If you’ve ever looked for ways to earn money on Airbnb without owning a home, you may have assumed that subletting was your only choice. That is not the case, though. There are many additional methods to make money on Airbnb without owning a house.
Without owning any houses, Airbnb company owners may earn up to $100,000 per year, if not more, according to internet statistics. We’ve listed the best 9 ways to earn money on Airbnb without owning a house, ranging from co-hosting to becoming a vacation rental consultant.
Is it necessary to own a property to make money using Airbnb?
As previously said, you do not need to be a homeowner to start generating money on Airbnb. In most circumstances, you won’t need a lot of money to get started with your Airbnb business. There are many other clever and innovative methods to get into the vacation rental market and develop a successful company.
Make Money on Airbnb Without Having to Own a Property
1. Use Airbnb for rental arbitrage.
In a nutshell, Airbnb rental arbitrage involves renting a home solely to sublease it on vacation rental services. The money you make must be more than your rent and other company-related expenditures for this business model to operate.
Before implementing this method, you should think about legal norms and regulations since certain cities do not allow subletting. Furthermore, you should get authorization from your landlord before attempting to rent out your leased space. Long-term rental lease agreements sometimes prohibit tenants from using listing services to rent out their houses. If a renter breaks the lease agreement, they risk being evicted. On the other hand, Rental arbitrage may be a terrific way to get into the sector provided both sides agree.
What are the advantages and disadvantages of Airbnb arbitrage?
Pros:Â You don’t need a lot of money to start since you can do it without owning a home.
You may keep 100% of your earnings for yourself, which is not possible with other tactics. For example, as a property manager, you may only rely on a certain amount of the property owner’s revenue.
Cons:Â Many cities enact municipal rules and regulations against subletting, making it more difficult to locate a suitable place.
Finding a landlord willing to lease their house on Airbnb might be difficult.
How much money can you make if you use Airbnb arbitrage?
The amount of money you can make with this method is determined by your location and the size of your property portfolio. If you execute it correctly, you may produce up to three times more than your costs.
Savannah, Charleston, New Orleans, Nashville, and Jacksonville, according to AirDNA’s statistics, are the cities that may generate the biggest rental arbitrage premium. Their research also found that larger apartments provide greater potential for rental arbitrage.
2. Become a part of a vacation rental franchise
Joining a vacation rental franchise is another method to generate money on Airbnb if you don’t want to start from scratch. Local property managers may get a special license from an existing franchise owner to utilize their resources and offer services under their brand name in return for a fee.
What are the advantages and disadvantages of purchasing a vacation rental franchise?
Pros:Â With this company strategy, you’ll have access to tried-and-true methods.
The area in which you will operate will be specified and safeguarded.
You will get training and continuing assistance.
Cons:Â You will not have complete control over everything since you will be required to follow the franchisor’s branding requirements.
To join a franchise scheme, you must pay an upfront fee.
This business strategy requires a large amount of commitment since you will need to sign a contract for a certain number of years.
How much money can you earn with a franchise?
The amount of money you make will be determined by the franchise scheme you join. There are a variety of franchise firms, each with its own set of costs. Depending on whatever vacation rental franchise scheme you choose, you may anticipate spending anywhere between $55,000 and $100,000. As a result, you should have faith in the brand while selecting a program and examine if the affiliation will generate enough revenue to pay the fees.
3. Work as a Property Manager for Short-Term Rentals
One of the simplest ways to earn money on Airbnb without investing in a vacation rental is to become a property manager. Because the vacation rental market is rapidly expanding, there is a high need for short-term rental property managers. Not only is there a higher need for property managers, but they also have more flexible working hours. The following are some of your primary responsibilities:
Taking care of the requirements of property owners
Confirming reservations
Supervising the check-in process and communicating with visitors Marketing
Inspections of real estate
Cleaning and maintenance duties are organized.
To work as a short-term rental manager, you must first learn about your state’s regulatory requirements. Some states, for example, may demand a real estate broker’s license and/or a property manager’s license, while others may require no qualifications at all. Even though it is not a necessity, it is still a good idea to continue your education in property management since it will help you stand out from the crowd.
What are the advantages and disadvantages of working as a short-term rental manager?
Pros:Â You will have greater flexibility in your working hours.
To get started with property management, you don’t need a property.
Cons:Â You may need to pursue more schooling, which may be costly.
Managing several rentals for different hosts might be difficult.
It’s a good idea to invest in vacation rental software, such as Lodgable, to automate duties to avoid becoming overwhelmed. Lodgable can assist you in reducing your burden by:
Listings on the main vacation rental networksÂ
Using direct booking management tools to handle direct bookings
Using the Dashboard function, you can create important reports on your business’s performance and monitor KPIs.
How much can a short-term rental manager earn?
A short-term rental manager in the United States may earn about $42,000 per year on average. If you have more experience behind your name, it might earn approximately $60,000 per year.
4. Partner with an Airbnb host as a co-host
Co-hosts are comparable to short-term rental managers in terms of responsibilities. The main distinction is that they will serve as a host’s assistant rather than a manager. Co-hosting is a wonderful place to start if you’re new to the sector. The following are the key responsibilities of co-hosting:
- Confirming reservations
- interacting with visitors
- Keeping track of the check-in and check-out procedures
- Inspections of real estate
- Cleaning and maintenance duties should be organized.
- restocking essential stuff
- Guest reviews are written
What are the advantages and disadvantages of being a co-host?
Pros: Your working hours will be more akin to those of a freelancer.
To become a co-host, you don’t need a license.
Cons:Â It’s not as lucrative as becoming an Airbnb host.
The amount of money you make will vary.
How much money can you expect to earn as a co-host?
Co-hosts earn 10% to 20% of each booking. You might earn up to 25% per booking if you take on additional responsibilities and manage the whole process.
5. Work with Airbnb as a consultant
Consider becoming an Airbnb consultant if you already have some experience managing Airbnb properties and want to assist other businesses to succeed. To establish your brand, you will need marketing abilities in addition to short-term renting expertise.
As an Airbnb consultant, you’ll assist hosts in increasing their bookings, improving their rating, and perhaps buying and selling short-term rentals. You’ll also need to select a unique specialty — the most effective consultants know how to do this. So, before choosing which precise services you may promote, undertake research and keep your talents in mind.
What are the advantages and disadvantages of working as an Airbnb consultant?
Pros:Â Your initial expenses will be low.
You may establish yourself as an authority figure.
Cons:Â You must have previous Airbnb hosting experience.
You must be self-disciplined.
How much money can an Airbnb consultant make?
In the United States, an Airbnb consultant might earn between $83,000 and $90,000 per year.
6. Organize an Airbnb Experience
Hosting an Airbnb Experience is one of the unique ways to earn money without renting out your home.
Airbnb Experiences is a program established by Airbnb in 2016 and had since assisted hosts in generating a consistent stream of money. By becoming a member of the program, you will provide a variety of activities for visitors to book during their stays, such as a traditional guided tour, cooking lesson, or art class. It might be a great option for hosting stays if you have a special passion or program.
What are the benefits and drawbacks of hosting an Airbnb Experience?
Pros:Â You may earn money while sharing your interest or passion.
You may now provide it from the comfort of your own home thanks to the launch of Online Experiences.
Cons:Â You may need to apply for a business license depending on the sort of experience you have to provide.
You must be an expert in the service you provide.
How much money can an Airbnb Experiences host make?
For each visitor that joins up for an Experience, you may earn anywhere from $25 to $150. Airbnb also launched Online Experiences in 2020, and according to Airbnb statistics, the top-earning Experiences hosts have each earned more than $20,000 since migrating to the online platform.
7. Study Vacation Rental Marketing Techniques
To stay ahead of the competition, hosts must advertise their homes. If they want to create direct reservations and entice prospective tourists to their website.
Because hosts have so much on their plates, they often seek outside assistance in developing and implementing a solid marketing plan to advertise their rentals. It’s a great way to put your marketing talents to use if you already have them and want to get into the field. If you don’t have any marketing experience but want to get your foot in the door, you may start with social media. You may go on to other marketing sectors after you’ve mastered this.
Vacation rental marketers give the following services in general:
Marketing on social media
Marketing through email
Generation of content
Website design, blog writing, SEO, SEM, and lead generating
What are the advantages and disadvantages of working as a vacation rental marketer?
Pros: You’ll spend very little money on overhead.
It is simple to use from the comfort of your own home.
Cons:Â You must possess the required technical abilities.
You’ll need a dependable staff to assist you.
How much money can a vacation rental marketer make?
You may expect to make about $75,000 per year as a marketer.
8. Work as an Airbnb photographer for a living
Another inventive approach to making money with Airbnb is to become an Airbnb photographer.
There are two ways to follow this path. You may work as a freelance marketplace listing photographer and be listed on Airbnb, or you can promote your skills on Fiverr, Upwork, or Instagram. You may apply to be featured on Airbnb by filling out this form.
Whatever path you choose, you’ll need to understand interior photography. As a result, make an effort to understand more about stage sets.
What are the advantages and disadvantages of working as an Airbnb photographer?
Pros: It has a flexible work schedule.
You may have more possibilities to travel and see new areas.
Cons:Â Some of the equipment might be costly.
You’ll need to promote your services.
How much money can an Airbnb photographer make?
According to internet statistics, an Airbnb photographer may make about $50,000 per year on average. In terms of hourly rates, they might vary from $31 to $94.
9. Start a cleaning service for Airbnb
Starting an Airbnb cleaning service might be a lucrative venture since hosts often outsource the first chore. This implies that there will be no scarcity of work for you.
To start your own Airbnb cleaning business, you’ll need to conduct some research first. What are additional cleaning services available? What are the industry’s best practices?
It’s also crucial to learn about any state-specific regulations, such as insurance and licensing, as well as the average cleaning expenses. Take care to account for costs as well. Cleaning supplies, equipment, personnel, and marketing are examples of costs associated with this sort of company.
What are the advantages and disadvantages of launching an Airbnb cleaning business?
Pros:Â There is never a lack of work since many hosts engage cleaning agencies to assist them.
The initial investment is less than that of a vacation rental franchise.
Cons:Â You will have to sell yourself.
To start a full-fledged cleaning company, you’ll need to hire a trustworthy workforce.
How much money can you earn as an Airbnb cleaning service owner?
A cleaner’s average hourly wage is about $25. Cleaners make about $800 per month on average. The amount of profit a cleaning business owner may earn is determined by the cleaning charges and the number of properties serviced each month. It has the potential to be profitable! Mathis, for example, makes over $100,000 a month.
10. Work as a copywriter for Airbnb
Another non-trivial approach to making money without renting out an Airbnb home is to provide copywriting services. Airbnb hosts are increasingly using copywriting services. You may offer your services on Upwork and Fiverr in the same way you can become an Airbnb photographer.
As an Airbnb copywriter, you’ll be responsible for creating creative headlines, interesting property descriptions, and potentially even house rules or reviews for visitors.
What are the advantages and disadvantages of working as an Airbnb copywriter?
Pros:Â It allows for flexible working hours.
It just requires a little initial expenditure.
Cons:Â You must be self-motivated to succeed.
You’ll have to promote yourself.
How much money can an Airbnb copywriter make?
According to Internet statistics, an Airbnb copywriter makes almost $90,000 per year on average.
Conclusion
It’s now simpler than ever to make money with Airbnb. To generate money and be successful as an Airbnb professional, you don’t always need to rent out or maintain a house. There is a career option for you, even if you have no previous experience, that can be started as a side hustle or transformed into a full-time job. These tactics are more difficult than others and involve more financial input, but you may create a reasonable income with hard work and dedication.
