Airbnb Your hobby or Business?

[Lisa1831]

Hello Host,

 How seriously do you take your Airbnb listings? 

Is it just a hobby you put minimum effort into OR are you serious about making this an income earning business? 

Really would like to receive your honest replys. 

[Ann72]

@Lisa1831  I own a business in New York and work there full time, and I consider Airbnb my second business.  I think there's a tendency for women to downplay the hard work they put into their homes, whether their primary residences or their vacation homes.  When those women become Airbnb hosts and continue to claim it's "just a hobby," they invariably undercharge for their efforts.  It's almost as if women are afraid to ask to be paid for what their work is worth.

My three listings are set up as an LLC and I keep detailed records of every transaction in a QuickBooks company file, the same way I run my primary business.  I run frequent reports and maintain some spreadsheets that give me a lot of data about booking and income patterns.  I'm interested in growth and in covering my expenses.

I would never dismiss my hard work and the income that results from it as a hobby.

[Lisa1831]

@Ann72 You seem to have a good grasp on your hosting business. 

If you haven't already, create a database using your spreadsheet files , and quickbook files to be able to have an even deeper insight into your customer data.

Women are taking business seriously and yes some may underprice services. 

But that balances out over time as they gain experience and confidence.

I wish you and every host much success 

[Ann72]

@Lisa1831 I would love to create a database, but I don't know how to do that.  Any tips or direction?  I've learned to do spreadsheets just by googling...

[Lisa1831]

@Ann72 

You can use Microsoft Access. You may have it on your computer already.  If not you can try an Open Source program named Open Office.

If you want to have it as part of your website you can use MySQL.  

[Noel102]

Check out Quickbooks Self Employed.  It's free is you use certain versions of Turbo Tax, but I think it's like $100 or less if you subscribe to it alone.  I use it to track my expenses and income for my AirBnB.  It's VERY easy to use and covers all the bases for someone who does it on the side or as a small business.

[Qier-and-Philippe0]

@Lisa1831 

Airbnb is a hobby for me but I put a lot of effort to make the stay of our guests perfect.

I really enjoy sharing my time with the guests from all over the world and telling them about my city.

What about you?

[Paul154]

With ever increasing property taxes, utilities and maintenence costs, Airbnb is neither a hobby nor and income producing business. It is a necessary for me to stay in my home

[Lisa1831]

@Paul154 

You have very nice listings and I am sure you will break even and get to a profitable place. You have various price points.

[Sarah977]

@Lisa1831  I kind of doubt that even for those hosts who don't rely on it as a full-time job that we think of it as a "hobby". Nor are hobbies something that people necessarily put "minimum effort" into.

For me, it's not my primary source of income, I don't take back-to-back bookings, and it's pretty seasonal (not my doing, just the nature of my area). But each of the guests I prepare for and interact with I do exactly the same as I would if it was a full time job. In fact, my guests may receive more attention than those who book places with high turnover-I have more time to thoroughly clean, and send guests personalized messages, not just saved, generic info.

[Susie111]

It started as a hobby for me.

Something to do while my boys are at school, kind a thing.

Now it helps to pay our second mortgage 🙂

[Branka-and-Silvia0]

Cleaning, making beds, waiting for guest's arrival, arranging airport transfer, taking laundry to the laundry service and back, repairing broken things within an hour, paying bills, filing tax reports, registering guests to the police, etc etc etc.....  is someone's hobby ????? Really ?  😄  😄

[Susie111]

@Branka-and-Silvia0You make me laugh, so true. Now it's a part time job for me and full time when the high season starts 😄

[Noel102]

We take it very seriously.  My husband and I established a management company as a general partnership to operate our guesthouse.  It serves as supplemental income for us that offsets the cost of our motgage and property taxes.  Aside from it just being business income, we get a lot of personal satisfaction out of providing a quality service to people and demonstrating our pride in owenrship to our guests.

[Lisa1831]

@Helen3 @Suzanne302 @Susan17 

I like helping people - anywhere - anyone. I like to see people succeed.

I give advice often on numerous topics. Most people appreciate it.

My host were all NEW and the ones I had an opportunity to offer advice to greatly appreciate it.

I gave free unsolicited advice in exchange for nothing. 

Again my host were ALL NEW when I booked and stayed.

I enjoy this community and will offer my insight as I see fit. I have learned a great deal as well.

I wish you all a good day.

[Helen3]

So could you answer my earlier question.                                                                                                                                   

How did you help one of the hosts you stayed with to double their income @Lisa1831 ?