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 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.
A property manager is responsible for handling the daily operations and recurring tasks required to run an Airbnb property. The property manager could form part of a larger Airbnb property management business, or they could decide to work on their own. A property manager is responsible for:
The upside of becoming a property manager is that there are no formal qualifications or degree requirements. However, because of this, you may face a lot of competition in your local area.
The best way to stand out in the industry is to gain some professional authority by knowing the short-term rental industry inside out. To do this, research everything you can: subscribe to news channels, follow Airbnb updates on their website and social media, complete high-quality courses, and read vacation rental books. There are also informative and entertaining podcasts and tv shows that could boost your knowledge and know-how.
In general, you do not need a real estate license for Airbnb property management. However, this may not be the case in certain locations, so it’s always best to read up on your local regulations.
In most states, a real estate license is only required if you are managing long-term rentals. But, it may be a good idea to get your license so that you have the option to manage both long-term rental properties and short-term vacation rentals.
Airbnb property management companies can be a very lucrative income stream once you find your rhythm.
The money you could earn from property management can vary greatly depending on your experience and expertise, your location, and the structure of your business. An Airbnb host or property manager can set their commission at anywhere from 15 – 50% of the revenue earned from bookings.
This equates to an average of $50k – $60k for most vacation rental managers per year, although salaries begin around $30k and could go up to $130k.
If you’ve decided to enter the world of property management, there are certain steps to take to get started on the right foot. Let’s dive deeper into what to consider when becoming a property manager.
The first step to setting up a property management company 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 provides a set of useful considerations on its website to give property owners and managers a general idea of what regulations can be included in their jurisdiction.
However, to avoid any legal trouble, it is advisable to consult your local government, a lawyer, or a tax advisor.
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.
To comply with the law and Airbnb rules and regulations, be sure to explore our other helpful resources:
Choose a cleaning service and maintenance team that specializes in short-term rental properties. Make sure to select Airbnb companies that are known for their reliability, and flexibility, and have a good understanding of the business that you are running.
Learn how to subcontract cleanings and maintenance and organize your team management from a distance by reading these useful articles:
To be ahead of 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 boost your Airbnb ranking. Besides, great listings always attract plenty of potential guests.
To familiarize yourself with the best practices for crafting a successful Airbnb listing, check out our other handy resources:
In a highly saturated industry, you can’t run a successful business without marketing.
The best recipe is to create a cross-channel marketing strategy to let your message reach a wider audience. Here are the best ways to get started:
Learn more about marketing techniques by reading these articles:
If you are eager to learn more about vacation rental marketing and smart techniques that will help promote your property, be sure to check out our comprehensive vacation rental marketing guide:
Listing on Airbnb or other OTAs is a great way to jumpstart your vacation rentals and increase listing exposure. However, it is also a smart idea for your Airbnb property to have its own direct booking website.
With your own website, you can bypass OTA service fees, build stronger relationships with your guests and property owners, and increase your brand awareness and marketing opportunities.
Nail your website with these guides:
You can have your website guest-ready in a matter of minutes with the iGMS Website Builder.
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 guest communications like sending follow-up messages to your guests, sending house rules, 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.
Check our other articles to find out more about using automation and selecting the best tool for your needs:
To discover more ideas on how to automate your operations and take the hassle out of your Airbnb management, check out our special guide.
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.
If you struggle with setting the right price and want to secure bookings regardless of seasonal demand, explore these helpful articles:
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 or seek out dedicated long-term rentals.
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 a fee for bringing pets.
If you provide extra services such as bicycle rental or airport pick-up/drop-off, 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.
Airbnb management is no easy feat, and there’s no need to do it alone. Having a support team or extra resources can make an Airbnb host’s life much easier. Here are some of our top recommendations for resources, support services, and Airbnb management software that you could try out.
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 highly detailed, localized FAQ sections to help you with all of your Airbnb questions.
During your hosting career, you might encounter serious issues that may require urgent help. To get your issues resolved, you can contact Airbnb customer service. There is a complete set of communication options available.
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 property managers and allow them to share their experiences.
iGMS is a professional all-in-one vacation rental software solution with direct integration to major platforms including Airbnb and HomeAway/Vrbo. iGMS offers total Airbnb management software, including a wide range of features such as automated guest communications and reviews, team management, a channel manager to synchronize multiple accounts, financial reporting, and lots more.
Check out these platforms that allow finding and hiring subcontractors to help you with tasks such as cleaning, maintenance, designing, and even marketing.
Here are some of the most popular short-term rental services that will help you with the key exchange:
Try one of the services below to automate your pricing:
Stay up to date with some of the best-rated Airbnb management companies to keep an eye on the other industry players, improve your service offering, use resources like their blogs, or form mutually beneficial relationships. AirDNA regularly provides key insights on the vacation rental industry, and they have released the top Airbnb property management businesses in the US, they are:
It is true that there are many tasks to perform when you take on Airbnb management. Though, you don’t have to plunge ahead blindly with numerous property management tasks while there is a plethora of great tools and Airbnb management software that can come in handy. Automating your business can help you to break out of a vicious circle of routine tasks and responsibilities.
About the Author
Callan Riddles is the Content and Social Media Specialist at iGMS. Callan has a passion for finding new ways to help vacation rental businesses thrive. In her free time, she loves to travel, read, and experience all the new things that life has to offer.
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