The Airbnb rental industry is a lucrative source of income for rental property owners and real estate investors. Being an Airbnb property manager is, therefore, a career worth pursuing.
Recent Airbnb data from statista.com shows that vacation rentals generated revenue of $83 million in 2019, with the figure projected to rise to $97 million in 2023. With the growth in demand for Airbnb rental property, becoming an Airbnb property manager can be a very lucrative career. So lucrative, in fact, that you’re going to have to find a way to stand out in the market.
We’ve got you covered! Here are some little-known tips for successful short-term rental management:
1. Get familiar with the Airbnb rental industry
You cannot succeed as a property manager for Airbnb without understanding the basics of the field. Even if you don’t have any Airbnb property management certification, you can still learn how the vacation rental industry works. One of the best ways of learning is by being an Airbnb host yourself. This way, you will be better prepared to anticipate problems of vacation rental management and deal with them.
If you don’t have the experience of being a host, you can still educate yourself about the business through online courses and tutorials. There are numerous paid and free programs out there that can give you a solid foundation in successful property management. Being well versed with Airbnb and how it works will boost your credibility as a property manager and attract positive Airbnb reviews.
2. Follow Airbnb real estate investors
Every year, multiple sources release lists that tell real estate investors where to buy Airbnb properties to get the greatest return on investment. Investors then follow these guides by buying Airbnb rentals and a lot of the time, they are out of state. This means they will be looking for an Airbnb property manager! So make sure they find you.
It is smart to figure out where Airbnb investors are heading in 2020 and set up shop there. This is of course if you haven’t already established yourself in your market or if you are able to open up a new division of your company in these hot Airbnb locations.
For 2020, Mashvisor states that some of the best cities for Airbnb investment are:
- Tuscaloosa, AL
- Trenton, NJ
- South Bend, IN
- Paducah, KY
- Abilene, TX
- Newburgh, NY
- Hampton, VA
- Columbus, GA
- Dayton, OH
- Albany, GA
- Seguin, TX
- Jasper, AL
- Cumberland, MD
- Youngstown, OH
- Jonesboro, AR
- Wilmington, DE
- Evansville, IN
- Harrisonburg, VA
- Fort Wayne, IN
- Hattiesburg, MS
Learn more about these best cities for Airbnb investment by reading: 20 Most Profitable Airbnb Locations in 2020: Cash on Cash Return.
Airbnb named three US cities as top travel destinations for 2020 which Mashvisor agrees also make for great places for investments- and therefore, some of the best cities for Airbnb property managers:
- Milwaukee, WI
- Eugene, OR
- Cape Canaveral, FL
Learn more about these cities by reading: What Will 2020 Look Like for Airbnb Real Estate Investing?
If you really want to stay ahead of the game, sign up to Mashvisor now to get Airbnb market data.
3. Create a great rental listing
In order to stand out from the competition, it is very important to have a top-notch property listing. To boost your search engine ranking, make sure your Airbnb title and description are optimized using relevant keywords. The listing should not just describe the rental property, but also the attractions in the neighborhood. This will help grab the attention of potential Airbnb guests and boost your Airbnb occupancy rates.
Don’t forget to include quality photos in your listing. The photos should capture every aspect of your vacation rental property, as well as any amenities in the surrounding area. It would be advisable to hire a professional photographer to get the best quality photographs.
4. Use cross-channel marketing
While having a great listing is important, it is not enough. Airbnb property managers need to market their Airbnb property aggressively in order to survive in the competitive world of vacation rentals. The best way to reach more people is to have a cross-channel Airbnb marketing strategy. Besides listing your property on Airbnb, be sure to list it on other vacation rental sites as well. This will significantly boost exposure and attract more inquiries.
Airbnb property managers should also leverage the power of email marketing. By staying in touch with past visitors and providing discounts, Airbnb property managers can enjoy high occupancy rates even in low seasons.
It’s also important to remember that you aren’t just marketing to vacation rental guests, but also to property management clients. For this, you should have a strong social media presence on sites such as YouTube, Instagram, Facebook, and Twitter. Create engaging content on a regular basis in order to generate interest in your property management leads.
5. Automate repetitive tasks
Becoming a property manager for an Airbnb means handling a wide range of duties including:
- Attracting tenants
- Facilitating check-in/check-out
- Handling short-term rental agreements
- Collecting rent
- Dealing with complaints and emergencies
- Repairs and maintenance
- Managing financial records
- Supervising other employees
Some of these are time-consuming tasks that need to be carried out on a daily basis by Airbnb property managers. To minimize your workload and save time, you should use property management tools to automate repetitive tasks.
Some of the tasks that can be easily automated is getting Airbnb reviews for your listings and sending follow-up messages to your visitors. Airbnb property managers can also automate their check-in and check-out processes using smart locks or using key exchange tools such as Everydoor or KeyCafe. These key management tools make the process of visitors’ arrivals and departures stress-free.
Using accounting Airbnb property management software such as QuickBooks will help you manage money more effectively. This will save you tax troubles, cash flow problems, and other financial related stresses. An Airbnb profit calculator can also come in handy for projecting your future revenues to ensure you maximize the return on investment for every property.
6. Use Mashboard for finding Airbnb investment properties
Mashboard is a great tool that Airbnb property managers can use to find suitable vacation rentals for clients. This tool comes with a wide range of listings from off-market properties, Auction.com, MLS, and other partners. The Property Recommender feature uses an advanced algorithm to help you find the best property for your customers with an accuracy of 90%. Airbnb property managers can easily share branded real estate analysis reports with their clients via SMS or email. With this, you can easily get more properties under your management in no time.
Mashboard also comes with names of current property owners, valid phone numbers, and accurate emails which can help you market your services to untapped leads in your market.
7. Add a minimum-stay requirement
This is one of the most important tips for Airbnb property managers. Research has shown that property managers that include a minimum-stay requirement in their listings can significantly boost their revenue. In addition, having such a requirement saves you effort and time in preparing the rental property after short one-day stays. Generally, it would be advisable to have a three-night minimum stay. This way, you will minimize your vacant days.
8. Outsource some tasks
Being a property manager doesn’t mean that you have to do everything yourself. Outsourcing will ensure that things get done even when you are not present to supervise. For instance, there are companies that can handle the cleaning, laundry, and even restocking of supplies in your rental properties. Airbnb property managers should choose service providers that have a reputation for their flexibility, reliability, and a general understanding of the Airbnb business. When such tasks are professionally done, you have a higher chance of getting a 5-star rating from property management clients. In addition, outsourcing frees your time so you can focus on other more important duties, like lead generation and marketing to property owners to grow your business.
9. Understand the Airbnb laws
The laws governing Airbnb rentals vary from one state to another. For instance, some states have a law that requires every Airbnb property management company to pay an occupancy tax. Others even have laws that don’t allow renting a home for less than 30 days. To be safe, Airbnb property managers must understand the specific Airbnb regulations in their jurisdiction.
If you follow these little-known tips, you are sure to find success as an Airbnb property manager in no time!