Did you know Airbnb hosts, in Florida, in 2019 generated $1.2 billion? The popular short-term rental platform has some big critics, but the numbers don’t lie. Airbnb is here to stay, at least for the foreseeable future.
However, as an Airbnb property owner, you’re still weighed down by overwhelming tasks. Should you hire Airbnb property managers to take over at least some of the chores?
Read on for more as we break down why homeowners across America should consider Airbnb property management service.
1. Geographic Expanage
Without a property management team, you limit yourself to only owning and renting a property in your area. However, if you do that, you will miss out on a great investment opportunity and financial gain.
In your own town, you know the main attractions and what draws people there, but if you want to expand to a better market, you’ll need help. If you’re out of state, you won’t be able to attend to the needs of guests resulting in fewer tenants. Even in your hometown, if you aren’t familiar with local real estate or advertising, you could have a hard time making money.
2. Check-In/Check Out
The check-in/check-out process is important. Checking in can be pretty stressful. After a long day of travel, the last thing your guest wants is to be confused about where to go or how to get in.
A management company will have already communicated with the tenants and explained the process. They may even be able to meet the guest at the location to help them get settled in. Checking out is the same way.
It is also important that your vacationers know the arrival time and the check-out time. These are important as you might have other guests leaving or coming in.
Your guest should never see each other, and the management team can ensure everyone is out on time and the place is ready for the next guest. Airbnb management services will have constant communication with all guests, even if they book months in advance.
3. Cleaning Services
Short-term rentals require a lot of attention. Having new guests checking in every few days can be exhausting.
During peak tourist season, people will be checking out in the morning, and new guests will arrive in the afternoon. The place will need to be scrubbed clean, and the sheets and towels washed.
During peak tourist season is probably when you want to go on vacation, too, but you can’t do that unless you have someone in charge of cleaning your property between guests. A property manager will take care of all cleaning and tidying for you. You don’t have to worry about being in town all the time.
4. Track Laws and Policies
An Airbnb property management service will follow all the local and federal laws. There are a lot of them when it comes to short-term rentals. They are in place to protect you, as a property owner, and your tenants.
Legal fees are pricey, and a long battle in court is the last thing you want. The property manager will ensure that all safety inspections are up to date.
However, it can be hard to keep track of all of them. Your property manager will be constantly informed of new and changing laws, so you don’t get fined or sued.
A management company will also be able to assist with other rules such as HOA or community restrictions. They will know what the regulations are and will maintain them.
5. Expanding Your Real Estate Portfolio
What you are capable of doing is limited by the number of hours in the day. Without a property management team, you are limiting yourself and your profits.
If you’re managing your property, you won’t have time to expand your real estate portfolio. Hiring someone to take care of the property frees you up to search for your next Airbnb rental.
6. Industry Experts
One of the benefits of a property management service is their knowledge. The management team will know when to adjust the price for your Airbnb.
They are experts in the industry and will be able to maximize your profit. During the tourist season, they may increase the amount during times of high demand and lower it during hurricane season.
They will base the price on a few different factors such as size, location, and amenities. The property manager will have knowledge of other properties in the area as well. If you try to price it yourself, you may list it too low and miss out on profit, or price it too high and not get as many tenants as you could.
Marketing is important if you want to increase your occupancy rates and your profits. However, running a social media page, a website, staging your Airbnb for photos, and photography can be a full-time job by itself.
If you don’t advertise your property correctly, you could lose out on money. A property management team will be well connected in the industry and will likely have more platforms to advertise your property on.
8. Occupancy Rates
You only make money if your property is occupied. An Airbnb property management service will keep your occupancy rates up. They will have past clients that likely come back to them every year and will have connections that keep your property full.
Regular maintenance on your property must be done to keep your property in good condition and desirable for guests. Changing light bulbs, switching AC filters, unclogging drains, and other mundane chores will all be done by the property management team. You won’t have to worry about driving all over town on your days off or after work to find the right parts of whatever is broken on your property.
10. Guest Services
Guest services can make or break your rental property. Word of mouth goes a long way. A property management team will be able to communicate with the tenants 24/7.
If they lock themselves out or the refrigerator breaks, someone from the company will be on call to help them. Guests often have questions before they arrive, maybe even weeks before; keeping up with every guest’s needs can be challenging without help. 5-star reviews will help keep your property occupied and hopefully have guests returning.
11. Accounting Management
Money management is a hard task, even without rental properties. It is imperative that you track all your profits or losses and your expenses.
You’ll need all the numbers for filing your taxes but keeping a record of everything can be overwhelming. A property manager will help you keep everything you need, and you’ll get monthly accounting records.
12. Time for You and Peace of Mind
If you are taking care of all the things above for one or more properties you might not have time for yourself and your family. Owning real estate is a great way to make passive income but it’s not passive if you are doing all the work.
A management team will relieve your stress so you can enjoy the other parts of your life. You won’t have to worry about every little challenge that arises with guests and your property. Your property management will inform you of information that you need to know and the rest they will take care of.
Your management team will expect the unexpected and take of tenant complaints as soon as they happen if not before. You can rest and have peace of mind knowing your property is being taken care of.
Run an Airbnb
Finding a management company can be challenging. You want to find a creditable one that will take care of all your property’s needs. When researching look to see if they have certifications or licenses.
They will also need to have experience with properties like yours. Ask them for references that you can contact and look at reviews. A key thing to remember is, that if they can’t communicate with you, they probably won’t communicate with your guest well.
Airbnb Property Management Services
Airbnb has grown in popularity over the past decade and a half. Individuals now use the platform as a means to make money by renting out their properties to guests looking for a place to stay.
While the experience works out well for people using the platform, those managing the property can face a number of challenges. You may find yourself struggling to keep track of things.
An Airbnb property management service will free up your time and leave you feeling less stressed. Click here if you’re ready to start with our team today.