This post is written by Jordan Bishop, perpetual traveler and founder of Yore Oyster. Since this promotion has now expired, we’ve updated the signup links to one that offers you ~$40 for using Airbnb as a guest and ~$100 for becoming a host, but you will not receive an additional $150 on top of those bonuses.
Airbnb is giving Toronto/GTA residents a big incentive to start hosting travelers. Here’s why hosting on Airbnb will make your travels, and your wallet, much, much richer.
Airbnb is the peer-to-peer marketplace that allows “regular folks” like you and I to rent out a spare room, couch, or our entire house/apartment to travelers looking for a place to stay in the GTA. And over the past few years, Airbnb has taken the travel world by storm, offering millions of spare bedrooms and entire homes up for rent on their worldwide accommodations network.
Put simply, Airbnb is one of the coolest places on the web.
Yet as Airbnb has grown, a problem has developed in major cities like Toronto: there are plenty of travelers looking for places to stay, but not nearly enough homes for them to stay in.
Travelers are practically begging hosts for a place to sleep, but there simply aren’t enough places for them to stay in the GTA.
Are you starting to see the opportunity here?
Knowing that we offer the lowest prices in the world on flights like our direct Toronto to London flight or the widely sought-after direct Toronto to Hong Kong flight, Airbnb shared this little tidbit with us: they need more hosts in and around Toronto.
So together, we’ve assembled a special Yore Oyster exclusive offer to make it happen:
As a Yore Oyster reader, you will receive a $150 bonus upon creating your new Airbnb listing by August 30 and hosting your first guest by October 30.
But first – why aren’t you currently renting out your space on Airbnb?
|You don’t have enough space, or you never leave home?||No – you can rent out anything from the couch in your living room up to your entire home, so nearly all of us have somewhere we could offer. Plus, most of us are away from home at least 2 nights per month, so if you rent out your place at a very conservative $75/night, that’s $1,800/year you’re leaving on the table!|
|You’re afraid that your things may be damaged or stolen by a dishonest guest?||Nope – Airbnb’s $1,000,000 host guarantee has you covered there. In the extremelyrare case that your place is damaged, Airbnb will take care of the damages up to $1,000,000. Ya, $1 million.|
So what’s the real reason that so many people who could easily be making an extra $1200+ per year to put toward the cheapest flights on the market don’t rent out their space on Airbnb?
Because hosting seems difficult – even though it’s really, really easy.
That’s why we want you to focus on just one thing here: How quickly can you get your first booking?
Because once you’ve got one booking under your belt, you’ll internalize everything I’m about to tell you about hosting:
You’ll know what it’s like to make a new friend from somewhere else across the world.
You’ll know what it’s like to host a fellow traveler and make their stay in Toronto extra special.
And you’ll know what it’s like to leverage your home as an asset that can make you money, whether you’re currently living in it yourself or whether you’re off somewhere else in the world.
How much will I earn as an Airbnb host?
Airbnb has an earnings tool that helps you learn how much you can earn as a host, and the numbers may surprise you. (Note: Feel free to use the earnings tool on that page, but don’t signup there or you won’t receive the $150 bonus!)
Okay – let’s assume you live alone in a studio apartment in Toronto. You’re planning a two-week trip to Hong Kong, and you’d like to rent out your apartment the entire time you’re gone.
You go to the Airbnb earnings tool and see that you can earn over $800/week by renting your apartment out to a couple visiting Toronto. If your apartment is well-located – near the CN Tower or along Queen Street West, for example – you can expect to earn quite a bit more. Still, even just an average amount of earnings will cover the cost of your direct flights both to Hong Kong and back.
Just like that, the bulk of your trip cost has been paid for, and you hardly had to lift a finger.
|Average Host Earnings in Toronto (Source: Airbnb)|
|Entire Home/Apartment, 4 Guests||$1,036 per week|
|Entire Home/Apartment, 2 Guests||$803 per week|
|Private Bedroom, 2 Guests||$514 per week|
|Couch/Futon, 1 Guest||$317 per week|
Also, did you know that you don’t need to change anything about your home to make it suitable for Airbnb? Of course your place should be clean when your guests arrive, but if you don’t have air conditioning, a laundry machine, or something else that’s holding you back from hosting, that’s okay. You select the amenities you do have when signing up, so your guests will never be surprised when they arrive.
What are some hidden benefits of being an Airbnb host?
|Make friends all around the world||Expect your guests to come from absolutely everywhere, which means you now have a network of friends who would love to show you the best spots their city has to offer.|
|Global VIP status||When every Airbnb fills up during city-wide events like the Pan-Am Games, who do you think other hosts prioritize as their guests? That’s right, the guests they know they have the most in common with: other hosts.|
|Travel for next-to-nothing||As we showed in the Hong Kong example above, renting out your home while traveling can pay for most, if not all, of the cost of your trip. See how Jeff from Toronto has funded his trip to climb Mount Kilimanjaro 100% through Airbnb below.|
Despite what you may have believed in the past, your home is now an asset, not a liability.
What risks are there to being an Airbnb host?
As it turns out, Airbnb has made hosting totally risk-free:
|No long-term commitment||If you host once and decide it’s not for you, simply take down your listing and be done with it. Of course, you’ll still get paid for the guests you did host, as well as the $150 bonus that comes with this special offer.|
|24/7 customer service||Whenever you have any questions about how to be a great host, an upcoming guest experience, or anything else, their customer service team is available 24/7 and more than happy to help.|
|Totally free||Plus this special offer gets you an $150 extra upon hosting your first guest before October 30th.|
|$1 million in coverage||In the rare case that something in your apartment is damaged after hosting a guest, Airbnb’s Host Guarantee covers your apartment for damages up to $1 million. Rest easy knowing your home and your possessions are completely safe.|
|All guests have been verified and reviewed||Every Airbnb user, both hosts and guests, have their previous Airbnb stays rated and reviewed, so you know exactly who’s coming to stay and what to expect from them.|
How to set up a profitable Airbnb listing in under 30 minutes
Creating a listing on Airbnb is much, much simpler than you think it is; in fact, you can do the whole thing in 3 steps and under 30 minutes. Our special link starts the process, and will get you the $150 bonus upon hosting your first guest by October 30, 2016 – though keep in mind you need to publish your listing by August 30!
Basic home info
|Airbnb asks a few simple questions, and you just need to check the right boxes:|
How many bedrooms/bathrooms do you have?
Do you have Wi-Fi?
Is your place better for solo travelers or big groups?
|1 photo is technically enough to set up your listing, but having 8+ improves your odds of receiving a booking. Don’t worry, the photos don’t need to be of amazing quality yet – just whip out your smartphone and take a few of the living room, bedroom, kitchen, and bathroom right now.|
Pro Tip: Did you know Airbnb offers a free professional photography service? Once your listing is live on the site, you can request to have a pro come and take beautiful photos of your home completely free! That means you’ll need to upload a few photos on your own right now to get your listing up on the site by August 30, but as soon as your listing is up you should capitalize on this amazing service.
Availability calendar and price
|Are you available to host every night of the week, just on weekends, or only one day a month? Whenever it is, Airbnb’s intuitive software helps you through the selection process. Pricing works the exact same: you can either choose Airbnb’s suggested price based on your home’s amenities and location, or you can set your own price, including weekly and monthly discounts for when you’re away on longer trips.|
My recommendation: Start with Airbnb’s recommended price. This will help you book your first guest as quickly as possible while still getting a fair price for your space.
That’s it! Your listing is ready to go live, and you probably spent well under 30 minutes getting to this point.
So what are you waiting for?
Confirming your first booking quickly is important, not only so that you ensure you get your $150 new Toronto host bonus by taking 30 minutes to create a listing by August 30 and hosting your first guest by October 30, but so that you can see just how easy it is to make a lot more extra money using Airbnb.
If you’re not already capitalizing on your space, you could be leaving hundreds or even thousands of dollars on the table each and every month.
You can buy a lot of flights with that sort of money.