Airbnb property management services are in high demand for Airbnb hosts. While vacation rental platforms offer some helpful features, such as photography services, property management firms play an important role in filling in the gaps that Airbnb has not been able to address.
As a property management firm, you’re properly already well aware of the reasons why Airbnb hosts turn to property management companies. Full-time hosts are looking to improve their guests’ experiences while also ensuring that the legal and financial sides of their Airbnb businesses go smoothly. The goal of any quality property management company should be 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 Airbnb property management companies have to offer. These are also the requirements that owners mostly consider when selecting a company to work with.
Here are 5 features of the best Airbnb property management services that you can employ in your own property management business.
As a property management company, you make critical decisions on behalf of your clients. The best property management companies 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 property management company never lets maintenance fall by the wayside or require multiple inquiries from the property owner before the problem is resolved. Ideally, property owners should be able to submit maintenance requests to your company online.
While some Airbnb property management companies base their pricing on what other local vendors are charging, the best property management company charge based on the scope and quality of the services they provide. In return, property owners aren’t likely to make a decision about which property management company to use solely based on who charges the lowest fees.
A property owner may believe that a lower price reflects the fact that the company doesn’t provide top tier service. Instead of focusing merely on what it will cost their clients, the best property management companies focus on advertising the value that their services deliver in order to justify their charges.
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. You need to have a system in place to ensure that vendors are always paid properly and to avoid co-mingling of funds between the properties that you manage on behalf of your clients.
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 that will make their clients’ properties stand out in even the most competitive vacation rental markets.
Providing sound advice is the final thing that stellar property management companies do to exceed their clients’ expectations. While any property management company can handle basic maintenance requests, very few property management companies are capable of providing quality advice and direction that consistently delivers great results for their clients.
Airbnb property management companies should be able to provide advice on relevant tax deductions related to the clients’ vacation rental properties, perform periodic inspects with timely maintenance recommendations, and direct the client to an attorney or provide legal advice in the event of a legal dispute or litigation.
By taking both preventive and proactive measures on behalf of their clients, the best Airbnb property management services are capable of delivering high-quality services that their clients are more than willing to pay for.