Are you looking for a way to earn extra income, but you’re short on time? Are you hoping to find a way to make passive income with an easy side hustle that already fits your busy schedule?
Managing other people’s properties on Airbnb might be the opportunity you’ve been searching for. It’s a way to get into the Airbnb game without having to own your own property. It’s low risk and doesn’t require much investment of your resources. Most importantly, it pays really well and offers a great ROI for your time.
Managing other people’s properties on Airbnb is known as co-hosting. It’s different than Airbnb arbitrage, which is where you rent property in the traditional long-term manner and then list them on Airbnb as short-term rentals.
With rental arbitrage, you need to cough up first and last month’s rent and pay for furniture in order to get started. Unfortunately, most people don’t have an extra 5 to 7 thousand dollars lying around in order to do that.
With co-hosting on the other hand, you’re able to start managing properties without any upfront investment, achieve immediate profitability, and avoid the stress of a monthly rent payment. Not only that, but in many cases, you can also earn just as much profit from co-hosting as you can from rental arbitrage but without all of the risk.
Co-hosting is a way to alleviate a lot of the burdens traditional Airbnb hosts are dealing with. There are a lot of people out there who have extra space and the ability to host guests, but they don’t have the time to set up a listing and keep it active. That’s where you come in as a co-host.
What is Airbnb Co-Hosting?
Co-hosting simply means that you manage some (or all) of the day-to-day operations of being a host for someone else, who has a property but lacks the time and/or know-how to do it themselves.
Typically, this is done in exchange for a percentage of the overall revenue, which can range anywhere from 20 to 50 percent.
As a co-host, you get a lot of flexibility. You can choose the services you’re able to help with.
For instance, co-hosts are able to assist with:
- Handling reservations through the Airbnb platform
- Optimizing pricing
- Messaging and communicating with guests
- Checking in guests when they arrive
- Updating the listing calendar
- Organizing cleaning and other services for listed properties
- And more
Why Would Someone Pay You Cohost Their Airbnb?
The truth is, most property owners don’t know how to truly optimize their space on Airbnb. As a result, if they decide to host the property themselves, they’ll likely be leaving money on the table and in addition it can be quite time consuming.
By working with a professional who has the right training (mentioned below) property owners can often make even more money and save a whole bunch of their valuable time. For that reason, it ends up being quite the no-brainer!
How Do You Co-Host an Airbnb?
Becoming a co-host is something that anyone can do, however as with most things if you want to do it successfully, you’ll need to learn the right skills.
It’s always best to learn from someone whose done it before, so if you know someone who’s a successful co-host then picking their brain for a few hours can be extremely helpful! If you don’t know anyone personally who’s a successful co-host, then we recommend checking out a program called BNB Mastery Program.
BNB Mastery Program is a training program created by James Svetec, which teaches people how to earn a full-time income managing other people’s properties on Airbnb. The great thing is that James has already built a successful co-hosting business, so everything he teaches was developed through real-world experience.
Another great bonus is that James actually offers a completely free training that walks through everything you need to know to get started, which you can check out here.
Also keep in mind, co-hosts don’t necessarily need to be in the same city as the properties they manage. It can help, and in some cases, hosts are looking for assistance from locals, but if you find someone who just needs their property managed on the Airbnb platform, there’s no need to be geographically close.
Co-hosts arrange obligations, responsibilities and fees independent from the Airbnb platform, so every situation might be different. Fees tend to range from 20 to 50 percent, but co-hosts should negotiate based on experience and what is needed and what is offered.
How Do You Get Properties to Manage as a Co-Host?
Getting properties to manage as a co-host can be difficult if you don’t have the right blueprint. To start with, focus on a specific “niche” of property owners that you want to work with. Basically, your goal should be to provide a lot of value to a small group of people, rather than trying to add a little bit of value to a lot of people.
By doing this, you’ll become highly sought-after by property owners in your chosen niche and attracting clients will become far easier. To learn more about how to choose the right niche, you can check out the free training that James and the team at BNB Mastery Program have put together here.
If you aren’t chosen as a co-host every time you offer, don’t be discouraged. Keep trying and work on making yourself a more attractive choice.
How Can You Get Noticed as a Co-host and Find People in Need of Co-hosting?
It helps to look for property owners where they already hang out. Rather than forcing your ideal clients to come to you, get creative and find ways to go directly to them. This can be done using a variety of different methods, from Facebook, to meetup groups, to email.
It’s important to remember that you don’t need to have experience hosting or have a vast network in order to get started. In fact, James himself, one of the most successful co-hosts out there, had never even hosted an Airbnb prior to managing one for someone else.
Regardless of how much experience you have, the first step is simply to find property owners who are in your niche (we recommend checking out James’ training here if you’re unsure about which niche to start with or exactly how to find property owners in that niche).
Once you’ve found those property owners, the next step is simply to reach out and setup an initial meeting. During the initial meeting, you’ll want to get to know the property and its owners and ensure that you can actually help them to solve some of their problems or get better results.
Once you’ve established that there’s room for improvement and that you can actually help the property owner, making the offer is relatively simple. From there all that’s left is to get your hands on a co-hosting agreement so that you can cross your “t’s”, dot your “i’s”, and get started managing your first property!
Again, if you’re feeling at all shaky about getting started, or lack any of the tools and resources that you’re going to need (such as a co-hosting agreement) then head on over to BNB Mastery Program and you’ll be well taken care of!