I’ve never been too attached to material possessions, including my house. Over a decade ago, I signed a lease for a three-bedroom apartment, quickly found roommates, and even travelers paying weekly. When I went on vacation, I tried to find someone to sleep in my bed and pay rent.

So naturally, when Airbnb launched, I was among the early adopters.

Now, having moved to Guatemala and bought a small house in a tropical paradise, I’ve transformed my home into a more formal guesthouse.

With only four rooms but capacity for up to 8 guests, plus a private beach, a significant selling point. I’m 20 miles from the beautiful colonial island of Flores in northern Guatemala and 30 miles from the UNESCO World Heritage site of Tikal with its impressive Mayan ruins.

Can your house become an unexpected source of income?

Luckily, I didn’t buy this house to become an Airbnb host, nor do I owe the bank, so I can enjoy my little paradise alone. I’ve booked it out several times, learning something new with each booking.

I’ve found that getting here by public transportation is a bit of a hassle. Visiting Tikal takes 10 hours by bus in a day, while those driving leave at 8 a.m. and then come back for lunch. I’ve found a driver to shuttle guests.

The Biggest Challenge as an Airbnb Host

But my main issue was competition with other guesthouses.

You see, in Guatemala, many people already employ housekeepers, so if the housekeeper has to wash an extra set of sheets, they don’t consider her cost. They have houses paid in full (unlike in the US, where most have mortgages), so the rent they set doesn’t necessarily factor in property value.

Most of my neighbors rent out double rooms for $20.

I couldn’t possibly do this for $20,andmyhousekeepercharges$8 to prepare the room and $8 to wash the sheets. After electricity and water bills, I was already at a deficit.

I value my time, my property, my effort. Hosting guests means replying to a ton of emails, ensuring guests arrive, being home to greet them, giving them a tour of the house, being glued to my phone in case of a power cut or a leak during their stay, preparing meals when needed, doing the final check-out and goodbye.

Sometimes it even means shipping them their forgotten items, as small as an iPad, as large as an entire suitcase!

Thus, my basic double room rate is $30, with a minimum stay of 3 nights. The marginal cost for the next few nights is low since people understand the house on the first day, and there’s less work required. I think I’m worth the extra 50% because they get a private beach all to themselves.

Some Advantages of Using Airbnb

• They hold onto the money until guests check in, in case your place is terrible. But you’re guaranteed to get the money.
• They have a Resolution Center where you can charge guests extra for damages or items they’ve broken.
• They insure you in case guests steal or wreck your place. While it’s unlikely, the possibility always exists.
• Their customer service is proactive, and you can reach them by phone and chat.
• You can charge a damage deposit, which they also hold and return to guests unless you make a claim.

How to Get Started with Airbnb

First, you need to sign up and create a listing for each room or property you want to rent out.

To create your first listing:

• Create an engaging profile with a clear photo and some personal introduction. People come to you partly because of you!
• Upload beautiful photos of your place. In some areas, you can even get professional photos taken for free.
• Describe the property as accurately as possible. The site will help you with introducing the surroundings, how much you’ll interact with your guests, etc.
• Choose your price based on prices around you, the calendar also has a feature that suggests prices based on your location and type of property.
• Enter your payment details and cancellation policy. Will guests get a refund? If so, how far in advance do they need to notify you?

And that’s it! You’re ready to make money.

To get bookings, you should:

• Respond actively and reply to emails promptly.
• You can also use the “Instant Book” feature, allowing guests to book without asking if the room is available.
• Keep your place impeccable and listen to guests’ feedback to improve your service. Sometimes adding some small details can make a big difference.

To increase income, you can offer additional services. I’m in the middle of the jungle, so if people come without food, I think it’s unfair to charge them exorbitant breakfast or dinner fees. So, my charges are low, and I hardly make any money off food.

I’ve rented out my car to guests multiple times. I also introduce drivers, guides, and travel agencies, but I don’t take commissions. You certainly could if you wanted to. Some people rent out bicycles, act as guides themselves, drive you to their restaurants, etc. As an Airbnb host, there are many opportunities to earn side income!

Every Airbnb Host is Different

One of the great things about Airbnb is that you can make money from a variety of listings. Of course, city centers in major urban areas have the highest occupancy rates because Airbnb’s users are primarily millennials looking for urban vacations.

But Airbnb is also known for offering unusual experiences. Treehouses, boats, castles… you can rent almost anything. The best approach is to try it out for a short term, three to six months, then see if your income is more or less than a long-term rental.

In the city, as long as your place is clean and you reply quickly, your long-term rental price should be higher.

Outside the city, you should be able to accommodate guests coming for the weekend or holidays, possibly offering additional services, more like a traditional B&B.

Being honest about your listing is very important. If your place is out in the suburbs, far from public transport lines, tell people they should have their own car. It’s better to have a few satisfied customers at first than a bunch of angry ones.

If you’re in a big city, then you’re in luck. A few years ago, Airbnb celebrated that its hotel room bookings in New York City surpassed all the hotels in the city. Soon, its night bookings will surpass major hotel chains.

The sharing economy is booming, and if you want a piece of the pie, it’s not too late. Set yourself a competitive price, build a reliable profile with great references, and soon you’ll be earning a nice side income.