I've been using Airbnb for the past three months and it's been fantastic. I'm averaging about $1200 profit per month, although I travel a lot for work and have family/a girlfriend in a nearby city, so I take every opportunity to rent the place out (between 12-16 days per month).
Some pieces of advice for those looking to rent out their pads:
Consider outsourcing the cleaning to a maid service.
Most services clean a client's home about twice a month; if you can offer them more business they'll be willing to give you a better price. I pay $60 per cleaning and charge my guests a $20 "cleaning fee" after each stay, so it's only a $40 net cost. I charge between $100-130 per night, so it's definitely worth it, especially if I can book a two- or three-night stay instead of just a single.
Take quality pictures.
Like in online dating, pictures can make or break you. Airbnb offers free professional photography to those with qualifying locations, and if you live in a bigger complex you can lift pictures of courtyards, pools, gyms, etc. from the complex's website. At the very least, make sure you clean the apartment and adjust the lighting before taking pictures, and edit them before uploading. Adding captions to your pictures provides a nice touch, as most people neglect to do this.
Work hard up front to score a couple good reviews.
When I first started, I had a buddy of mine "book" my place for $10 just so he could leave a glowing review (he never actually stayed). Since then, the more good reviews I've earned, the more rental requests I've received. Make sure you communicate promptly and do your best to accommodate the first couple guests you have (although really you should do this for all of them). Little things, like leaving a welcome note on the counter or fresh breakfast food in the fridge, go a long way towards making a good impression. For guests with longer stays (or those that I know won't have a car), I'll offer to stock my fridge with a couple of their favorite items. I also provide them access to my bar and assorted coffees/teas, although most guests tend to go out enough to where they don't really use that much.
Take advantage of concerts, sporting events, trade shows, conventions, and festivals.
I'm three blocks away from a major football stadium, and my usual weekend price of $130/night doubles for game days. I've already booked two of them in September, and one couple (season ticket holders) told me if they like the place they'll probably want to book the rest of the home games this season. If your place has good logistics, stay abreast of any upcoming events and take advantage of people who will pay more to be closer to the action.
Consider geographical arbitrage for longer stays.
A three-week rental at my place would earn me about $2k after Airbnb takes their cut. I could easily book a $500 plane ticket to Central America, find a cheap place to stay for $400/week, and after food and other expenses just about break even. Even if you don't want to rent out your place that often, it's nice to have a vacation pay for itself.
Use a lock like this and/or a thermostat like this to enable your location independence.
When you start to rent out your place this often, the two biggest concerns become 1) logistics and 2) cleaning time/effort. A cleaning service solves the second problem, and this lock solves the first. Instead of being there in person to pass off the keys, or hiding them under the doormat, consider a programmable lock. You can change it whenever someone leaves, and have different codes for different people (yourself, the cleaning service, family, etc.). Only issue is you may not be able to modify the existing lock if you yourself are renting; this may be better suited towards owners.
The thermostat is great for those who live in more extreme climates and need to manage utility costs. Combined with the lock and a maid service to clean the place for you, you've got just about everything you need to manage your place from abroad.
Some pieces of advice for those looking to rent out their pads:
Consider outsourcing the cleaning to a maid service.
Most services clean a client's home about twice a month; if you can offer them more business they'll be willing to give you a better price. I pay $60 per cleaning and charge my guests a $20 "cleaning fee" after each stay, so it's only a $40 net cost. I charge between $100-130 per night, so it's definitely worth it, especially if I can book a two- or three-night stay instead of just a single.
Take quality pictures.
Like in online dating, pictures can make or break you. Airbnb offers free professional photography to those with qualifying locations, and if you live in a bigger complex you can lift pictures of courtyards, pools, gyms, etc. from the complex's website. At the very least, make sure you clean the apartment and adjust the lighting before taking pictures, and edit them before uploading. Adding captions to your pictures provides a nice touch, as most people neglect to do this.
Work hard up front to score a couple good reviews.
When I first started, I had a buddy of mine "book" my place for $10 just so he could leave a glowing review (he never actually stayed). Since then, the more good reviews I've earned, the more rental requests I've received. Make sure you communicate promptly and do your best to accommodate the first couple guests you have (although really you should do this for all of them). Little things, like leaving a welcome note on the counter or fresh breakfast food in the fridge, go a long way towards making a good impression. For guests with longer stays (or those that I know won't have a car), I'll offer to stock my fridge with a couple of their favorite items. I also provide them access to my bar and assorted coffees/teas, although most guests tend to go out enough to where they don't really use that much.
Take advantage of concerts, sporting events, trade shows, conventions, and festivals.
I'm three blocks away from a major football stadium, and my usual weekend price of $130/night doubles for game days. I've already booked two of them in September, and one couple (season ticket holders) told me if they like the place they'll probably want to book the rest of the home games this season. If your place has good logistics, stay abreast of any upcoming events and take advantage of people who will pay more to be closer to the action.
Consider geographical arbitrage for longer stays.
A three-week rental at my place would earn me about $2k after Airbnb takes their cut. I could easily book a $500 plane ticket to Central America, find a cheap place to stay for $400/week, and after food and other expenses just about break even. Even if you don't want to rent out your place that often, it's nice to have a vacation pay for itself.
Use a lock like this and/or a thermostat like this to enable your location independence.
When you start to rent out your place this often, the two biggest concerns become 1) logistics and 2) cleaning time/effort. A cleaning service solves the second problem, and this lock solves the first. Instead of being there in person to pass off the keys, or hiding them under the doormat, consider a programmable lock. You can change it whenever someone leaves, and have different codes for different people (yourself, the cleaning service, family, etc.). Only issue is you may not be able to modify the existing lock if you yourself are renting; this may be better suited towards owners.
The thermostat is great for those who live in more extreme climates and need to manage utility costs. Combined with the lock and a maid service to clean the place for you, you've got just about everything you need to manage your place from abroad.