There are three basic ways to enter the Short Term Rental world: ownership, arbitrage, and co-hosting or management. Many new investors choose to start by co-hosting. In this model, a property owner with an existing listing will add you to their account as a co-host so that you can fully or partially manage their unit.

The Pros

Co-hosting is the cheapest way to enter the STR space and a great way to learn the ins and outs of the business. If you are interested in arbitrage, I highly recommend co-hosting another property so that you have a property or two on your profile to use in a pitch to future property owners.

The Cons

Co-hosting can be the most time consuming method of STR as you are not only managing guests and the property, but a property owner! In many cases, co-hosting also yields the lowest return on time. Co-hosts are typically paid at a percentage rate which can be highly rewarding for large and high earning properties, or somewhat meager for lower earning properties, which also tend to be the highest maintenance. Co-hosting has its benefits, but is ultimately a job you are undertaking to assist another owner, rather than your own investment.

That being said, I see the value of co-hosting and management if you are determined to learn, grow, and use the opportunity to develop cash flow to fund future goals. 

Here are my tips for getting started as an Airbnb Co-Host:

Pursue Knowledge

When you approach other hosts, it’s important to understand as much as you can about the STR industry so that you have a solid pitch.

A couple of resources that I recommend that will teach you SO MUCH about the process.

• The podcast Thanks For Visiting gives a great overview of becoming a host and will accelerate your knowledge of the process as you get started.

• If you like to read, check out Short Term Rental, Long Term Wealth by Avery Carl which talks about the overall economics of the STR model.

• Join a coaching group for high accountability to meet your goals. 

• Schedule a 1:1 Call with me to develop a personalized plan for you.

Network, Network, Network

As you build your knowledge, I recommend browsing Facebook for local Airbnb Forums or Real Estate investment groups. Begin marketing your interest in the industry and your management services there. Many hosts are looking for help communicating with guests through the Airbnb app, being on call, housekeeping services, and decorating. 

List a Space

You may not have an investment property, but start with what you DO have. List your own space on Airbnb to familiarize yourself with the staging, photography, and listing process. Can you list your parents’ home during their next cruise? Do you have a friend with an Airbnb that would let you act as a volunteer co-host for a month? Any of these experiences will help you develop expertise and give you a listing to show to potential partners. Even if the listing’s calendar is only open a week or two each year, the listing will still be alive and well on your profile. 

Take Action

Although I recommend developing as much knowledge as you can, there’s no replacement for DOING! Yes be informed, but don’t let the pursuit of knowledge stop you from jumping in.  Take action today!