Hey loves it is ‘Empire Building Wednesday” so today we are sharing some ways you can do that while you travel. I will be on Real Conversations with the beautiful Ericka Dee of the Erica Dee show talking more about why we should embrace travel when we can in few weeks so stay tuned for that. I will be sure to share that link in an update here later.
As for making money while you travel however, we first have to know there is a difference between traveling and vacationing! One allows opportunity to make money and one requires and is usually limited to spending money! However, recent changes in past few years has made it easier to do both if plan the right way.
For those who are out of the loop on the changing economincal markets around the world, the travel industry is one of them. Company’s like Airbnb are taking full advantage to the changing needs of travelers and provide an opportunity for you to get a peice of the pie.
That’s right, you can rent your place to travelers for extra income as well. I like to take full advantage of this service all the time and simultaneously enjoy the flexibility to lodge to my own comfort standards by renting someone else’s place during my travels.
This way if i’m vacationing, i’m not loosing money at very least. As an extra source of income to fund the building of my own empire, I often rent my place out from time to time on the Chicago south side when I’m not traveling too. The unit I rent for lodging is in “West” Hyde Park.
Which is actually Bronzeville before it was rezoned last year. Anyway, the neighborhood is being redeveloped. So i knew would be easier to get travelers to entertain the changing area.
Some of the pro’s i experienced, were being able to market my place as a cozy Bronzeville nook. It being a historical black neighborhood with so many new commercial developments and historical landmarks really helped as well. Another thing that helped was being so informed on all of the local and neighboring events during the times i expected guest.
I always took the time to check what other festivals and events were taking place out side of the Season for their visit. Providing things like brochures to eateries and different entertainment venue options really takes the host thing to the next level. Small things go along way.
Finally, really providing extra transportation options and things like promo codes for discounts on different options recommended assures guest of a smooth commute to any other area in the city. There were a few other things i did that kept my guest rolling in the whole summer but i have to charge you for that insight.
None the less, all the other extra precautions i had personally taken to avoid and or counter act any risks or liabilities is something i would encourage anyone on hosting on the south side to do for there guest. The South side is enriched with great culture, values, authenticity, passion, and love but nothing that good comes that easy.
“The South side is enriched with great culture, values, authenticity, passion, and love but nothing that good comes that easy.”-JFal
Some of the cons i experienced during my hosting times was the opposition my guest faced regarding their lodging plans for their stay with others from outside of the area. Take the police in Wrigley Field for instance. My guest was a young Asian couple that rented my Bronzeville apartment for the weekend.
On their way back to south side, they got lost after joining friends for drinks after the game. They ended up flagging down the police for directions. When they told the police the neighborhood they were trying to get to, the police told them they shouldn’t be in that neighborhood.
So feasible solutions, should you encounter an issue as such. When setting up your hosting profile via the platform, make sure the location of your address is accurately pin pointed on the map. That was there is absolutely no room for confusion on ending up in the wrong neighborhood.
Secondly, If your neighborhood is even slightly dangerous, be transparent about that, just be sure to provide options to navigate accordingly. You would be surprised to learn what travelers are willing to adjust for the sake of an authentic experience. Finally, again provide options for smooth commute for your guest stay.
Now you may need ask few more questions regarding their plans for their stay. Of course you will let it be known that it’s only for the sake of accommodating. But that way you can have Uber or direct CTA schedules and or websites available and etc.
Anyway as i started this post saying, Airbnb shot through the roof exceeding profits in the hotel industry. I did a story with the Red Eye a few years back on the peak season for Chicago. Read that interview Here. Which happens to be the summer. So now is the perfect time to prep your place for booking if you’re looking to make some of the extra cash.
Few insiders for you, wait until the major festivals are taking place before posting availability to your space to make the most money. Because Air bnb is still extremely new to the Chicago market and we don’t have a lot of host yet, you can raise your rates high enough to compete with major hotels and really make worth your while.
Also Airbnb recently changed their policy. All units for booking on their platform has to be registered with the city of Chicago. The deadline was few days ago, so if you are registered, you stand make some nice bread of summer.
Those not registered will have to catch opporunity again next year. Now each state and city varies and will impose different requirements to list your place for booking so be sure check your state and city requirements if out side if city of Chicago.
Below are some pictures of some things i did to prep for guest. I also provide prep services at very reasonable rates. Hire me to help you prep once and you”ll be making money all summer. If interested in those rates, inbox me asap.
As always, i hope you all enjoyed today’s read. You all know we like to keep you updated on all of the flexible ways we feel our feel entrepreneurs can bring in multiple streams of income. Make sure you all share tag with your friends and family. Of course tag that blue follow button for more updates and more tips to come. Love you all to life. Peace and blessings to you all…. XOXO and of course happy empire building!!!