How to navigate around financials in order to become a host
One of the main reasons people choose to become an Airbnb host is because of the endless opportunity to generate extra income. But most of the time they share that financially, they do not have the money to start the process of becoming a host. This article is about the experience I had with helping my friend Ashley overcome her financial struggles in order to become a host. The first piece of advice I gave my friend was to look at what items she could make a profit from, that were already in her apartment. Ashley was already in the process of moving into a new 1 bedroom 1 bathroom apartment near the design district of Dallas. She had informed me that she had already started the process of ordering new furniture that would be delivered to the apartment on the move-in date. She told me that since she was moving to the design district, that she came up with the idea to have a modern Chinese theme throughout the apartment. I told Ashley that I did like the concept of the theme especially when she showed me all of the decor items and furniture that she purchased. The problem that she felt she had was that she went over her budget on some of her items. I told her that this is an easy fix and that she should see if she could cancel some of the items. The main reason being that even though she had picked a modern Chinese theme she had too many items for the size of her apartment. It’s important not to overwhelm the space with too many items so that the apartment could still appear to be an open space. Guest that is going to want to stay in the apartment is not going to want to be in an overwhelming space where they feel like they are around a lot of clutter. Another way that I informed Ashley of how she could generate extra money was to sell her current furniture. I told her that since it did not fit in with her current theme, that she might as well make a profit from it. There are a lot of different ways that you can sell furniture outside of creating flyers to post around the community. Thanks to social media it saves time and stress and also makes the process a whole lot easier. I told her about sites like Craigslist and a free app called Offer Up and also other social media platforms. Ashley informed me that she had not thought about it before and definitely would try out all of the ideas suggested. Within the week she told me that she had successfully sold all of her furniture and had made an additional five thousand dollars. She asked me what I thought that she should do with the money. I told her that if I was her that I would invest it in her apartment. When becoming a host there is a list of inventory items that will be expected. I told Ashley that ultimately the goal is to get 5-star reviews as a host that way the property will continue to get booked repeatedly. When the property is booked over and over that is when you will be able to see a profit in it. She was excited to get started and said that she would take all the advice given to her. After about a year Ashley reached out and told me that her place had made three times the amount that she had invested into it. She credits all the advice that I gave her and how important keeping a five-star review was in order to keep booking her apartment. In summary, if you want to be a host but do not feel like you have enough money to start the process. Look around and see what you can sell around you and or, just put enough money to the side, to get the process going. In the long run, it will be well worth it.