Airbnb is now paving a career path for new age, digital hustlers. Granted there are many challenges to bringing yourself up-to-speed with renting on Airbnb, but we feel that the benefits surely outweigh the costs.
Social Benefits of Airbnb
Something you don’t hear about in the media is the great guests that you can have in your Airbnb unit. From the outside looking in, it is easy to focus on the extreme cases of bad renters and terrible situations. But, truly those cases are so few and far between, that’s why they make headlines.
When we speak with hosts from all different markets, we always hear feel-good stories about guests and hosts. One of the most rewarding things about being a host is that you get to meet many interesting guests. Depending on your market and your proximity to attraction and special events, you can attract guests from your state, country or even the entire world!
Telling stories and tales about their hometowns, guests easily have things to share with their hosts that are willing to listen. Gaining perspective from another individual from different walk of life is insightful. You get to realize how different, yet how similar everyone is. Airbnb is helping create friendships that would have never existed, and very few social platforms allow you to create a personal and meaningful connection with someone who lives 10,000 miles away.
Financial Benefits of Airbnb
Now financial gain is not a guarantee, but if you select and operate your rental unit correctly, you could walk away with a handsome amount of cash.
Some things to consider when you are launching your first rental unit on Airbnb are:
- Location relative to attractions (theme parks, sporting events, beach, the metro area, etc…)
- Type of unit you’re offering (room, shared unit, or entire unit)
- Target rental audience
- Rental economics (check out our Airbnb Rent Calculator)
Did you know that there are people who rent spaces just to be sub-let them on Airbnb? These financially savvy individuals we call rentrepreneurs.
With Airbnb there is a real estate strategy at work called rent arbitrage. Simply put, it is the ability to take capitalize on high daily rental rates compared to your monthly rental cost.
Example: An apartment with 12 month lease costs $1,500/month, or $50/day. Possible Airbnb daily rate is $115/day. Your potential gross profit per day is $75, per month $2,250. Sounds good, right?
Personal Growth Benefits of Airbnb
If you are not in the hospitality industry, then you will be flexing mental muscles that you have never used. Learning guest service, finance, marketing, and more will ultimately make you are better person. These skills are essential in nearly every business, but with Airbnb, you get to learn and implement them with a proven system.
As you learn new ways to impress your guests, you can take that creativity to your personal life. Leaving notes for your guests when they arrive is a great idea to make a quick personal connection. Now, what if you did the same for a friend or family member? The impact of that message, even if a simple hello, will be amplified.
What are some other benefits you have experienced as a host on Airbnb? Share them with us below!