Airbnb property management services are in high demand for Airbnb hosts. The thing is that hosts need to go above and beyond to grow their business. However, vacation rental platforms such as Airbnb have a limited range of services to offer.
There are also other reasons why Airbnb hosts turn to the services of property management companies. Full-time hosts are looking to improve their guests’ experiences while ensuring that the legal and financial sides of their Airbnb businesses go smoothly. Also, vacation rental business tasks can be extremely time-consuming. It especially holds true for hosts with multiple short-term rentals across different platforms.
Airbnb management companies can help hosts with some routine tasks or fully take over the management of their properties. Here is a brief overview of the services hosts can outsource:
Some of the Airbnb management companies provide the full spectrum of property management services. So, hosts can save loads of time for scaling their business, if they opt for an all-in-one property management company.
Therefore, any quality rental management company is striving to create a one-stop-shop that Airbnb hosts can rely on. However, meeting these challenges for your clients can be tricky. If you want to match your clients’ expectations, you need to learn what the top vacation rental property management companies have to offer.
Here are 5 characteristics of the best Airbnb management services that hosts usually look for when selecting a company to hire.
As a property management company, you make critical decisions on behalf of your clients. The first rule is to work with reliable, licensed vendors to provide high-quality services on their behalf at prices that are cost-effective. Additionally, your services should be available 24/7/365 to handle emergencies.
Top-performing Airbnb property management companies usually have automation software solutions such as iGMS in place to manage communication with guests, maintenance requests, and work orders. A competent vacation rental management company never lets maintenance fall by the wayside or require multiple inquiries from the property owner before the problem is resolved. Ideally, homeowners should be able to submit maintenance requests to your company online.
Some Airbnb property management companies determine their pricing on what other local vendors are charging. Of course, it is necessary to know what your competitors are doing. However, the best practice is to base your price on the scope and quality of the services your company provides. In return, homeowners aren’t likely to make a decision about which property management company to use solely based on who charges the lowest fees.
A homeowner may even believe that a lower price reflects the fact that the company doesn’t provide top tier service. Eventually, what your clients are looking for is a positive return on investment. Instead of focusing merely on what it will cost your clients, focus on the value of services your company provides.
Clients not only want an Airbnb property management company that can address concerns promptly. They also want transparent reporting of how their money is being spent. Provide a clear audit trail for all funds related to each property.
First, you need to have a system in place to ensure that vendors are always paid properly. Also, it is important to make sure that the funds of the properties that you manage on behalf of your clients will never get mixed.
Your company should provide monthly income/expense statements as it is the standard for the property management industry. To make things easier for your clients, they should also be able to view these reports online.
One of the most valuable services an Airbnb property management firm can provide to owners is marketing. In order to attract new owners, the best property management companies have established marketing programs to ensure that their clients’ properties are booked regularly. A good marketing program increases revenues maximizes bookings, and ultimately keeps owners happy by elevating their reviews on vacation rental platforms.
The top property management companies also have the competitive advantage of knowing the local real estate market inside and out. This allows them to advise their clients on pricing, amenities to offer to Airbnb guests, and other factors. By following their recommendations, their clients have a higher chance to stand out in the most competitive markets.
Developing a thoughtful strategy and providing sound advice is the final thing that stellar property management companies must do. Almost every property management company can handle basic maintenance requests. However, only a few companies are capable of providing good advice and direction for achieving great results.
A great Airbnb management service is able to provide advice on relevant tax deductions related to the clients’ vacation rental properties. It also performs periodic inspections with timely maintenance recommendations. On top of that, they direct their client to an attorney or provide legal advice in the event of a legal dispute or litigation.
As the vacation rental market grows, hosts are constantly looking for ways to stay profitable and competitive. The key to a successful Airbnb management service is making hosts’ lives easier and the management process more streamlined. By thinking proactively and acting preventively, your company can deliver great results. And, great results are something that your customers are ready to pay for.