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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 maximize your income. But rental can be pretty hard work; there are many tasks 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 minimize the time drain of renting out your property. Plus, outsourcing is usually the more cost-effective option in the long run. Outsourcing also has the major benefit of allowing you to manage your rental property from anywhere in the world.
What is Needed with Airbnb Rental
When you think 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 need to show your property in its best possible light, Interior 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, but 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 is to attract negative reviews for something so simple. Linens and towels also need to be replaced at least every 6-12 months. You could handle the inventory 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 easily, and use everything in the property without having to deal with you or anyone else. Some owners prefer someone to meet their guests in person for that personal touch. Unless you have a lot of time, we’d 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 be very time-consuming plus also, your response time needs to be very fast, or you’ll jeopardize 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 the reviews from other renters. Get several estimates to find out exactly what you’ve been 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 you convey exactly what you hope 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 of any special needs or any peculiarities about your property. They need to know it inside and out.
Listing Creation
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 come up with a catchy name and a thorough but appealing description. After this, it’s ready to go!
Consider Pricing
Once you are set up, and the income is coming in, you’ll want to ensure that you are maximizing 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 consider factors such as location, number of bedrooms, and historical pricing data, among others, to maximize 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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