I have been hosting/renting out my extra space online for about 2 years so far. I guess I’m like a cross between and upscale hostel and B&B and a great hotel alternative! (Even though I’m a B&B I don’t actually offer breakfast… LOL)
Business is booming and after a move to a larger location and many more guests, I’ve had a bit of an education on what it’s like to do this sort of thing! I’m planning on teaching a Skillshare class on how to do all of this effectively for yourself, but here’s a little taste anyway.
Here is what I’ve learned.
1. Use multiple services to fill your space
I am signed up on several different sites, but so far the ones to produce the most for me have been Airbnb.com and Wimdu.com. While I get most of my bookings through Airbnb, I’ll get a few good ones through the competitors as well. Full disclosure here: I work for Airbnb. But as a host, I believe in having a diverse portfolio so I use other sites as well. But Airbnb is still the leader in terms of money-making potential for me.
2. Keep your calendars up to date
I sync all of my calendars to my personal Google calendar. Not only do I need to keep track of which guest booked which room for how long, I also need to know when people are arriving and checking out. I need to have enough time to turn over (clean up) the rooms and get the rest of the apartment up to snuff. I also need to be home when new guests arrive, so that means I can’t schedule a yoga class or girl’s night at that time.
I love my Google calendar so much. It’s synced with my iphone and color-coded too to help me stay organized. Here’s what it looked like last month:
3. Make a cleaning kit & plan
Most of your time will be spent cleaning and getting things ready for new guests. Set up little stations, or have a bucket with all of your supplies handy as you go around tidying up. Remember to “start from the top!” by dusting, etc. first, then finishing with the floors. Keep a stack of extra towels, sheets, pillows, etc. hidden somewhere in case they’re needed.
I have multiple sets of sheets for each bed so that I can just swap out new ones immediately. I don’t always have the time to wash the sheets right away (I have a small machine and also air-dry) so this is helpful for me. I try to do everything I can to make things easy for me, and as quick as possible in case I get last-minute guests.
4. Schedule some time for yourself
This line of work can be exhausting. Because I live in my “B&B” I am always on, always working. I need to be available to my guests for anything because it’s part of why they stay with me instead of at a hotel. Customer service is very important, but living it all the time wears you out.
So every once in a while I will block off a weekend, or week and keep the place just to myself. It gives me a break and helps me refresh myself. I can also get any major work done around the house that I’ve been putting off for a while.
5. Keep track of your finances & set goals
I keep a Google spreadsheet of all the bookings I get. Names, room booked, nights spent, nightly cost and total cost. I have a goal every month on how much I need to make. Pick something reasonable. For me, it’s making enough money to bring my personal rent down to $500 or less. Most months I am able to surpass this and it feels great!
Something I need to work on more is keeping track of expenses. My hydro bill is higher than a regular tenant’s and so are my costs for cleaning supplies, the free coffee & tea I offer and toilet paper. Plus any unforeseen costs such as replacing towels or sheets that may come up.
Once I get the hang of things with this particular set up, I hope to have a separate bank account to keep track of the flow in and out of cash from the business. Eventually I will need to register as a business and run it…well, even more like a business!
Come to my class
I have a ton more tips & tricks to share on this subject. It’s actually my “real job” too! If you’re in the Toronto area and would like to really get some in-depth information and customized recommendations you can sign up for my Skillshare class (I’m only charging to cover the cost of the room rental).
You can also just sound off in here and we’ll get a conversation started
If you’re interested in signing up for Airbnb as either a host or a traveler, I’ve got some cool deals for you!
If you want to host, you can get $50 in travel credit for joining up by going here and entering my referral code: 8CTNCM
If you want to travel OR host you can get $25 in travel credit by going here.