If you’re interested in the short-term rental property industry, you’ve almost certainly heard of Airbnb. For those just getting started, here is a comprehensive description of the platform, what it does, and how you can use it to grow your prospect pool.
Airbnb, founded in 2008, is an online marketplace allowing individuals to advertise and rent short-term rental units. Anyone wishing to make some money may market their space on Airbnb, whether a complete house, a spare bedroom, or simply a couch.
How Does Airbnb Function?
Travelers may use the site’s filters to focus their search for the ideal hotel. Filters cover both general options such as location, available dates, and guest capacity, as well as more specific selections such as amenities, facilities, property type, and house rules.
Once visitors have identified a property that meets their criteria, they may contact the host (unless Instant Book is enabled, in which case they can book the rental immediately) with any questions they may have regarding the space or just to express their desire to rent it.
Hosts have a 24-hour window in which to accept or decline booking requests. If a request is approved or rejected, the calendar days associated with the reservation are automatically banned for that property.
Is Airbnb a Secure Platform?
While renting your property to strangers always involves some risk, using a reputable platform like Airbnb provides safeguards. Each profile is verified, and if the host so desires, visitors may be asked to produce government-issued identification to book.
Additionally, in the case of property damage, hosts may claim with Airbnb and receive up to one million dollars in compensation.
How Are Payments Processed?
Airbnb is free to list your property, and the site is only compensated when a booking is completed. While Airbnb makes pricing recommendations based on each property’s unique characteristics, homeowners are free to set their prices.
Airbnb earns a 3% compensation from hosts for each reservation (though this can vary slightly depending on specific circumstances). Additionally, they charge a guest service fee, which the visitor, not the host, pays.
All payments are processed securely via a third-party payment processor.
Should You List Your Property on Airbnb?
The statistics are self-evident. With over half a billion guests accommodated and hosts earning $65 billion since its start, Airbnb is a must-list platform for every property management serious about generating revenue and attracting more visitors. Use a channel manager for vacation rentals to simplify this process.
