The home-sharing economy is exploding in Miami and other major cities across the US. More and more people are seeing the benefits of opening up their home (or investment properties) to guests from around the world – with the most successful of these earning thousands every month.
It’s not just investors with multiple properties who are capitalizing on the Airbnb boom. Many successful hosts are part-time, renting out their property for the short-term when they’re traveling abroad or away for business.
Airbnb-ing your home or investment property is a great rental strategy – if you get it right.
To really be a successful host, you need to:
- Take professional photos of your property
- Create a gorgeous listing to attract bookings
- Arrange access and key exchange
- Respond to guest enquiries quickly, any hour of the day
- Continually manage your booking calendar
- Organize housekeeping and maintenance whenever it’s needed
- Arrange for linen to be cleaned and pressed for every guest
- Restock essential items before they run out
- Adjust the nightly rates of your property to meet demand
- The list goes on…
Ultimately, the workload and hassle of managing a vacation rental yourself is significant. Successful hosts can spend up to 15 hours a week organizing all of the above to ensure they can provide a 5-star experience for their guests.
As any good host knows, good reviews mean increased occupancy and a higher average daily rate – so when it comes to hosting, consistency and perfection are essential for success. And yet, busy people with not a lot of spare time are finding ways to make fantastic returns on their property by earning through short-term rentals.
So what’s the secret that makes it possible for busy people – like those traveling often with work – to earn money from Airbnbing their properties without all the usual hassles?
It’s a new breed of property managers, specializing in the short-term rental market.
A good Airbnb management company makes sure their hosts enjoy all of the benefits of short-term lettings, while taking care of the time consuming and challenging elements. In fact, if you choose the right property management company, you can benefit in the following ways:
#1. You Can Make More Money
Making money with your short-term rental is sensitive to many different factors. If you make a mistake with one, your rental income can be greatly decreased or even become non-existent to where you end up with a negative cash flow property.
With the right Airbnb management company, all of these elements are taken care of. For example, a professional team will be able to ensure you price your rental correctly, no matter the season. This will lead to increased occupancy rate. And with a rental property that is booked more often, it can be hard to keep every guest happy all on your own. But the management company will be able to take good care of your guests, encouraging them to leave glowing reviews. All of this means one thing for you- more money.
#2. It’s All Passive Income
Not only can you make more money, but it’s all passive income. As mentioned, a host can spend hours a week working to get everything right in a short-term rental. But with an Airbnb management company by your side, you get to sit back and relax or take care of your other priorities in life all the while making additional income from your rental property.
Thousands of hosts around the world trust Airbnb management companies to help them host successfully and profitably on Airbnb.
Justin is one of those many thousands of hosts. He’d never used Airbnb before, but loved the idea of hosting in the periods he was away from home with work. So Justin teamed up with Airsorted and he was paired with a dedicated account manager who got to work making his property Airbnb ready.
The account manager arranged an onboard meeting and created an impressive Airbnb listing for Justin’s property, highlighting the best features of his place. In just a week, his property was accommodating his first Airbnb guests. Airsorted’s guest support team were now responding to guests, arranging cleans, check-ins, managing inventory – and at the same time, their custom pricing algorithm ensured revenue was maximized. All of the hassle was taken care of for a 15% commission on his Airbnb earnings.
Justin had created a successful income stream and was safe in the knowledge his personal account manager would be taking excellent care of his home while he was away. His one-bedroom apartment in Miami made over $6,000 in bookings – in just one month!
Find out more about Justin’s experience partnering with Airsorted.
The lesson here is that it’s crucial to do your research and find an Airbnb management company you can trust. Finding a good management partner to take care of your rental property is the secret to a hosting experience that’s both profitable and hassle-free.
Just remember that a successful Airbnb starts with the right property. Mashvisor has excellent guides on how and where to buy Airbnb investment properties. Check this one out for example. If you have a property in Miami and want to do some research, you can learn a lot from this analysis of the Airbnb market in Miami. Or maybe you’re still unsure about how to get the right rental strategy. Learn more about why the short-term rental strategy could be right for you.
Get in touch if you want to learn more about how an Airbnb management company can help you. Airsorted have a special offer – you will receive 50% off your first month’s management fee from your first booking. This offer is exclusively for Mashvisor readers. Call +1-(305) 985-4326 and quote ‘Mashvisor’ when speaking to one of Airsorted New Homes Advisors. Airsorted have helped their hosts earn $66 million so far.
This article has been contributed by Oliver Norton from Airsorted.