Have you heard a lot about people making lots of money through short term rentals on Airbnb?
Do you have a property that you would love to list on a platform like Airbnb but resisting the temptation because you do not have the time to devote to hosting?
Do you think you need to learn more before you begin hosting a property on Airbnb?
Are you unable to devote the necessary time because of health or circumstances?
Are you just not sure if you can handle the challenges of managing your listing on Airbnb?
There is no doubt people are making a great living off of platforms like Airbnb. Some began supplementing their income by just renting out a room in their home but soon learned that there was a much larger opportunity out there than they had even imagined.
However, earning a good income from your listing on Airbnb has not remained easy. There is more competition than ever and hosts are using so many creative and innovative ways to attract guests. Even though, the majority of property owners are experiencing high vacancy rates if they don’t know what they’re doing. Average income remains in the low thousands per year but you have the potential to earn in the tens of thousands. If you are a property owner with a listing on Airbnb that receives very few guests on a monthly basis, hiring the services of an experienced co-host could give a boost to your business.
How a Co-Host Can Help Boost Your Income on Airbnb
If you look at the listings of property owners on Airbnb, you will find that many of them have added a co-host to their accounts. Owners who do not have the time to look after the affairs of their listing hand over many responsibilities to these co-hosts.
A co-host can help you in many ways.
In short, a co-host is the go-to person for your guests for anything they need and can answer any questions they might have on their minds.
There are many investors who purchase rental income properties in faraway states and even other countries in the hope of earning good returns on their investments. These investors find it difficult to manage their listings on Airbnb, as they cannot reach their property frequently because of paucity of time and expenses involved.
A co-host, especially one that lives in the same area where your property is located, can manage the affairs of the property and the guests easily because of their proximity. As a local, they can easily replenish the supplies or handle small emergencies when they pop-up (think of lost keys or dead batteries). A local Co-Host can also look after the cleaning and upkeep of your property in a more cost-effective manner because of their knowledge of the area and the vendors.
Your co-Host will shoulder many responsibilities for your listing; therefore, it is only natural for him to expect to be paid for his services. It is prudent to clearly write out all the services your Co-Host will provide for you and the terms of payment upfront in order to avoid any confusion later on.
Pay is negotiable but it is best to think fairly. You can give him 15-30% of the income or split the profits remaining after deducting all the operational expenses. Some Co-Hosts ask for a guaranteed minimum pay and then split what’s leftover after expenses. It’s all negotiable but, again, be fair. You will find that a co-host turns out to be a profitable proposition for you as he helps you in earning much more money from the same property than you were earning as a host, so even splitting profits means you’ll earn more income.
If you aren’t sure what to expect, you can always begin with a trial period to test the waters. Whatever you do, clearly write out what services are expected and what you expect to pay for those services. Give a written example of “the split.” This way, you are far less likely to have any misunderstandings.
© The Prosperity Process, LLC
for Short Term Rental Revenue
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