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Money Saving Tips for the Airbnb Host

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Airbnb is getting more expensive for hosts all the time. The service is tightening its restrictions on hosts and requiring them to become more professional, The New York Times reported.

The latest effort is an attempt to force Airbnb hosts to be more like hotel operators, The Times revealed. The latest rules include requirements for fresh linens and toiletries and higher standards of cleanliness in rooms.

Naturally all this will cost money and unfortunately there’s no indication that Airbnb has changed its slow-pay ways. Hosts’ expenses are increasing but Airbnb is no faster to pay you.

This means cost containment and clever finance are more important for Airbnb hosts than ever before. Fortunately there are lots of ways that Airbnb hosts can save money.

The Best Money Saving Tips for Airbnb Hosts

Here are some really great money-saving tips for Airbnb hosts:

  1. Buy cleaning supplies, toiletries and linens in bulk from club stores like Costco; or Sam’s Club, or order them online. Walmart.com and Amazon Business offer bulk buying opportunities and lower prices. Something to remember is that a Costco, Sam’s Club or Amazon Prime membership can be written off on your taxes.

 

  1. Thrift stores, estate auctions and garage sales can be great sources of low-cost small appliances, television sets, DVD players, books, videos and furniture. Make sure you clean everything thoroughly and that appliances and electronics work.

  1. Try to find a credit card with the lowest interest rates you can get. Online Resources like NerdWallet and KreditKarma can help you find the best credit card deals. Shop around and be willing to transfer balances because deals very widely.

 

  1. Check with your local government about taxes on a regular basis. Many local governments are now taxing Airbnb and some of them are not telling you. Others are adding license requirements. If you wait until the code inspector knocks on your door; it might lead to a hefty fine and worse legal bills.

 

  1. Shop around for things like cable, phone, wireless, insurance and internet services on a regular basis. Prices can vary widely in many cities.

  1. Take advantage of free Wi-Fi; if it is available in your area, but make sure that it works before offering the service to guests.

 

  1. Try to do as much of the work yourself if possible. Professional services add up quickly.

 

  1. If you need financing use a factor such as Payfully instead of a loan or credit cards. Since factors advance money against invoices there is no loan to pay back and no interest rates. More importantly a good factor such as Payfully can get you paid fast with little paperwork or hassle sometimes in just a couple of days.

The key to success on Airbnb these days is cost containment. If you are not practicing it you will not make money.