Accommodation
How I use Airbnb to make money in retirement
Airbnb veteran and superhost Rob Last, 69, shares his secrets to becoming a superhost on Airbnb.
About four years ago we were visiting friends in northern New South Wales and over dinner we were talking about alternative accommodation options when travelling. Airbnb was mentioned and at the time, I thought it was an odd name and didn’t quite understand what it meant, but it did stay in my mind.
The following year when I retired, I soon realised I needed projects to do. I have a great house that I don’t live in; it’s in a great location and I do enjoy a project. The short stay hosting option seemed to fit perfectly. I decided to put my 1856 bluestone terrace in Fitzroy on the short stay market. I was considering using Stayz but Airbnb came up again as an option. I did some research, asked around and decided to go with Airbnb. That turned out to be a very good decision.
What have I gained from the experience?
Obviously, financial gain. Airbnb is better than having permanent tenants as it has allowed me to increase my income on my Fitzroy home by about one third more than what I was receiving in rent from permanent tenants. The additional income has enabled my partner and me to travel internationally each year and more frequently within Australia in our retirement years.
I also prefer Airbnb over permanent tenants as it is a more interesting and energising project. It involves good exercise in cleaning and maintenance; lovely connections with people through meeting and greeting all guests and communicating with them from their first enquiry. It’s also rewarding sharing my Fitzroy house with others who appreciate the location and its history.
Besides the financial side, it has been such a pleasure providing a unique and special experience for all my guests. Since I started hosting in the June 2014, I have hosted 110 groups (around two to four people per group). I’ve met a range of people from a variety of nationalities and age groups. It’s been such a rewarding experience, both financially and personally.
My advice to others looking to host on Airbnb
My philosophy on hosting can be summed up using a number of “P” words. If you follow these “P” words you’ll have great success as a host.
- Product – I have a house that fits the short stay market perfectly. Like the old real estate adage “position, position, position”, my house is in the heart of Fitzroy, making it attractive to tourists.
- Presentation – When I first put the house on Airbnb I gave the interior a modest makeover, creating a modern, simple, functional, low maintenance house, to contrast with the 1850’s exterior. This involved a new kitchen, a paint job throughout, new dining room table and chairs, a new couch and living room chairs, new beds, sheets, towels, doonas, fully equipped kitchen and artwork on the walls. I am particular about how the house is presented, ensuring the house is generously equipped and spotlessly clean.
- Proactive – I ensure prompt responses to requests, bookings and questions. Being responsive with your communication is very important.
- Purpose – My purpose is to facilitate a special inner city Melbourne experience.
- Punctuality – I am at the house well before the arranged time. I always do the meet and greet.
- Positivity – I make sure I present a positive outlook always: “No problem I can do that”, “Your arrival and departure timings fit perfectly”, “Thanks for letting me know”, “I appreciate your feedback” and of course, “Yes it is a great area, great pubs, great restaurants, great coffee, great street art, great suburb.”
- Price – Research the prices offered in your area. I have made sure the house is competitively priced.
- Performance – I am a stickler for ensuring the highest standard of service delivery. This arose from a career in special education and a time in the travel industry.
- iPad – I know this doesn’t quite fit but it is really important. My iPad is my office. I receive booking requests, guest notifications, Airbnb notifications, all on my iPad, ensuring prompt responses, which can be from anywhere. I remember whilst driving between Mildura and Swan corresponding with potential guests from California, answering questions and accepting their booking, all via the Airbnb website on my iPad.
The other really useful trait is to possess just a little bit of obsessive compulsive disorder! If you choose to become a host or a guest or both, my best wishes. I highly recommend Airbnb, it has proved to be a most rewarding retirement experience for me.
To view Rob Last’s property in Fitzroy, Victoria, click here.
To learn more about hosting, please visit the Airbnb website here.
Related links:
6 unbelievable Airbnbs in Victoria
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