Ever wondered how much money Airbnb hosts earn from their listings?
Earlier this week, a Straits Times article noted that the average Singaporean Airbnb host earns an average of S$5,000 a year. However, Airbnb estimates that you can earn up to S$875 a week just by home rentals! Sounds lucrative doesn’t it?
Airbnb’s prospective earnings for hosts by Airbnb
The Straits Times article acknowledges that hosts do have to tread a fine line in Singapore, as authorities have yet to green light home-sharing. Which brings us to our first point.
1. Be Familiar with Local Laws and Policies
No Renting Out HDBs On A Short-Term Basis (picture by Wikimedia Commons)
Be very, very familiar with them.
This is Airbnb’s stance on local listings. Do some research and find out what is and isn’t permitted in locally for home-sharing.
Subletting of homes and rooms for short-term stays are not allowed for public housing, i.e. HDBs. Read more about that here.
Noise, disturbances, etc., are also a cause for concern among neighbours of Airbnb hosts. Consider setting up Do’s and Don’ts for your listing, asking your guests to be considerate of your neighbours. It also wouldn’t hurt to pre-empt your neighbours for their own safety and consideration.
That said, the rules haven’t stopped Singaporean hosts from listing their homes on Airbnb or other short-term home-sharing sites for some extra income.
2. Reviews, Reviews, Reviews!
Some Examples of Great Reviews for J’s Apt in Tokyo on Airbnb
Remember that as a social home-sharing website/application, reviews form a large part of the Airbnb experience. Good reviews, and lots of them, lead to higher booking rates, and being higher up in the search ladder. Who wouldn’t want to be in Airbnb’s top picks!
Reviews are a means of gaining credibility, and is especially important for a home-sharing platform like Airbnb.
To get the best reviews, consider the following.
– Familiarize yourself with Airbnb’s hosting standards, to ensure that your home is up-to-scratch
– Be Business Travel Ready! Click the link to find out how you can get your listing certified for business travel. Things to check off this list would be responsiveness, five-star reviews, amenities, and if the listing is an entire home/apt, to name a few
– Pamper your guests! A satisfied guest will not leave a bad review
– Ensure that your photos and your listing are as as close to identical as it gets. You don’t want to deceive your guests!
It’s important that the listing is well maintained and clean. Consider Singapore’s climate as well, and how its humidity may affect your home with this article for renovation trends you may want to avoid in Singapore.
Do not end up like the hosts over on airbnbhell.com. It’s not a great place to be at.
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3. The Importance of Good Photos
A Gorgeous Airbnb-worthy Bedroom by Darwin Interior on HomeRenoGuru.sg
A good set of photos for speaks for itself.
Think about your last Airbnb booking experience. Why did you book your home? Chances are, photos played a huge role in cementing your decision.
Fortunately, Airbnb provides a free professional photography service! Check on your eligibility for this service here to juj up your home’s portfolio.
Of course, photos can only say so much about your home. Think about your home’s design and layout, and how it best suits casual travellers and tourists. For a budget-friendly option, HomeRenoGuru’s “Under S$30,000” interior design gallery can be considered to make your home as aesthetically pleasing (and functional) as possible for your future guests.
A Bright and Homey Condominium by Atelier Concept on HomeRenoGuru.sg
An Open and Roomy Landed Property by Renozone on HomeRenoGuru.sg
4. It’s All About Marketing
Homepage for Airbnb experiences by Airbnb
Be strategic about marketing your listing. Consider big local events, such as the Formula One Night Race, and ensure that your listings are made available.
Currently, in select cities worldwide, Airbnb allows hosts to create unique experiences to augment your guests’ stay in the city. Check out more on that here. You can even form a community of hosts around your neighbourhood and plan experience for your travellers together.
Also make sure to advertise your home on social media! Friends of friends living overseas may pick up on your listings (especially if you have great photos! See point 3).
5. Consider Other Home-Sharing Sites
Clockwise: Roomorama, Airbnb, HomeAway, Wimdu by Author
Branch out! You can advertise your listing across multiple platforms such as HomeAway, Roomorama, or Wimdu. With this, you can maximize the viewership of your listing, so that as many eyes see it as possible. Different platforms have their own added advantages, so make sure you consider each of these carefully.
Just make sure that booking dates DO NOT CLASH. You wouldn’t want two sets of people standing at your doorway at check-in time.
Have a great time hosting!
