Becoming a landlord may turn out as a lucrative activity, especially when it comes to owning an Airbnb rental property. However, it is harder to build financial wealth when relying on one short term rental property.
Consequently, when becoming a landlord, the investor desires to invest in as many short term rentals as possible. Of course, to succeed in the real estate investing business, your short term rental property should be the best among the others.
What is meant by the best? Having high Airbnb occupancy rate, positive Airbnb reviews, and high Airbnb rental income is a must if you want your Airbnb rental income property to be a positive cash flow investment. Yet, this might turn out to be a very hard task to accomplish, especially during the peak season.
In order to make your business “shine”, you need some professional help. Yes, we are talking about Airbnb property management. Hiring an Airbnb property manager is a clever step, as it gives a competitive advantage in the race for Airbnb bookings.
Hiring an Airbnb property manager means hiring a fully geared person with the must-have real estate investment tools and knowledge in his/her pocket. Curious to find out what Airbnb property management tools we are talking about? All you need to do is to keep on reading!
#1 Signs That You Need an Airbnb Property Manager
The real estate investor should manage his/her short term rentals with “passion.” This simply means that the landlord should do everything to keep his/her Airbnb bookings and ratings high. Therefore, if you notice any of the signs below, it might mean that you need to hire an Airbnb property management company or use Airbnb property management tools.
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Sign One: You Are Getting Too Many Bad Tenants
It is hard to say for sure what type of tenants you will be hosting. For instance, bad tenants may bring extra costs to your financial statements at the end of the month. This is due to the fact that these people tend to not keep the place clean and tidy and might even break furniture or utilities. If, however, the majority of the tenants hosted are like this, that means that a landlord is not doing his/her job properly when assessing potential guests.
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Sign Two: You Are Getting Low Ratings
It may sound obvious, but important to mention: if your tenants are leaving low ratings, something is not right. Thus, your task as a landlord is to manage the expectations of your tenants as well as make sure that their stay goes smoothly. Otherwise, it will reflect on the number of stars your Airbnb rental income property has.
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Sign Three: You Do Not Keep Up with the Management
When owning an Airbnb, be prepared for the hassle and challenges as property management will be your full-time job, especially if you own more than one short term rental property. If you do not keep up with the maintenance of your income property, be sure that the Airbnb occupancy rate will drop. You might also face negative Airbnb reviews.
#2 Airbnb Property Management Tool: Airbnb Profit Calculator
One of the main Airbnb property management tools you can use is the Airbnb profit calculator. The Airbnb profit calculator stands out from other real estate investment tools as the one that is designed specifically for Airbnb rentals.
For example, this Airbnb property management tool will help the investor in selecting the best short term rentals according to various real estate metrics, such as Airbnb rental income, Airbnb occupancy rate, cap rate, etc.
Moreover, questions like “How much should I charge for rent?” will not bother an Airbnb property manager anymore. Interested to learn more about the Airbnb profit calculator? Make sure to read “How to Use an Airbnb Profit Calculator to Make the Most Money as a Host.”
#3 Airbnb Property Management Tool: Heatmap Analysis
There are certain must-have real estate investment tools which make the process of searching for positive cash flow investment properties easier. For example, heatmap analysis is a great tool for this purpose. Thanks to this tool, every investor is able to select a short term rental property in a quick visual manner, instead of comparing numbers for hours.
This real estate investing tool categorizes neighborhoods according to performance, Airbnb occupancy rate, cap rate as well as listing prices. Moreover, Mashvisor’s heatmap uses a color scheme to help you quickly asses the market of interest. Ready to learn more about Heatmap analysis? Make sure to read “How to Find Investment Properties with Heatmap Analysis.”
#4 Airbnb Property Management Tool: Predictive Analytics
Another great example of must-have real estate investment tools are the predictive analytics tools. Using such Airbnb property management tools eliminates the need for using spreadsheets. Therefore, it saves the Airbnb property manager’s time.
Moreover, the information is being predicted based on historical real estate investing statistics. As the information is presented in a positive manner, it allows Airbnb property managers to make smarter real estate investing decisions. What exactly is the power of predictive analysis? Make sure you read “The Power of Predictive Analytics in Real Estate Investing” to find out.
#5 Airbnb Property Management Tool: Property Management Platforms
It is quite clear that Airbnb property management is an exhausting activity. However, with the right real estate investment tools, the job of an Airbnb property manager may become way more efficient.
There are many property management platforms that can ease the process of managing Airbnb rentals. For example, Hostaway is a platform with which the landlord will be able to get more Airbnb bookings as well as increase the revenue. Moreover, this platform makes the communication between the guest and the host easier.
#6 Airbnb Property Management Tools: Support Apps
Of course, it is important to talk about big real estate investment tools that help in gaining positive Airbnb reviews, increasing the Airbnb occupancy rate and so on and so forth. There are also many support apps that help the Airbnb business prosper.
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Unlocking Doors
Managing many rental properties and being available to give the key to every new tenant is hard. This will not even be possible when managing out of state Airbnb rentals. That is why there is a great app allowing you to open the door for your tenants without your presence.
Moreover, you are able to authorize certain people to open and close the door just using their smartphone. Lockitron is one of those who made it possible.
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Dropbox & Google Drive
Being able to store and access information anywhere and whenever the manager wants is a must nowadays. Using Dropbox and Google Drive gives you the opportunity to store your contracts, payment details, pictures of short term rental properties, etc.
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Microsoft Office Package
Well, we all know the power of Microsoft office tools. Microsoft Excel as well as Word may help anyone owning an Airbnb to calculate the finances, write down notes and strategies. Moreover, when becoming a landlord, using such tools is an advantage.
Conclusion
Everyone plans on becoming rich when owning an Airbnb. However, sometimes things get tough and you need professional help. Mashvisor has some great Airbnb property management tools to offer when your goal is to own a positive cash flow investment property. So, in order to start your 7-day free trial with Mashvisor and subscribe to our services with a 15% discount after, click here.