Want to set up a home stay with Airbnb and earn extra money? Here are some basic details on how to set up an account with Airbnb and their payment process.
As of August 2014, about 15 million home stays have been arranged through Airbnb.
So who’s benefitting from this boom? Well, it’s none other than regular folks like you and me! If you want to cash in from your extra room with just a few clicks from your iPhone, then better read up on these basics that every Airbnb host should know.
How do you register your property to Airbnb?
First, you have to create an account with Airbnb. In this step, you’ll have to supply them with your basic info like: name, age, address, and email address.
The fun begins after you register your property with Airbnb.
Click the “List your space” icon at the top of your homepage. This should bring out a page which contains a list of “home types” being offered for rent. Some of the choices cover houses, apartments, flats; but there are also unconventional choices like igloos and tipis.
You’ll also need to classify the “room type” of the property and specify if it will be a shared accommodation, a private room, or the whole space.
Another decision you’ll have to make is whether potential guests can book their stay instantly or if you’ll have to approve their request first before they can book your property.
After providing Airbnb some information about your space, you can now upload pictures of your property into your account. I suggest uploading only “swoon worthy” photos of your space, because these are the only way to attract potential guests.
Remember that once your profile is 100% setup, it’s important to answer to any booking requests and queries as soon as you can. Airbnb includes your average response time in your profile, and those who are not quick to respond usually go down in search rankings.
How do you get paid?
During the time you are setting up your account, Airbnb will also ask you some information about your payment details. This is important, so that once you’re accepting guests into your space, Airbnb will collect the booking fee on your behalf.
They hold the payment until 24 hours after the guests’ check-in, then send the payment on your account right after.
Don’t expect to get the full amount, however, since Airbnb has a 3 percent cut from every booking you make.
How do you manage cancellations?
AirBnb follows 4 cancellation policies on their site: flexible, moderate, strict, and super strict.
- Flexible – hosts with flexible policies issue a full refund for reservations cancelled one day prior to arrival;
- Moderate – hosts can give a full refund only when cancellation is made five days prior to arrival;
- Strict – a 50 per cent refund may be availed if cancellation is made one week prior to arrival; and
- Super strict – hosts will offer a 50 per cent refund up until 30 days prior to arrival.
How do I protect my property against any potential damage?
In 2011, an apartment in San Francisco was vandalised by guests who booked a reservation from Airbnb. Aside from damaging the property, these guests also managed to steal a passport and some antique jewelry from the host’s grandmother.
Back then, AirBnb admitted that they “really screwed things up”; but as a result, the company now maintains a 24-hour customer care hotline and offers compensation for any damage or loss due to theft or vandalism.
I hope you enjoyed this week’s topic. Make sure to check out my other posts to discover new ways on how you can profit from your property!