essential to research what similar properties in your area are charging.
We do not utilize paid pricing tools. We adjust rates according to demand, ensuring maximum occupancy and profitability.
This is a strategy we share in our Airbnb Course Academy and while it’s not rocket science, it does require a system and process.
Get on our waitlist for when the course launches – there are limited spots as there is a live component of the course. By keeping the group small and intimate, it allows me to focus on each of you specifically.
How Do Airbnb Hosts Get Paid?
The Airbnb Payment Process
Airbnb hosts get paid through the platform’s secure payment system, typically 24 hours after the guest’s scheduled check-in time.
Understanding this process and setting up your preferred payment method is crucial for a smooth experience.
I teach our strategy for payment and tax protocols in our Airbnb Course Academy.
Managing Your Airbnb Finances
Keeping track of expenses and income is vital.
Our journey involved meticulous financial planning, from renovation costs to ongoing maintenance. This not only helps in managing your cash flow but also comes in handy during tax season.
How Much Do Airbnb Hosts Make on Average Per Month?
Factors Influencing Airbnb Earnings
Several factors influence how much you can make as an Airbnb host.
Location is key; properties in high-demand areas tend to fetch higher prices. Additionally, the unique features and amenities of your property, such as a hot tub or a spectacular view, can increase its earning potential.
Average Earnings Insights
On average, Airbnb hosts can make a substantial income, but it varies widely by location and property.
By focusing on providing exceptional guest experiences and leveraging the right strategies, hosts can maximize their monthly earnings.
Our experience of earning $93,000 in under 15 months is a testament to what’s possible with a well-managed and appealing property.
Who Should Start An Airbnb Business?
Making money with Airbnb is not just a possibility; it’s a reality for many, including us!
By understanding the market, making strategic property improvements, and ensuring your space is beautifully staged and decorated, you can significantly increase your earning potential.
Remember, every successful Airbnb journey starts with the first step. With the right approach and a commitment to creating a fantastic guest experience, your property too can become a profitable venture.
This business model is only successful for those who want to create a “home away from home” for guests.
I’ll be blunt, if you do not have a hospitable bone in your body and do not care about how your home appeals to others, then do not start an Airbnb. If your goal is to provide an exceptional experience for guests and a place that “you” would want to stay in, then you are in the right place!
Are you ready to start your journey to Airbnb success? Sign up for our detailed course to learn all the strategies and insights you need to turn your property into a profitable Airbnb.
If you could do me a favor, share this post with anyone who might be interested in becoming an Airbnb host and join us in redefining the world of short-term rentals.
What started as a hobby, Jessica’s blog now has millions of people visit yearly and while many of the projects and posts look and sound perfect, life hasn’t always been easy. Read Jessica’s story and how overcoming death, divorce and dementia was one of her biggest life lessons to date.