Thank you for this thread @Ben551 and everyone who's contributed.
I'm so inspired by and proud of the transformations of space and "win-win's" everyone's created doing something we love, and I DO focus on my gratitude for the opportunity every day. The space I've turned into a peaceful refuge was once an office/storage space for the previous residents---it took weeks to clear it out and clean it up and make it "pretty and shiny" with inspired changes along the way.
I'd done versions of this breakdown before, but the added conversation about the different situations, level of host involvement, and styles really helped me hone in on the nuts and bolts of my investment of time as well, and how the changes I've implemented have been working, aside from the emotional aspect that I love doing this and the angst involved in booking platform frustrations. In 99.9% of my bookings, I'm not sure who's been more pleased...me or my guests, and that's the best form of payment ever!
...and...we do need to keep the lights on...
I was averaging about $38/night profit in the beginning, just trying to build up reviews and get bookings (often giving into the pressure of those constant airbnb "suggestions" that did not result in increased profits in this market). That's not even a living wage for cleaning time, much less the other time and various costs involved.
I'm excited that in less than a year, I've more than tripled my profit and am now averaging $115/night (for a seperate 1 BR cottage space with outdoor seating/yard/view) after refining my approach and raising my prices to attract the kind of guest who vibes with the kind of hospitality/amenities/setting I offer....often in response to the wisdom found in this community. Much Love and many virtual hugs to more than I can name, many of whom are participating in this thread : )
It's also been a process of personal evolution and business strategy, which for me is ultimately about expressing something that's intangible and priceless; applied inspiration, creativity, and caring/heart that comes from a deeper place than just "running a business." My guests seek and find an EXPERIENCE here...some actually find themselves and each other here, so it is something more than "just a place to stay" It integrates who I Am, what I love offering, and what I've spent my life doing in other ways...and I'm so excited that in just a few months it's yielding a satisfactory steady, dependable supplementary income stream as well.
I live on site, and do everything myself (except hard core pumbing/electric/construction). I charge a living wage for my cleaning time, have figured in all of my costs, and averaged in everything plus the experience of doing this and the feedback and dialogue and words/poems/art created in my guest book (after years in corporate life, I call them my "treasured daily performance reviews") and a "guest satisfaction survey" I offered to all of my guests in the 1st 3 months.
My guests have shared in detail what they love about staying here, in this space I created, validating my instincts, intentions, and my aesthetic sensibilities as I've found ways to uplevel my amenities at less cost and focus my narrative, house rules, manual, and listing photos directly on those I want to continue to attract, and in addition, those willing to pay a rate that makes it worthwhile for my sense of self respect/value as well as my balance sheet.
The ONLY aspect I've struggled with is the angst over airbnb's lack of support in areas other platforms DO offer it, as is customary for the hosptiality profession, specifically:
1- FRONT END: dealing with safety, scammers, stalkers, fake profiles, confirming valid ID/payment/photo info before booking
2- BACK END: safety, scammers, security deposits/damages
3- FEES: I did a micro research project of properties listed on airbnb and 3 other platforms. Guests pay higher fees to book with airbnb, and hosts pay about the same. (This might explain why airbnb appears to be biased in favor of guests)
4- RISK: The valid personal and property safety issues is higher with airbnb. The policy and terms of service loopholes put us at greater risk of unsupported/unreimbursed and/or repeated damage/loss that DOES impact our profits, loyalty and sense of being valued and protected within customary protocols, and forces us to decide if it's worth the risk/disrespect of trusting what is often our greates asset to a platform that doesn;t meet indusry standards for this area.
We WILL have to "eat" these costs (if we haven't already), and they DO significantly effect onot just our profits, but with significant damage, our ability to BE in business.
I love that we can offer our reviews of guests here (also wishing we were not intimidated into leaving false positives) and the former zeitgiest has attracted billions of guests and hosts. The factual areas of lack regarding the risk we face accepting bookings from airbnb every day is so large, it will backfire on each of us at some point regarless of how discerning we are with screening and prevention.
No system is perfect, but the lack of commonplace RISK protections with this platform is a significant issue for me and many others. I hope they will be satisfactorily addressed swiftly, before I encounter something I can't afford to absorb by building in the elements noted above, because otherwise, using this platform is unsustainable for me (and many other independent hosts), undoing the very mission and vibe airbnb still claims on almost every page of this website, shatting my joy, and that of the guests, many of whom return knowing they will find something worth more than money: peace in an often insane world.