With the growth of Airbnb rentals, running a successful Airbnb property management company can be very lucrative. However, if you are looking to become an Airbnb property manager, the fact of the matter is that you will be entering an extremely competitive industry. Don’t go into it thinking it’s going to be easy. As an Airbnb property manager, you need to learn how to manage your business well to be able to compete with other top Airbnb property managers. Anyone can do it, as long they are willing to take the risk and put in the effort and time. Here is our expert guide on how to become the best Airbnb property manager in your city.
1. Understand the Vacation Rental Industry
The first step to becoming the best Airbnb property manager in your city is to obtain adequate knowledge in the field. To succeed in any business, you need to know at least the basics. You don’t need to go to college to become a successful Airbnb manager. However, make sure you understand how the vacation rental industry as well as Airbnb work. If you already have experience hosting on Airbnb yourself, you have an added advantage. You at least know the issues to anticipate in Airbnb property management and how to deal with them. However, if you lack the experience, you can still educate yourself on Airbnb property management through relevant books, blogs, online courses, and tutorials. This will help improve your credibility as an Airbnb property manager.
2. Offer Extra Services
A property manager usually has a number of roles. However, it’s up to you to decide your involvement level. Offering a variety of Airbnb property management services will give you a competitive advantage and help your Airbnb property management company grow. Though it may not be possible to provide full-service management when you are just starting off and handling all the tasks yourself, you shouldn’t limit your ability to scale by offering only marketing services. To keep up with the pace of change, vacation rental property management has had to evolve quickly. Most Airbnb hosts won’t hire an Airbnb property manager that will only market the Airbnb listings to increase bookings.
Here’s a list of typical Airbnb property management services that your clients will be interested in:
- Rental property maintenance
- Guest management
- Rental property enhancements
- Rental insurance
Mashvisor can also help to set you apart from the crowd! With Mashboard, you can find more Airbnb properties for your clients and help them grow their business.
3. Provide Excellent Customer Service
Excellent customer service is one of the most important skills a property manager should have. You ought to have a guest management strategy to ensure that services are available to Airbnb guests and that their requests and complaints are promptly attended to during their stay. Amazing customer service is a great selling point for Airbnb guests and will result in positive Airbnb reviews. In turn, your Airbnb occupancy rate and cash flow will improve.
4. Value Pricing
Your Airbnb property management fees will also influence your success as an Airbnb property manager. Bear in mind that charging the lowest fees won’t attract more clients if the quality of your services is poor. A very low fee may even indicate to potential clients that you don’t provide top tier services. You may also not get back what your services are worth. On the other hand, if your fees are unreasonably high, no client will want to hire you.
So, how do you set the right Airbnb property management fee? You want to set a price that is competitive but reasonable. The right fee will be determined by a number of factors. The first thing to take into consideration is the type of vacation property management services you offer. What unique selling points can you offer? Does the value of the services you are offering justify your charges? You should also take into consideration the fees that other Airbnb property managers in your area charge as well as seasonal demand and events.
Instead of keeping everything in-house, you can hire a few independent contractors, particularly for maintenance and cleaning services. Whenever possible, choose local contractors that specialize in short-term rental properties. This can help to free up your time so that you can focus on your core functions and growing your company. However, you should ensure that your client’s Airbnb property management agreement will sufficiently cover all costs. This will help you avoid losses or the need for re-negotiation.
6. Automate Repetitive Tasks
It is easy for a beginner Airbnb property manager to manage one property alone. However, when you start managing multiple Airbnb rental properties, it becomes hectic. This is where technology comes in handy. An Airbnb property manager can be more efficient and reduce workload by using Airbnb property management software to automate some of the repetitive tasks. Some of the day-to-day tasks that an Airbnb property manager can automate include light and temperature regulation, bookings, and controlling guest communications.
There are also automated pricing tools you can use to adjust the rental rates depending on holidays, seasons, or day of the week. Automation will help you stay organized and save you a lot of time and money, especially when you are managing multiple Airbnb rental properties. Be sure to invest in an industry-trusted Airbnb property management software to streamline your business.
The Bottom Line
Managing rental properties isn’t easy. To be the best Airbnb property manager in your city, you should know how to apply a broad skill set to the unique situations you will encounter while managing your clients’ rental properties. Using the above strategies will make property management for Airbnb smoother for you and give your guests a more pleasant rental experience.
If you are thinking of being an Airbnb property manager, be sure to use Mashvisor to take your career to the next level! To start your 14-day free trial with Mashvisor and subscribe to our services with a 20% discount after, click here.