Airbnb has exploded in popularity over the past few years. As more hosts take over the short-term rental space, you MUST set yourself apart from the rest to get bookings. Long gone are the days of renting out grandma’s house for a quick buck. Your Airbnb needs to run as smoothly as a resort, with the same homey feel of a short-term rental. With the right Airbnb property management, you can impress your guests while bringing home a SERIOUS profit.
The Benefits of Airbnb Property Management
You’re in the short-term rental game to make money. Airbnb property management allows you to optimize your short-term rentals so you’re booked, busy, and growing your business.
Better Guest Experiences
You want your guests to enjoy their stay, and Airbnb property management will help you achieve that. With professional cleaning services and a hassle-free reservation process, you’ll attract high-quality guests who will likely book with you again.
5-Star Reviews
Reviews are the name of the game when it comes to Airbnb investing. When everything runs smoothly, your guests will give you higher reviews and share your listing with their friends. More reviews mean more stays and more stays mean more revenue.
More Revenue
Speaking of more revenue, with a solid property management plan, your Airbnb investment will bring in more cash! You’ll spend less time dealing with guest issues and more time making money from your rentals. Your property will also be more likely to attract high-quality guests looking for a great experience on Airbnb.
High Occupancy
A high occupancy rate can mean the difference between making a profit and losing money on your Airbnb investment. The more guests you have staying in your property, the more revenue you’ll generate from your Airbnb listing.
Key Components of Effective Airbnb Property Management
With the right property management, your short-term rental will be makin’ it rain. Here’s what you need to do to ENSURE your listing is better than the rest.
Professional Photos and Optimized Listings
The first thing guests will see when they check out your listing is the photos of your property. Professional, high-quality photos are essential to making an excellent first impression. These days, most people expect Airbnb listings to have professional photos and videos before they’ll even consider booking. In addition to looking nice, professional pictures can be more effective at communicating what kind of experience guests will have in your property.
Dynamic Pricing
Dynamic pricing is one of the most effective ways to increase your Airbnb occupancy and revenue. Dynamic pricing allows you to adjust your nightly rate based on supply and demand. For example, if it’s a weekend night during peak season, you can increase your price to attract more guests. During slow seasons, you can drop your prices slightly to fill up your calendar!
Seamless Communication
Communicating with your guests about their stay is essential for creating a positive experience. You should be contacting them when they’re booking and checking in, but after that, it’s essential to be responsive if there are any issues with the property or amenities. DO NOT leave guests wondering what happened if something goes wrong!
Thorough Cleaning and Upkeep
Your guests are paying you to help them enjoy their stay, and one way to do that is by providing a clean home. Thorough cleaning will make your property more appealing and improve your reviews. It’s also vital to maintain the amenities on site, such as pools, hot tubs, and more. This can be done through regular maintenance visits or by hiring a short-term-rental-specific property manager.
Rock-Solid Check-ins and Check-outs
Check-ins and check-outs need to be done right the first time. There should be no confusion about where guests are expected to park, when they need to be out of the home, or any other important details. The entryway to the property should be accessible and easy to identify, and check-out should be a breeze as your guests are likely headed on a long trip back home.
Common Airbnb Property Management Fees
If you don’t have the time to manage your own Airbnb, hiring an Airbnb property manager may be WELL worth the cost. Here are some of the common fees you can expect them to charge.
Monthly Management Fee
This is THE standard fee you’ll find in short-term rental property management. It covers all the day-to-day tasks of running your rental property, including paying bills, cleaning and maintaining the home, marketing your listing, and managing guest relations. Airbnb property managers charge anywhere from 15% to 35% of your monthly revenue as their fee.
Initial Set-Up Fee
The first time you work with an Airbnb property manager, they will likely charge a fee for setting up your account. This can include creating and managing your listing, uploading photos, writing descriptions and guest rules, adding amenities like parking or air conditioning into the listing, etc.
Maintenance Fees
Airbnb property managers will often charge a maintenance fee for any additional services or tasks that need to be done on your rental property. For example, if you request that they add an air conditioner to the listing or fix a broken dishwasher, they may charge you a maintenance fee not only for the service cost but the time it’s taking them to manage the repair or renovation.
Cleaning Service Fees
Airbnb property managers often charge a cleaning service fee for the cost of cleaning your rental property. This is an important consideration if you plan to use Airbnb in a vacation-rental capacity, as you’ll need someone to clean up after every guest leaves. For a 2,000 sq ft property, this cost is usually anywhere from $200 to $500. So charge your cleaning fees accordingly!
Tips to Successfully Manage Airbnb Properties
Are professional property management fees too high for your liking? Plenty of Airbnb owners manage their own properties. If you choose to do so, you’ll need to cover a few key bases first.
- Know Local Laws and Regulations: Know your city’s laws and regulations, including the Airbnb/short-term rental rules. This is a MUST if you plan to manage your property yourself, as you don’t want to be surprised by any last-minute changes or sudden tax bills.
- Establish Clear House Rules: Before you launch your Airbnb property, make sure you establish clear house rules. These rules should include information on cleaning expectations, check-in and check-out times, pet policies, smoking policies, etc.
- Build Your Cleaner/Maintenance Network: Having a network of cleaners and maintenance workers is essential to running an Airbnb property. This will allow you to keep your home clean and well-maintained no matter where you are or what you’re doing.
- Exceed Guests’ Expectations: It’s important to go above and beyond the expectations of your guests. Think of the Airbnbs you’ve stayed at that led to you having a great trip. Pro tip: Spend a few nights in your own Airbnb before you list it so you know EXACTLY what guests will need while staying at your place.
Tools and Resources for Managing Your Airbnb
Whether you’re an Airbnb owner or a property manager, these tools are ESSENTIAL to running a modern Airbnb business.
Airbnb Host Dashboard and Analytics
The Airbnb host dashboard is where you can see your revenue, review your calendar, and manage your reservations. To access it, go to My Account > Host Dashboard. From here, you can view all of the information about your property as well as manage reservations for each guest. This dashboard should be checked frequently as it showcases the health of your Airbnb investment.
Third-Party Property Management Software and Services
Just using Airbnb isn’t enough in 2023. Third-party property management services often offer FAR more useful tools like messaging automation, more accurate dynamic pricing, and insights on your local Airbnb area.
- Guesty: Guesty syncs multiple short-term rental platforms into one, with a unified inbox, a cross-platform calendar, accounting tools, and effortless task automation. Their affordable pricing ranges from $49 for one unit, $74 for two, $99 for three, and custom pricing beyond that.
- Hostaway: Hostaway streamlines your short-term rental business by automating communication, marketing, and reporting. They’re integrated with 100+ vacation rental sites, meaning your listing will be seen more than ever! Pricing is around $50/month, but their “tailored” pricing plan means your fees will be individualized.
- Lodgify: Lodgify has many of the same features as other Airbnb property management software, but they stand apart by helping hosts build their own direct-booking website for repeat guests and FAR lower fees. Plans start at just $13/month for single-unit hosts.
- Hostfully: Hostfully automates your short-term rental and has a 24/7 support team to back you up in case of any guest hiccups. They’ll also help you create digital guidebooks so your guests never wonder, “What should we do around here?” Pricing starts at $199/month for five properties.
Hiring a Professional Property Manager
If you’re really feeling overwhelmed with the thought of managing your own Airbnb property, or if you simply don’t have time to manage all the aspects of running a successful Airbnb business, hiring a professional property manager might be a good option. Property managers will take care of everything from cleaning and maintenance to guest relations and marketing—leaving you free to focus on what’s most important: enjoying your passive income or building your Airbnb portfolio!
Airbnb Property Management Will Elevate Your Income
From better guest stays to five-star reviews, high occupancy, and steady cash flow, Airbnb property management is THE thing that will allow your short-term rental property to succeed. But you’ll need to be diligent. Your home needs professional photography, cleaning, and customer support so those that stay at your place feel like they’re fully taken care of. If you feel up to the task of managing your Airbnb yourself, go for it! But, when in doubt, hire it out!
