What is a share economy?
According to Investopedia “A sharing economy is an economic model in which individuals are able to borrow or rent assets owned by someone else. The sharing economy model is most likely to be used when the price of a particular asset is high and the asset is not fully utilized all the time.”
The most common example of this economic model is AirBnb. Your house or livable property which you rarely use is an asset that you allow people to borrow or rent for a time for monetization.
As an Airbnb host, leverage your asset and succeed in the rise of the share economy. Here’s how:
- Make sure that AirBnB is legal in your city.
There are some cities that may restrict the operation of an AirBnB.
- Determine what space are you going to rent out.
Is it the entire house or apartment? Or just a room? What will be the common spaces? What areas are off limits to your guests?
- Preparing your AirBnb space.
Spaces are as sparse with just a bed and a side table with a common restroom for all guests or as luxurious as a hotel room. Some may offer linens, towels and toiletries. Some done. Always keep in mind that the more add-ons and amenities you offer the price of your rent will also go up.
- Get your room listed!
This is the moment of truth! You have prepared your space and it is and ready for listing. A picture paints a thousand words, so start snapping beautiful photos of your space. These will be the first things your prospective renters will see when they browse through tons of photos of AirBnb rooms.