052 AirBnb and The New Shared Economy

The sharing economy, also known as collaborative consumption is a concept that highlights the ability and perhaps the preference of individuals to rent or borrow goods rather than buy and own them. Success in the sharing economy means building a business model based on trust, authenticity and transparency with your customers. With companies like AirBnB and Uber, “collaborative consumption” is now a thing. These businesses are now on similar footings with hotel chains and car rental services.

“Everyone likes the word ‘sharing,’ so why not slap it on our business model? “I think ultimately what Airbnb allows people to do is … to unlock our most valuable asset, our home, and earn money from it,”

In case you’ve never used it, the platform allows for individuals to make money by renting out an unused room or property. It offers 4 million listings across 191 countries, according to the company, with the number of Airbnb users continuing to grow. In 2016, 30.4 million adults used the service in the United States, according to Statista. The number is expected to reach 60.8 million by 2021. Seventy-six percent of all Airbnb listings are outside traditional hotel sectors. Over the last decade or so AirBnb has grew in its popularity so much so that we have decided to rent a couple of our apartment units through AirBnb. So far we have seen some good results over the last year. We also have met a couple from Minnesota and they have been utilizing AirBnb for their apartment buildings and making 2 to 5 times more than what they could have made otherwise.

I have also signed up for the course on AirBnb where I am learning the concept of AirBnb to earn passive income without owning a real estate property.

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