In this article, we have put together a step by step guide on how to get your Airbnb rental managed professionally. Having an additional property or even several is an excellent additional revenue stream and marketing your property via Airbnb is the obvious way to maximise your income. But rental can be pretty hard work; there are a huge number of tasks and a lot that need to be done well and on time to ensure that you receive that all-important 5-star review. We recommend that you use a professional agency like Guestready.com to manage your Airbnb rental in London or beyond, to ensure that you avoid common pitfalls and to minimise the time drain of renting out your property, plus, in the long run outsourcing is usually the more cost-effective option. Outsourcing also has the major benefit of allowing you to manage your rental property from any location, anywhere in the world.
What is Needed with Airbnb Rental
When you are thinking about getting your rental managed professionally, the first step is to consider everything that needs doing and decide whether you want to do any of it yourself or outsource the lot. One option is to start by doing some of it yourself to get a handle on what needs to be done and gradually outsource more and more as you book up and get busier – or just get bored of the repetition!
The major tasks can be divided into these key areas: listing your property, housekeeping, restocking household goods, checking in guests, and guest communication.
Creating the right listing is crucial, the photos needs to show your property in its best possible light, interiors photography is a real skill so we’d definitely leave this step to the experts!
Housekeeping or cleaning is a hugely popular thing to get someone else to do and we’d agree wholeheartedly with this! Not only is it not exactly most people’s idea of fun to clean up after their guests, it’s also extremely time consuming, plus the experts have the right equipment and will leave your pad more sparkling than you’ve ever seen it.
Maintaining an inventory is a vital part of Airbnb rental. Re-stocking soap, laundry detergent, tissues, cleaning supplies and any welcome pack that you provide is essential otherwise you’ll get complaints about items having run out and the last thing you want it to attract negative reviews for something so simple. Linens and towels also need to be replaced at least every 6-12 months. The inventory is an area you could handle yourself but it’s quite a hassle so you may wish to avoid it altogether.
When it comes to checking guests in, a completely automated check-in and check-out process works well. Consider whether your guests can arrive at any time on any day, get keys, find somewhere to park with ease and use everything in the property without having to deal with you or anyone else. Some owners do prefer to have someone meeting their guests in person for that personal touch, unless you have a lot of time on your hands, we’d definitely suggest that you leave this bit to someone else or it will become a huge inconvenience.
Guest communication involves answering questions and communicating with guests before, during and after their stay and can come very time consuming plus also your response time needs to be very fast or you’ll jeopardise that review.
Review Property Managers
Once you have decided exactly which components to outsource, you need to review alternative property managers. Research a few alternatives and don’t forget to look at their reviews from other renters. Get several estimates to find out exactly what you’ve be paying. We would also recommend meeting them in person, a reputable company will be more than happy to do this and as you are trusting them with your home you want to be sure that you can build a rapport.
Decide How You Want to Pay
Different agencies will charge in different ways but several of the more reputable agencies will offer two key alternatives: you can either pay a percentage service fee and then pay additional charges for cleaning and laundry services, or alternatively, you can pay a Fixed Income Guarantee. This works by you receiving a pre-determined monthly income. Every month, you receive a defined amount effectively giving you a fixed monthly rent.
What to Tell your Management Agency
Make sure that you convey exactly what you are hoping to achieve from your rental and ask for a precise revenue estimate in return. Give them details of your schedule and when and how it’s best to communicate with you; do you want to know every little detail or would you rather that they only contact you about the big stuff? Make sure you let them know any special needs or any peculiarities about your property, they need to know it inside and out.
Once you have selected your agency it’s time to get your listing prepared. They will send a professional photographer to make your home stand out, as well as coming up with a catchy name and a thorough but appealing description. After this it’s ready to go!
Once you are setup and the income is coming in, you’ll want to ensure that you are maximising that income and imitating the hotel model of selling at top prices at peak times and lower prices off-peak is becoming popular with Airbnb now too. This is where using a good agency is vital as doing this yourself is a challenge; a good pricing strategy will take into consideration factors such as location, number of bedrooms, historical pricing data, among others to maximise your revenue per booking.
Who to Use to Manage your Rental
One rental management company that will cover all your management needs, however much you decide to outsource, is Guestready.com. A global short-term rental management company, they are currently active in London, Paris, Singapore and Hong Kong. They provide professional services to property investors, homeowners and Airbnb hosts. Services include listing creation, guest communication, housekeeping, laundry, key management and many more. They offer that vital hassle-free hosting and pride themselves on helping homeowners to generate up to 100% more income by renting out short-term and will take up any operations that are related to turning over guests.
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