Best Additional Income Streams for Airbnb Businesses
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Once you have a property under management, are there any other services you can make to increase your revenue? Look at 3 additional income streams for your Airbnb management business.
Today, I want to talk about the top ways to earn additional income streams in your Airbnb management business. Whether you are thinking of getting started, you’re new in the business, or you’re already established, this is a great opportunity to earn $100s of extra income per property per month by following a few simple strategies. If you’re interested in learning more about how to build an Airbnb business that is offering value to all of your clients while earning a full time income managing Airbnbs, you’re going to want to check out the free training linked below.
One of the best ways you can add lots of value for your property owners while making up to $2000 on this service is interior design. Of course, this is a valuable service for you and your clients because by improving the layout, decor, and furnishings of their property, you’re going to get higher value bookings from guests. So by offering your clients an interior design package, you’re offering them an opportunity to bring in more revenue. This is something you can either do yourself if you have the interest and skills in design, or you can outsource it through a design company. Instead of making the interior design as an add-on charge, you can build it into your offer package so the additional service is free. This means you can put together a package of decor or furnishings that they can add to the property and you charge an additional fee for you to purchase them and set them up at the property.
A second way you can do this is to work with local artists or furniture designers to place their creations in your property where guests could have the option of purchasing the items from the designer. This would be similar to a coffee shop using local artists to decorate the space – they don’t need to pay for their decorations, and the artist gets free exposure of their work. You can charge a flat monthly fee, or an upfront fee for that service as well for your property owners.Some people think about having little things for sale in the property, like candies, treats, or alcohol. Of course, you want to think about any potential legal or logistical issues. The upside to these offerings is often quite minimal.
Another model that I have seen work successfully is by offering additional services on an ongoing basis, like property maintenance, snow removal, yard work, etc. These are services that would generally fall out of the scope of your management of the property, but you could offer these services to your clients for an additional charge if you’re seeing the need for it in your area. You would pay your gopher or on-call maintenance person a flat rate for their services, and charge the property owner an additional fee so that you’re making some income for offering those services for the property and removing that hassle from the owner. With this, you’re going to want to make sure you understand the needs and pain points of the property owners in your niche so you’re offering a set of services that is valuable to them and fills their needs well.
What's up guys, it's James here and in today's video, I'm going to talk to you about the top ways to earn additional streams of income in your Airbnb management business. Now, this is a topic that I'm really excited about, because I think there's a ton of opportunity for a lot of people, whether you're just getting started, you are thinking about getting started, or you already have an up and running business, you can earn several $100 more per property per month by just following a few simple strategies. And in doing so, I'm actually going to show you how you can add a whole bunch of additional value to every single one of your guests and every single one of the property owners that you work with in the process of doing this. I think that's a step that a lot of people overlook.
And so in this video, I really want to jam pack and show you how you can earn additional money from your Airbnb business. Now, if you want to get started building an Airbnb business and you want to, you know, have exposure to be able to take advantage of these opportunities and earn a really great income, you know, have freedom and earn a full time income managing properties on Airbnb, then I put together an entire full free training down linked in the description below, that's gonna walk you through step by step by step exactly how I was able to build my business, get it to six figures, and build it so that I actually had freedom over my time and control over my time.
So if you want to check that out, it's linked down in the description down below. And other than that, just go ahead and click that like button, click that subscribe button. liking this video just helps me out a lot with YouTube's algorithm. So I'd really appreciate that. And if you subscribe to the channel, and you can stay up to date, I post two new videos every single week sharing all my tips, best practices and strategies for being successful on Airbnb, whether that's as a host yourself, or managing other people's properties on Airbnb as a business, so be sure to just take a quick second, hit that subscribe button so you can stay up to date with the channel and all the new videos that we post.
So let's get started with my number one my favorite way to earn additional income from your Airbnb management business. Now, this way is a way that's going to add a ton of additional value to your property owners because it's going to help them to earn additional income as well. It's a highly valuable skills you can charge a lot of money for you can actually make up to $2,000, I would say sometimes even more than that. But on average, you're making up to about $2,000 per property, just with this one additional service. So really valuable to you. And it also increases the value to guests.
Because what it is is interior design. Now, what I mean by this is that you can help your property owners to improve the layout improve the furnishings improve the decor of their property. And so what this looks like is basically putting together in interior design package recommendations for the property are of things that you can do things you can add, that will increase the value of the property, meaning that it will help to get higher value bookings and More Bookings for guests. So from the property owner perspective, it makes a lot of sense to invest into these things, because it's actually going to get more money into their pocket.
So these things aren't necessarily just things to make the property look better, but they're actually gonna lead to more bookings. Now, the best way to do this is to either do it yourself if you have some interior design skills, or there's several different ways to very easily outsource this. So the interior design can be completed by someone else, and then you can show that to the property owner. Now the nice thing here is you can charge for in one of two ways. One way is to just charge for the interior design package now that I actually don't recommend, because what I'd highly recommend instead is you actually just give that to them for free. So it's going to add some value to them anyway, and they're going to be more likely to want to grab it because it's completely free. Why wouldn't they?
Now once you do that, you can then show them a list of all the different items that they might want to add. And depending on which option they choose, you're going to charge them for those items, as well as for a fee for you to go and procure them and set them up at the property. Now, depending on the scope of the work, this can be anything from just a few $100 in additional income for going in ordering a few things on Amazon through to several $1,000 for furnishing a property and getting it all set up from scratch.
So this is a really, really great way for you to earn additional income in your business, like I said anywhere up to a few $1,000 on average. And it also makes sure that the property owners property is optimized and going to be bringing in the most bookings at the highest value possible. And then every single guest also gets the benefit by staying in a nicer place that they are that's more desirable to them. So it really is a win win win. And for this reason, it's one of my favorite ways to earn additional income from your Airbnb management business.
Now, the second way that's actually a very cool creative way to do a similar type of thing is to work with local artists or local furniture companies to place their artwork or their furniture in your property. Now, the cool thing about this is that again, you get to get those pieces into your property and not have to actually pay for them. So that's pretty cool. Similar thing of itself. To how a coffee shop might have a bunch of local artists paintings up on the wall, that means that they got to decorate their coffee shop for free in exchange for those artists getting exposure, and for the visitors of the coffee shop, being able to potentially buy those paintings from the artists.
So that's basically what the model is. And we can apply that same sort of thinking that same model to Airbnb management and have local artists put their artwork in our properties, meaning we're saving the property owner money, we're getting some really nice decor into the listing, we're making it more attractive to guests. And we're helping out artists who are potentially going to go in and make some money if guests decide that they would like to buy that artwork. So that's a really great, cool additional opportunity to provide some value to your clients. And again, you can also charge for that service, you can just charge a flat monthly fee to your property owners, or you can charge a flat one time fee for getting all that artwork sourced and into the property.
So again, that's a little bit of an outside the box, pretty cool way that I've seen people make a great amount of additional income on their hosting businesses. Now, the more obvious way that most people think of is to have little things for sale in the property, like for example, little candies, little treats, maybe some alcohol. But there's some logistical issues with that there's some legal issues potentially without of its alcohol, and you really aren't adding a tremendous amount of value other than a slight bit of convenience. But in most areas, you can go and get that stuff at the store pretty quickly anyway, so I actually don't recommend that the amount of money that you make compared to the amount of value that it actually adds, they're both quite minimal.
The amount of time that it takes is pretty extensive when you compare it to other options. So that's a very common option that I actually don't recommend. I've tried it myself, and I just generally don't recommend it to most people. The other option, however, that I do recommend, and I've seen work very successfully.
Now, one other model that I have seen work very successfully that I think is a really great model to earn additional income is by offering additional services on an ongoing basis to each one of the property owners that you work with that might be outside the scope of your regular management responsibilities. This can be things like for example maintenance on the property that might fall outside the scope of your traditional management agreement. So for example, if a toilet needs to be unclogged, or if they need some slight maintenance done, or maybe some yard work they need done at the property, potentially some snow removal. If you live in an area that supports that, then you can offer these services to your client for an additional charge.
Now there's a couple of different ways to do this, you can charge them a flat monthly fee if it's something like yard maintenance or snow removal, or you can just charge them on a case by case basis for something like maintenance. Now, what you'll want to do in this scenario is have your on call person, whether that's your gopher who's on your team, or whether you're outsourcing it to let's say a plumber who's going to come by, you're going to charge them the rate for that. And then you're also going to charge them a small fee on top of that for the time that you took to facilitate that person going in there and get the issue dealt with. And that means that you're going to make an additional income for every hour that the person was there.
So you can earn some additional income that way by just again, removing friction from the process that the owner of the property doesn't have to deal with any of that stuff. So again, in that case, you're adding a substantial amount of value to the property owner, it's solving a real pain point a real problem of theirs. And you'll want to tailor what additional services you offer to the niche and the type of property owners you're working with. Make sure that it solves a very real problem that they actually have a pain point that they experienced with their property. And by doing so you can earn additional income and add additional value. Those are my top three methods for earning additional income from your Airbnb business.
Now, what I would always recommend that you do when vetting out different opportunities to earn additional income because there are a lot in this business is that you look for opportunities that are going to earn you great additional income. Wow adding exceptional additional value to your property owners and ideally your guests as well. If you can nail those three things if you can make more money, add more value to your guests and add more value to your property owners then you're gonna have a big winner bonus if it takes a relatively small amount of time to implement. But to be honest, most things can be streamlined to quite an extent. So if you find something that hits those first three good chances are you can make it streamlined enough to make it worth your while.
I hope this video has been really helpful. drop me a comment let me know your thoughts. If you have any other good ideas, any other things that have worked really well for you just let me know in the comment section down below. If you have thoughts for topics you'd like me to discuss in upcoming videos also just let me know in the comments down below. If you're new to the channel here then please hit that subscribe button I would love for you to be able to keep updated with the channel. Again, check out our free training link down in the description below. So you can check out a step by step guide to how I help people to build this business from the ground up. And until next time, I will see you in the next video