Does Airbnb Co-hosting Still Work in 2024?

(00:00) Airbnb co-hosting or Property Management another word for when you manage someone else’s property on Airbnb in exchange for a percentage of the revenue so you get to leverage Airbnb without actually owning or renting any properties it is undoubtably a really really great business model for anyone that is looking to get started with short-term rentals but does it still work in 2024 there’s been so many changes over the last few years with Airbnb short-term rentals the market has changed interest rates are up everything is changing and
(00:36) so the question is does Airbnb co-hosting actually still work in 2024 can you actually get started and build a full-time income from this business without having to struggle a whole bunch is it actually still viable I’m going to answer that question for you in this video by walking you through some of the main changes some of the things to be aware of some of the things to consider I’m just going to share with you my honest opinion of what’s going on in Airbnb co-hosting [Music] so for starters let’s talk about what(01:12) actually is A&B co-hosting why do people want to sign up with a co-host so that we can figure out if it’s still even something people want in 2024 well ultimately with Airbnb co-hosting what you’re offering to hosts is you’re offering them the opportunity for you to take care of all all of the stuff that they don’t enjoy stuff the things that they’re frustrated with or that are challenging for them and you’re going to do it in exchange for a percentage of the revenue so if you think about a
(01:41) typical property owner whether they’re a vacation homeowner a real estate investor whatever they might be they have options they can leave their property empty they can rent their property longterm or they can rent their property shortterm maybe midterm as well now there are a lot of downsides recently to renting that property long term the biggest of which is that they’re just not going to make a really good return with interest rates being higher people need more cash flow from their property in order to be able to afford
(02:09) to keep them set aside the fact that landlord and tenant laws can be very restrictive depending on the area that you’re operating in so you don’t want to have a tenant in there because they’re not going to make enough for you to be able to pay your mortgage on the property you’re going to be losing money you also don’t want to R run the risk of having to deal with an eviction that could further put you into negative cash flow and create a whole bunch of headache and a lot of people just don’t
(02:33) want to deal with all the wear and tear of having a long-term guest in there a long-term tenant who’s going to potentially put holes in the walls mistreat the property you know hang stuff on the walls whatever it might be and so naturally short-term renting the property is a really attractive option for a lot of people you can make more cash flow you tend to actually have less wear and tear on the property and I know this is a hot take a contradictory opinion to what you might hear from other people who have haven’t actually
(03:00) done short-term rental but I can say from experience that having you know seen what long-term rental tenants do to a property and having managed dozens and dozens of short-term rental properties short-term rental guests tend to take much better care of the property so a lot of landlords a lot of property owners are going to want to do short-term rental because they get more control of their property more cash flow less wear and tear they’ve got the flexibility to now use that property as a lifestyle asset the reasons are kind
(03:27) of endless as why as to why you might want to do short short term rental and now we’ve got more people than ever that want to do short-term rental because they’re being constrained on cash flow because of the rising interest rates so if you think about it the demand for short-term rental is definitely there but does that necessarily mean that the demand for co-hosting is there well maybe maybe not let’s take it a step further now obviously we just talked about all the upsides of Hosting your property as a short-term rental but what
(03:54) about the downsides there certainly are drawbacks to be aware of the first of which is that now instead of dealing with one single person staying at your property for the entire year you might have upwards to a 100 people staying at your property in a given year at the end of the day you’re renting your property out short term for anywhere from one night two nights three nights four nights at a time and so you’re going to have a lot more turnover that means there’s a lot more work to do you have
(04:19) to coordinate with cleaners you have to take care of actually communicating with the guest you have to actually fnish that property get it set up make sure it’s ready to go for Airbnb you also have to now go and price the property you you don’t just set a price one single time and then go collect your rent you have to set your pricing individually for all the different days of the year otherwise you risk losing a bunch of money are you a brand new or experienced Airbnb host co-host or investor who wants to host as
(04:46) successfully as profitably and with as much fun as possible if so then I would love to invite you to check out BNB tribe Linked In the description down below this video it’s our exclusive community for Airbnb hosts investors and co-hosts from all over the world where I share some of my best trainings that go into detail on every single aspect of Airbnb hosting from A to Z we’ve got Advanced Training playbooks that will help you to use more advanced strategies to take things to the next level and make more money and have more fun
(05:19) hosting co-hosting or investing on Airbnb you’re also going to get access to an incredible community and over $2500 worth of deals perks discounts bonuses that I’ve negotiated with other vendors in the short-term rental industry so if you want access to all of that and a whole bunch more check out the link in the description down below for B&B tribe and I would love to see you on the inside and you might not really want to learn about all this stuff after all a lot of people that own property they don’t necessarily want to
(05:48) get into it as a full-time thing they do it as passive income or they do it as a vacation property a lifestyle asset and so maybe they just don’t want to learn all the ins and outs of how to optimize the performance on Airbnb how to charge the right out all this stuff and so they’ve got a couple decisions to make either they can manage it themselves and take on all that extra extra work which then really doesn’t really make it that worthwhile to do this strategy because you get all this extra money but you
(06:15) cost yourself a whole bunch of extra time and maybe they don’t want to learn all the strategies to actually optimize things and streamline processes and maybe they’re even leaving money on the table so naturally that’s when people will turn to a co-host with a co-host you kind of get the Best of Both Worlds you can be really hands-off by having that co- that property manager take care of all those headaches and frustrations you can be relatively ignorant to what it takes to succeed on Airbnb because
(06:41) you’re placing the ownership of that onto your co-host now granted you might still want to know a few things to make sure your coost is actually doing a good job but you don’t need to know the nitty-gritty details and all the ins and outs of everything so you now don’t have this learning curve you don’t have to figure it all out you don’t have to do all the work managing everything dayto day and you get the benefit of because this person is actually professional they know what they’re doing now your
(07:07) property should actually perform better than with you managing it yourself because they can take advantage of all these different optimization techniques and pricing strategies that you weren’t aware of so that’s when co-hosting becomes a really great option now typically co-hosting will tend to Boom as a industry once you have a lot of new people coming into short-term rentals new people coming into short rentals lack experience and when they lack experience and expertise that’s when they look for professional help so when
(07:38) we have a bunch of people that are newly coming into short-term rentals now because interest rates have gone up lots of people are interested in it they want to make the extra cash flow that’s when co-hosting tends to boom and so naturally what we’re seeing in the market right now is a lot of demand for co-hosting most of the 700 or so co-hosts that I work with are experiencing a lot more demand for their services than normally so is now a great time to get started co-hosting I would say yes it really is I’ve been doing
(08:07) this for about a decade now and it’s as good a time as any if not a bit better time than most to actually get started with the business but in order to get started and really be successful you need to actually be able to deliver value to your clients what a novel concept I know you can’t just get started without any experience any expertise any training and expect clients to hand their properties over to you and be fully satisfied you need to be able to actually solve the problems that they have actually make sure it’s a
(08:36) nice stress-free hands-off process for them and most importantly make sure that you can actually deliver in terms of getting really good bookings getting high nightly rates getting high occupancy rate and so that’s exactly why I’ve been coaching co-hosts and people that want to start their Co co-hosting businesses for almost a decade now it’s exactly why we created programs like BMB Mastery Program and BMB tribe that are linked in the description down below for you to check out again Shameless plug
(09:01) but really that’s exactly why those programs exist that’s exactly why I got into this coaching space is to help people like you to learn the ins and outs so that you can actually start things off on the right foot avoid a whole bunch of the mistakes that I made be successful a whole lot faster than trying to figure everything out on your own so hope this video has been really valuable for you if it has been and you wanted to work more closely with me join our community if you want to learn from us check out all the stuff in the link
(09:27) in the description down below BMB tribe is a really f fantastic place to get started we also have an in-depth training program that goes into absolute Detail no stone left on turn on co-hosting and starting and growing your co-hosting business that’s called B&B Mastery Program we’ve got trains linked down in the description below that are completely free that are going to go through all the details on all that um and as always if you like this video if you did get value from it if you thought it was helpful then please take half a
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(10:15) feel free to turn on the notification Bell as well if you do want to be notified when we post new videos on Tuesdays and Thursdays with all that being said thank you so much for watching this video and I’ll see you over in the next one right