EPISODE 11: Listen to This If You Want to Become An Airbnb Host FO FREEEEE!

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Cohosting

What is a cohosting? Cohosting can be whatever you want it to be. Commonly it is used as a way to respond to guests and be on-call 24/7 so the host does not need to be. Another way, is to be a full on manager by overseeing listings, adjusting pricing, responding to guests, etc. Airbnb does not regulate relationships between owners and cohosts and it is up to the that host and that cohost to establish their own contract, duties and percent the cohost should make.

Unlike ownership, cohosting is so beneficial since you can get started for $0. All you’re doing is coming into a listing to make commission, whereas the owner has to upfront all the costs to start up their Airbnb. For example, when I assist with the start up of a listing, I charge an hourly rate. Once the property is all set, I take commission from the bookings.

I will forewarn that it is very hard for an owner to enlist a cohost if you don’t have experience with hosting an STR, but it’s not impossible! Here are some tips to get your cohosting journey started.

Pitching yourself

• Join facebook groups of the markets you want to cohost in and start providing value in those groups. You can mention your intent of cohosting, but I wouldn’t just use it to market yourself. Provide value by creating a newsletter of events happening in the month and suggest to raise prices, post on their listing, use for their social media marketing to draw tourists in, etc. Right off the bat, you’re giving value to these owners. You can use this piece of information to then market yourself, “If you like this newsletter and you’re struggling to get bookings and maximize your bookings, reach out to me. I am able to get you more guests in your place and market your listing better.”

Provide a service

• Advertise to stage a property, or fill their supply closet. If you’re artsy, offer to paint a mural or do photography for their property. If they’re happy with your work, they are more likely to listen to a cohosting pitch. Get in there when owners are just getting started, and they will remember you when they’re getting overwhelmed and need that extra help. If an owner is willing to outsource and invest in their property and hiring experts to help, they are serious about the success of their Airbnb and puts you in partnership with a host thats more likely to hire on a cohost.

What to say when you pitch

• Think about your strengths and what you value. If you value time freedom and flexibility, offering to be on call to answer messages 24/7 may not be for you. If you’re looking to make the most money as you possibly can as a cohost, then I would propose to offer full management. Make a list of what you want to do and what you don’t want to do and go from there to create a pitch. I can definitely help you refine the pitch and provide insight as an owner of what I’d be willing to pay and offer. Schedule a 1:1 consultation and we can make sure it’s the best pitch for you!

What each the owner and cohost should be looking for in each other

• Owner- Look for a cohost responsible, reliable, and punctual. You want someone who is knowledgeable about the market and really understands the ideal guest for that property and what they can do to market to your ideal guests.
  

• Cohost- Think about what you know and what markets you are familiar working in. For example, if you don’t know anything about country music, I would not pitch anything in the Nashville market. A lot of guests will ask about music festivals, who’s touring right now, where to go for a certain type of country music — if you can’t answer any of those questions, you are not going to be the best cohost for that type of area.

What to actually do to become a cohost

• Get a contract - Responsibilities, terms and terminating host/cohost relationships will all be defined and secured in a contract.

• How to charge - Research what other management companies are charging within your area.

• Set expectations - Both parties need to be happy with the arrangement and accept responsibilities on both sides.

Airbnb Quick Tip:

In your cohosting contract, come up with a ceiling threshold that you are allowed to spend without talking to your owner. Minutes count in the Airbnb world. If a cleaner comes to me, in between a booking, that there’s a leak in the bathroom and we need a plumber in there ASAP, I don’t have time to wait on the owner for approval. In my contracts, I have a $300 threshold that I can spend without waiting for approval of the owner.

Question of the Week:

How do you bill the owners as a cohost? In the Airbnb app, I set up a split payout structure. The owner should have their own Airbnb account and should have their own listing there. The cohost should also have their own separate Airbnb account. Once the listing is set, you will send yourself an invite to join that listing as a cohost. Make sure you set yourself up as an admin so that guests will be able to see that they’re communicating with you. Then, have the owner go to their account and enter their payout information. You will also add your payout information in their account. This is super easy and you can split the payout up to 2 accounts.

For reimbursements, I handle all payments that need to be made during the week. If a cleaner did 3 cleanings that day, I Venmo or Zelle the cleaner for those 3 and keep track on a spreadsheet. At the end of the week, I send a Google sheet to the owner for reimbursement.

Am I the Airbnb-hole?

This week we react to a guest using an extreme excuse to get out of a booking.