Using Airbnb to make a living is a choice worth considering, but it does have its risks. Making money on Airbnb has been lucrative for many. But at the same time the bane of others, so it’s wise to weigh some of these risks and rewards.
Risks of using Airbnb include, but are not limited to, poor housing that requires hidden maintenance, bad guests and risky investments but the rewards are typically high return on investments and great work freedom.
Keep reading to dig deeper into some of these risks and rewards of Airbnb.
The Risks
Horrifying guests
The scariest and hardest part for any Airbnb host is putting their trust in strangers. So when that trust is broken and property is destroyed, it’s devastating.
Thankfully, this doesn’t have to be as great a risk as people think. There are a number of things you can do to screen guests to be sure these things won’t happen, such as requiring ID verification on Airbnb. That will at least give you the guest’s personal info.
Large investment
Being an Airbnb host takes a great deal of your time and money, if you want to have a hope of outperforming your competition. This can require upgrading your appliances, redecorating, and security, but could still result in a small ROI.
Rewards
Almost Guaranteed income
While being an Airbnb host can be a gamble because of the immense competition, when you do everything you can to score a guest the ROI can be incredible! In early 2021, new listings were rented out within 4 days because of the trend of people just wanting to get a change of scenery after being stuck at home. This caused the average earnings of the year for hosts to reach $9,600! This wouldn’t be difficult for you to reach!
Flexible Work
One of the good things to come out of Covid was the massive spike in people finally being able to work from home and balance their work and home lives. Being an Airbnb host can allow you to do just that as well as make your own hours, and become your own boss when you are able to manage more than one property.
Conclusion
Keep in mind these are only a few of the risks and rewards Airbnb comes with and offers. It can be a tricky business, but we at Whistler AtEase BnB can help you understand property management risks.
Resources:
- The Risks and Rewards of Making Money with Airbnb – Richr
- The Risks and Rewards of Making Money With Airbnb (investopedia.com)
- 7 Risks of an Airbnb Property Investment and How to Overcome Them | Mashvisor
- 4 Reasons Why It’s a Good Idea to Be an Airbnb Host Right Now – Dan’s Papers (danspapers.com)
- Top 10 Reasons to Become an Airbnb Host (vrscheduler.com)
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