Airbnb is a site where you can list your properties for rent on their online booking services. If you are planning to rent your extra space or a whole property, and you are not sure where to list that online. It is the reason why you landed on my page as you are searching for reviews.
I am an Airbnb host, and my review will give you more detailed information about this platform, so you will know whether this is good for your business or not.
Table of Contents
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- What is Airbnb?
- How Does Airbnb Work?
- The Product
- The Compensation Structure
- The Price
- Pros and Cons
What is Airbnb?
Airbnb is a platform where you can list your rental properties for a stress-free online booking experience. They will handle the advertising as well as the booking process itself. You could also earn from Airbnb even if you do not have a property to rent by listing your experiences.
How Does Airbnb Work?
It works by asking you to join as a host on their platform. You do not need your whole property to rent. A spare bedroom or even an experience will do. You have to set up your listing using their user-friendly guide.
You will have to describe the property, the location, the facilities, the house rules, and the price. Once your set up is complete, they will publish your rentals on their website.
Once a guest is interested in your rental, you will be communicating through the Airbnb platform. When the guest decided to book, Airbnb will handle the process which includes the payment.
Once your guest check-in at your place, you will be paid approximately after 24 hours minus a 3% service charge. The system works by trust, so the guests and the hosts will go through a screening process where their identity and profiles are verified.
They will recommend a low first listing price so you will get your first booking and first review soon. Although their recommendation for a first listing price is low, I made my first booking by adding 40% of the recommended rental price.
You will have complete control over their recommended listing price, but their price guide is very logical. It is good to list your price low to start, to get a five stars review from your first guest.
Once you get the super host status, then that is the time your rentals can command a better price. The idea is to get your first guest and get that five stars review as it is one of the factors that will bring in more guests.
This is my Airbnb listing so you will have an idea how to present your property rentals.
Airbnb is not only handling rentals but also experiences. As I am just hosting my properties so far, I cannot tell you the details about the experience hosting part. I will update this article once I have tried the experience hosting part.
The Compensation Structure
Aside from the rental money you get from your guests, Airbnb has a referral program. You will be paid $100 once your referral host will have their first completed booking. The payout methods are Bank Direct Deposit, International Wire Transfer, PayPal, Payoneer, and Western Union.
It is free to join Airbnb, and the only expenses you will encounter is the 3% service charge which they will deduct from your rental fee. This is actually a very fair price considering they will handle the entire booking process including the payment handling.
Pros and Cons?
- Easy to set up your listing
- Fair Service charge
- Your listing progress is updated frequently
- They will manage your listing including the payment process.
- Budget-conscious guests – be prepared to host guests that are trying to get most out of their money’s worth.
Airbnb is an excellent platform to host your property rentals if you need quick set up, excellent visibility of your rentals, and prompt payment.
It is an excellent platform to earn extra money using your extra space or by sharing your experiences. They will handle all the process including your payment.
I recommend Airbnb as a platform to list your rental property online due to its easy setup, the low service fee, and the idea that they will be handling the process to find guests online, booking and the payment process.
They will also send the money to you through your prepared payment method. Anybody around the world can host through Airbnb.