You have heard people gush about making decent money with Airbnb and you are considering giving it a shot as well.
The only downside is: you do not own any property you can rent out to tourists. So, what do you do? Toss the idea completely. I mean it was a nice idea, but reality has other plans for you, right?
Below I have listed three options on how you can make money with Airbnb without owning any property. Give them a read, perhaps it’ll prove to be a fruitful endeavour for you.
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The first option available to you when you want to make money with Airbnb when you don’t own any property of your own is to use sublets.
Sometimes people have to relocate for a number of months, but are stuck in a lease agreement or do not want to lose their lease on the place they are currently renting.
So, they list their apartments on places such as Kijiji and other forums (be very careful when using Craigslist) to find people to take over their lease for the predetermined time.
Usually, when people sublet their apartments they will offer it at a price that is less than their actual rent price.
If you take over one of those leases, you can then list it on Airbnb to rent it out to tourists for a profit.
Another option is to actually rent an apartment/house yourself, do not use it for your own residence but instead list it on Airbnb for a price higher than your rent to make a profit.
With both these options it is very important that you inform yourself about the local renter’s laws and agreements and state the purpose of using the apartment/house on Airbnb as a means to make an income.
Some rental properties have strict rules against such practices and it could end ugly, if you choose to not tell the rental office of your intentions.
Airbnb does offer renter’s insurance, but this does not guarantee that your guest will behave themselves and not cause excessive noise or other unruly situations.
Also, for this option you would need a start-up capital to cover your initial expenses of providing first and last month’s rent, perhaps even a security deposit and possibly furniture to furnish the apartment/house.
2. Airbnb Experiences
If you have decided that you neither want to rent out that tiny spare room you have and share your home with a stranger nor go through the added work of finding sublet apartments or rent yourself, then Airbnb offers another solution to earn money through them.
Airbnb offers something called “Airbnb Experiences”. Locals would offer their time and knowledge of their hometown to tourists to provide unique and off-the-track sight and experiences that tourists would otherwise not know about.
These experiences can range from unique food tours to the prettiest spots to take pictures. If you are relatively experienced with a camera you could offer photoshoot sessions for tourists at various sightseeing spots.
Or maybe you have a friend, who can get you tickets to great seats for sporting events or concerts or even VIP packages to clubs.
The options are endless with a little bit of creativity.
3. Property Management Services
So, you don’t want to rent a place of your own to list on Airbnb and you are not really a people person. That means tip suggestions number one and two are not for you.
How about management services? Airbnb property management services offer a great range of possibilities for you to make money in ways not listed above, some of them can be as a virtual assistant, meaning you do not have to live locally to be eligible.
For example, you could design the welcome brochures for various rental places.
You could also be a co-host, taking care of booking requests, editing listings on the site, communicating with guests, managing the calendar etc. This position would be considered a virtual assistant one.
You could work on site, providing the little touches that makes a difference for a guest’s stay. If you are more into cleaning, you could do that. Maybe your expertise in professional cleaning aid in a fast turnover.
Or you really enjoy preparing the properties with little touches of luxury; little things that most would not think about, but that could take the quality of the guest’s stay up a notch (such as luxury soaps, locally sourced fineries, chocolates or wine).
There are plenty of opportunities and options to make an earning with Airbnb without owning a property. Let’s face it, not everyone can afford their own place and a place to rent out (if living constantly with strangers is not your cup of tea).
Creativity when offering specialty services to tourists can make you stand out above the rest and help you carve out your own little niche in this industry.
The hospitality business can be a rewarding one, even if you are only considering partaking in its world on a part-time or weekend basis.