This is Part 1 of a sharing series. I’m a big fan of the sharing economy, because it’s clever, cost-effective, and follows the life mantra of “what makes a better story.” It’s not for everyone, but if you’re intrigued, check out my posts and give it a whirl (Airbnb as a guest, Rover.com, and Uber reviews coming soon).
The sharing economy isn't breaking news, but I think it is sneaking into the mainstream, and millennials are definitely leading the way. Some people are avid users and some are just getting their feet wet. Whatever side you’re on, I hope you find some useful information from our experiments in sharing.
Sharing experiment #1: Airbnb Hosting
What we did: rented our house out while we were on vacation.
Why: this was our first vacation with Lola the dog, and I wanted to soften the blow of the cost of dog boarding for a full week (which, in case you were wondering was roughly $200. Yowch. #TrueCostofLolatheDog keeps adding up...she's just so cute).
How: we signed up as hosts on the popular service Airbnb.
My anecdotal conclusions:
Legwork involved:
- Signed up as hosts on Airbnb
- Filled out the stats and description of the space
- Scheduled a photographer to take pics (Airbnb provides this really cool service for free)
- Installed lock on closet for valuables
- Ordered a key holder for the outside of door
- Bought extra towels/sheets to be an “Airbnb set”
- Put together a welcome packet with instructions
- Cleaned a lot
- Back-and-forth communication with guests
Total time: roughly 10 hours in total
Note: Airbnb gives the option to either rent a room of your house (so you would still be there) or rent your whole house (so you wouldn't be there). We chose the whole house because our house is small and we figured the hands-off approach would be our preference.
Pros of Airbnb hosting
Extra cash in mah pockets. Airbnb only takes a 3% cut from your nightly rate, so if your house rents for $100 a night, well, you can do the math for a multi-night stay. Some lovely retired folks are hosts on Airbnb for the adventure of meeting new people, but I’ll be honest: that’s not me. The best part of making extra money was that we rented our house while we were on vacation, the extra cash flow made the vacation even sweeter (we even had money left over after boarding Lola).
Cons of Airbnb hosting
Hosting is a bit involved the first time with setup. Now that we have the outside lock, the welcome manual, and the posting up, it’s not so bad. Just keep in mind that every time you rent out your house, be prepared for a little hassle: washing dishes before you leave for your own vacation, washing sheets and towels when you come back, that sort of thing. Keep in mind that hosting doesn't mean you just sit back, relax, and earn money: it’s still work.
“You know how some people are huggers and some people aren’t? Hosting is kind of like that. I’m a hugger.”
Another con that will really vary from person to person is how much it bothers you to share your stuff. Some people will get the heebly jeeblies (which is totally fine) about strangers coming into personal space and others just don’t really care. You know how some people are huggers and some people aren’t? Hosting is kind of like that. I’m a hugger.
Additional notes: we had really wonderful first guests. They left the place super clean, were very responsive, and we had no issues whatsoever. Airbnb tries quite hard to make it a good experience for hosts (up to $1 million in insurance coverage if property is damaged or someone tries to sue you). Of course, there are bad apple guests and you have to ask yourself if the money is worth it. For some, it isn't.
We are planning on renting out our house again, but I also think a bad experience would make me stop doing it.
Overall: hosting is a good way to make money, definitely not for everyone.
Want to be a host? Click me! Full disclosure: that's totally my referral link and I totally make money off of you signing up. But then again, so do you. #twinnerwinner
