7 Things to Consider When Finding an Airbnb Manager for Your Property Management
We came across this very interesting article which we would like to share some extracts highlighting 7 factors you should look for when choosing your Airbnb Manager. Property management when managed effectively, ensures optimal rental earnings.
The 7 factors you should consider before picking an Airbnb manager for your rental property include;
1. What is the Airbnb Manager’s reputation?
What guest reviews has the manager received? Is he/she reputable on Airbnb? Is he/she a professional? Does he/she give you that added value? Are there owner reviews for you to review?
2. Is the vacation rental management contract homeowner-friendly?
Double check the Airbnb management contract and see if the contract really serve you or the manager. Who is liable for damage caused by guests? Who is taking the financial and operation risk?
3. How much can I expect to make with an Airbnb manager?
How much rental income will Airbnb managers make you?
This is not just a product of how frequently the manager can find guests for your Airbnb, but also what price she is able to charge for the nights rented, and perhaps even more importantly, how much of that rental income ultimately flows to you as the owner.
What is the vacation rental manager’s commission rate? Are there any additional fees?
Horror stories abound of owners being tempted to sign with a manager based on a low quoted commission rate, only to be blindsided when the effective commission rate was more than double the amount quoted due to “additional fees and management services.”
Always do your homework upfront, and know how much you can expect to make before agreeing to any arrangement.
4. Is the management company financially secure?
Ultimately this comes down to one question: How deep are the manager’s pockets?
Has the manager ever filed for bankruptcy? Ever been late on payments to owners?
5. How does the Airbnb management company vet guests?
Maybe the manager is great at booking and cleaning your property, but how good is he/she at ensuring your property is taken care of? Ask your manager what type of systems he or she has in place for vetting guests. How does the company check on the property during rentals?
6. Will there be an impact on long-term value?
If this is a short-term investment property on which you are looking to maximise the annual income and depreciate the value for tax purposes, you may prefer a manager who will keep your home filled to maximum occupancy. On the other hand, if this is a long term investment or even where you plan to retire, you will likely want to find someone very different.
7. Is this manager someone I can trust?
Finally, it is important to remember that this is still a relationship business, and none of the above six factors really matter if you do not like or trust the manager. Get to know your potential Airbnb manager. Skype if you’re home is far away, or try to even meet in person.
Ideally, your relationship with your property manager will be one you retain for years to come.
Casa Rooms – We are a team of professionals dedicated to managing your property as well as tenant relations in order to provide property owners with the best return on their investments. Take a look at our Airbnb profile.