How to Make Money On Airbnb With No Property
If you have probably thought to yourself to wait till you own a property before you can make money on Airbnb, you have to think again. According to online data, some people have reported making over $100,000 per year and more without owning any property on Airbnb.
In this article, we’ll explore some of the best ways to earn money on Airbnb and the services you can offer to maximize your earnings.
Ways To Make Money on Airbnb Without Property
Whether you’re looking to supplement your income or make a full-time living, here are many ways to make money on Airbnb without any property.
Hosting experiences
If you have a unique experience or activity that might interest a group of tourists or individuals? Consider becoming a ‘Host of experience.’
This can include anything from guided tours of your city to cooking classes, outdoor adventures, or cultural experiences. By sharing your passions and expertise with travelers, you can create unique and memorable experiences that travelers are willing to pay for.
This way, you can become a host without owning a physical space. Also, you can host your experience online without physically meeting the travelers.
Pros
- There are high chances of repeat business, especially if you create unique and fun experiences for the travelers
- It allows for great flexibility in your work-life balance.
Cons
- Time commitment: Creating and hosting experiences can be time-consuming, especially if you must constantly develop new and innovative ideas.
- Depending on your location and the types of experiences you offer, the market for your services may be limited.
Airbnb Rental Arbitrage
If you are more into hosting people, you can take the rental arbitrage route to make money on Airbnb.
Airbnb rental arbitrage is a business model where you can lease a property long-term and then sublet it on Airbnb for a higher nightly rate to earn a profit.
The profit comes from the difference between the nightly rate charged on Airbnb and the monthly lease payment to the landlord. Ideally, the nightly rate will be high enough to cover the lease payment and other expenses, such as utilities, maintenance, and cleaning.
Pros
- No need for upfront costs associated with buying a property, such as a down payment, closing costs, and mortgage payments.
- Fewer investment risks
Cons
- High-risk potential for property damage by guests. In this case, you would be liable to pay for the repairs.
- Sometimes, you might not be able to maintain a high occupancy rate, or if the nightly rental rates are insufficient to cover the lease costs, the business may not be profitable.
Co-hosting for others
If you have experience with Airbnb and want to earn money without listing your own space, you can become a co-host for other Airbnb hosts. As a co-host, you can help a host manage their
- Airbnb listing
- Communicate with guests, including writing reviews for guests.
- Ensure a smooth guest experience
- Restocking necessary items
- Supervise check-ins and check-out process
- Coordinate cleaning and maintenance routines.
In return, you can earn a percentage of the host’s earnings or depend on the agreed-upon commission.
Pros
- As a co-host, you can work on your schedule.
- Co-hosting can be a great way to earn extra income, especially if you can work with multiple hosts with a steady stream of guests.
Cons
- Lack of control over the listing and guest experiences
- Volatile income as it is dependent on the percentage
Airbnb Short-Term Rental Property Manager
This is a very similar route to the co-hosting model. A property manager is responsible for managing vacation rental properties on behalf of the owner. An Airbnb short-term rental property manager is responsible for various tasks, including
- Property management and proper setup for guest stay.
- Marketing: Creating and managing listings.
- Guest communication: responding to guest inquiries, managing bookings and reservations, and handling guest communication.
- Cleaning and maintenance
- Financial management: Managing finances related to the property, including collecting payments, paying bills, and handling taxes and accounting.
Pros
- It allows for a flexible work schedule.
- There are learning opportunities to know more about hosting before getting your own.
Cons
- It requires a lot of time commitment, especially if you are managing multiple listings.
- It comes with potential liability challenges, such as property damage or accidents during a guest’s stay.
Airbnb Cleaning Services
One of the most wanted services on Airbnb is cleaning and maintenance. Airbnb cleaning service is a low-investment business venture that you can start.
This is a sure way to make money on Airbnb because it is constantly in demand and usually outsourced by hosts.
Pros
- There is a high demand for cleaning services in the vacation rental industry.
- As a cleaning service provider, you can earn recurring revenue by regularly working with multiple Airbnb hosts.
Cons
- As a cleaning service provider, you may be liable for any damages or issues that arise during the cleaning process.
- There is a high level of competition in the cleaning services industry.
Interior design and staging
If you have a flair for interior design, you can offer staging services to help hosts make their spaces more appealing to guests. Adding thoughtful touches and creating a welcoming atmosphere can increase the value of a listing and help hosts earn more money.
Pros
- High-end and luxury properties often require more intricate and detailed interior design and staging, leading to higher profit margins.
- Hosts are often looking for ways to improve the appeal of their listings, which puts these services in high demand.
Cons
- High startup costs: Starting an interior design and staging business can require significant investment in tools, equipment, and supplies.
- Not all hosts may be interested in investing in interior design and staging services, which can limit your potential clientele.
Photography and virtual tour
High-quality photos and virtual tours can make a significant difference in the success of an Airbnb listing. You can help hosts showcase their spaces and attract more guests by offering photography and virtual tour services.
Pros
- High-quality photography and virtual tours are essential for attracting guests to vacation rental properties, putting this service in high demand.
- Once you establish a relationship with an Airbnb host and provide quality services, they will likely use your services again.
Cons
- There is high competition in the photography and virtual tour industry.
- Expensive startup costs: Starting a photography and virtual tour business can require significant investment in equipment, software, and marketing materials.
Airbnb Copywriting
As the popularity of Airbnb continues to grow, the demand for well-written and compelling property listings has also increased. This has created a unique opportunity for skilled copywriters to make money as Airbnb copywriters.
Here are some ways in which you can make money as an Airbnb copywriter:
- Writing and editing property listings
- Creating marketing materials
- Providing consulting services
- Writing blog content
Pros
- Skilled copywriters can earn a high hourly rate or project fee, especially if they specialize in a niche.
- As you gain experience, you may be able to expand your services to include other types of copywriting work.
Cons
- There is high competition in the copywriting industry, especially within the Airbnb niche.
- The payment rate varies depending on the client and the type of work involved.
Final Thoughts
There are many ways to make money on Airbnb without owning a property. Each option has its own set of advantages and disadvantages. So it’s important to carefully consider your skills, resources, and goals before choosing a path. With hard work and a commitment to providing high-quality services, anyone can make money on Airbnb without owning a property.
However, if you already own a property, you can check out ‘How Airbnb Hosting Works In 2023‘