As a host or an owner of an Airbnb management company, you need to learn how to manage your business to compete with the top hosts on the platform. Here, at iGMS, we work with vacation rental property managers and Airbnb management companies every day. Therefore, we are aware of all the pains and headaches that they usually have to deal with.
With this in mind, we took the liberty to pull up all the key points on Airbnb management in one article to provide you with the essentials. Here is our expert guide that will reveal all the vital information you need to run your Airbnb business.
The first step to setting up your Airbnb business is taking care of the necessary paperwork. You need to make sure that Airbnb is actually legal in your city by inquiring with your local government about the rules and regulations that apply to short-term rentals.
Airbnb may provide at least some of the Airbnb management information that you need to know directly on their website page for your city. You can use this page as a place to start with regard to researching laws that apply to your business.
Also, you can follow our checklist on Airbnb rules to make sure that you won’t get into any legal trouble.
Your next step is to obtain proper insurance. A simple homeowner’s insurance policy will not cover you as an Airbnb host. You’ll need to purchase business insurance, as well as, any supplemental coverage that might apply to your unique circumstances.
Depending on your account status, you may need to submit tax forms to Airbnb. In some cities, Airbnb will remit some tax payments to the local government on your behalf while in other places, you’ll be required to submit the tax payments on your own. You should find an accountant to advise you on the tax regulations that apply to your Airbnb business.
You’ll also need to set up an Airbnb management system to help you keep track of all of the money that you spend to operate your rental business. Making sure to keep any receipts and invoices, as well as, maintaining flawless records of rental periods is extremely important. You’ll need this information for tax season and in case of an audit.
As your Airbnb business grows, it’s unlikely that you’ll be able to handle all of the Airbnb management tasks, such as cleaning and maintenance on your own (and you shouldn’t). Choose cleaning and maintenance services that specialize in short-term rental properties. Make sure to select Airbnb companies that are known for their reliability, flexibility, and have a good understanding of the business that you are running.
In order to outdo the competition, it is crucial to have a top-notch property listing. By improving its key aspects (such as Airbnb title, description, and photos), you will be able to get a boost for your Airbnb ranking. Besides, great listings always attract plenty of potential guests. Isn’t that the reason why you are starting this whole venture for?
Crafting a listing that will stand out in the crowd is not a walk in the park. Luckily, you don’t need to reinvent the wheel. All smart strategies for listing optimization are gathered in our ultimate guide.
Sure thing, in the competitive world of short-term rentals you can’t do without marketing.
The best recipe is to create a cross-channel marketing strategy to let your message reach a wider audience. First off, you should list your property on other vacation rental platforms. This will certainly help to increase your listing exposure and the number of inquiries.
A big plus would be if you can establish your social media presence. Make popular social media networks (such as Facebook, Instagram, and YouTube) work for your business. Try to create engaging content to generate interest in your rental.
And finally, don’t underestimate the power of email marketing. Staying in touch with your past guests and providing offers and discounts will keep your property full, regardless of the season. Become more savvy with Airbnb marketing by reading our guide.
As a full-time host, you have more than enough time-consuming tasks that need to be accomplished on a daily basis. To decrease your workload, use rental property management software to automate repetitive tasks. Some examples of such tasks include sending follow-up messages to your guests and getting reviews for your listings.
Try using iGMS – a vacation rental software solution for pro hosts. Our tool comes to your rescue when you need to automate multiple operational tasks, helping you to enhance your business. By employing iGMS, you will be able to set your business on autopilot and get more time for growth hacking.
Another idea is to automate your check-in and checkout process. For this purpose, you can opt for smart locks or use key exchange tools such as KeyCafe or Everydoor. These key management services can make the process of guests’ arrivals and departures completely hassle-free. If you are still on the fence about which vacation rental solution to use, read our guide to identify the best choice for your needs.
The best way to manage your pricing is by employing automation. You might want to consider using software that will enable you to apply dynamic pricing to all of your listings. This will ensure that your Airbnb pricing is always competitive and adjusts appropriately during the high and low seasons of your Airbnb business.
Your Airbnb pricing strategy will make or break your profits that your vacation rentals generate. Therefore, you should take great care when organizing your pricing strategies. Check out our expert tips on Airbnb pricing to set the right price for your property.
The statistics show that hosts who set up a minimum-stay requirement for their listings can increase their profit. Besides, adding a minimum-stay requirement saves you time and effort in preparing your rental after short one-day stays.
Usually, hosts opt for a three-night minimum stay and are doing pretty well. People who need long-term stays tend to book in advance. So, don’t worry if you see some vacant days ahead on your calendar. You can always revert to one-day stay reservations.
Airbnb allows you to add additional fees to your listings which you should take advantage of. These options are available so that you can charge guests a cleaning fee, a fee for extra guests or bringing pets. If you provide extra services such as bicycle rental or airport pick-up/dropoff, you can also charge for them. However, make sure that you disclose this information in your listing to avoid your guests from being unhappily surprised.
When it comes to getting help with using your Airbnb account, Airbnb Help Center is the number one resource that you should turn to for support. Airbnb Help Center offers very detailed, localized FAQ sections to help you with all of your Airbnb questions and you can also contact Airbnb via email or social media for assistance.
Airbnb Community is a forum run by Airbnb that is designed to allow hosts to get help from Airbnb while also discussing important hosting-related topics with other Airbnb hosts. Here you’ll find a wealth of Airbnb management tips and other information that can help you increase your chances of success with the Airbnb platform.
Air Hosts Forum is a third-party forum (not managed by Airbnb) filled with short-term rental hosts. The mission of the forum is to connect hosts with other hosts and allow them to share their experiences. Forums like these are helpful because hosts are often more willing to discuss the intimate details of their hosting experiences that they might not otherwise share on Airbnb directly in order to protect their businesses.
iGMS is a professional all-in-one vacation rental software solution with direct integration to major platforms including Airbnb and HomeAway/Vrbo. iGMS offers a wide range of features such as automated guest communication and reviews, team management, channel management, financial reporting and lots more.
Below are some options for outsourcing your cleaning:
Maidthis – MaidThis specializes in turnover vacation rental cleaning for hosts and currently services in Los Angeles, Orange County, and San Francisco, California.
Handy – Allows you to book professional cleaners, they also provide handymen, electricians, and plumbers at a moment’s notice.
Here are some of the most popular short-term rental services that will help you with the key exchange:
Keycafe – Keycafe is a secure key exchange service providing an easy way for homeowners to manage the check-in/check-out process. Keycafe stores your keys at one of its nearby locations, allows you to remotely assign access and notifies you when your keys are picked up and dropped off.
August – August is a smart home system that allows you to give keyless entry via an August Smart Lock to Airbnb guests and housekeepers. The company has partnered with Airbnb to help hosts manage entry to their properties.
Use the service below to automate your listing pricing:
Beyond Pricing – Beyond Pricing is a dynamic pricing tool that allows you to link your Airbnb account in order to automatically update your pricing daily.
Managing your Airbnb business might not be as easy as it may seem at first glance. It gets far more challenging once it starts gathering pace. However, choosing to be a jack of trades is not the best strategy in this case.
It is true, there are many aspects to control and many tasks to perform. Though, you don’t have to plunge ahead blindly with numerous operational tasks while there is a plethora of great tools and solutions that can come in handy. Automating your business can help you to break out of a vicious circle of routine tasks and responsibilities. Willing to give it a try?