Are you planning on setting up your home as a short-term rental or Airbnb to generate additional monthly income? If so, one of the smartest things you can do is hire a short-term rental management company to manage your property.
Hiring a professional short-term rental management company will save you the time, money, and hassle of managing your property yourself and help you to generate more income from your short-term rental than you ever thought possible.
In this article, we will share with you the qualities you should look for in a short-term rental or Airbnb property management company.
Top 5 Qualities of Great Short-Term Rental Management Companies
Transparency
Transparency is the cornerstone of trust. Property owners and real estate investors place huge amounts of trust in a short-term rental management company when hiring them. You’ll want to ensure that you’re working with a short-term rental management company that is transparent in their communication with you and transparent in their business practices.
The best way to reduce risk is to read all of the available reviews for the Airbnb property management company you are researching. Look on trusted websites such as Google, Facebook, and other review platforms such as Airbnb and Yelp. If there are only a few reviews and the company claim to have been in business for an extended period of time, be wary; because nowadays, it is of the utmost importance to delight customers in the hopes that they will become promoters of your business. Any business that does not put an emphasis on delighting its customers and clients is likely not providing exceptional value.
Transparency doesn’t just apply to communication, it should also apply to the company’s finances. There have been publicized instances of short-term rental management companies collecting rent and not reporting it, or charging for work that wasn’t actually performed. To avoid this, look for a company with transparent financial management practices. They should provide you with detailed financial statements, including rental income, expenses, and any fees or commissions charged. Be sure to ask if they provide this information for their existing clients, and ask to see examples.
Effective Listing Management and Marketing Capabilities
Once you find a short-term rental management company that has a proven track record of positive reviews and straightforward services and pricing, you will need to learn about the marketing and listing management capabilities of the organization.
Your Airbnb or short-term rental won’t generate income if you don’t get any guests. And the best way to get guests is to have an attractive listing on VRBO, Airbnb, or on other short-term rental websites. The right short-term rental management company will have a solid marketing and booking strategy to maximize your property's occupancy and revenue. When speaking with the company, be sure to inquire about its approach to advertising, listing optimization, and pricing strategies. You’ll also want to look at reviews on third-party websites as well as the listings that the company has set up. If the listings have great reviews and are constantly booked, they likely have a great marketing and listing management team.
Personable Guest Hosting and Screening
The best short-term rental management companies offer concierge and guest hosting services, with hosts available and living in the local area. Let’s face it, it’s a lot of work to manage an Airbnb, VRBO, or short-term rental on your own, and it’s even harder if you live far from the short-term rental. Having a guest concierge company that’s reliable, local to the area, and offers personable service will maximize your guest’s satisfaction. Additionally, the right company will provide excellent guest support, address guest inquiries quickly, handle check-ins and check-outs, and resolve any problems promptly.
If you’re hoping to hire an Airbnb property management company that offers guest hosting services, they should have a process for guest screening to minimize the risk of issues or damages. When speaking with a short-term rental management company, be sure to ask how they screen guests. Do they have a thorough guest screening process? If not, you could end up dealing with unruly guests damaging your property and little enforcement from the short-term rental management company.
Excellent Maintenance Capabilities
Maintenance is usually the biggest expense that a property owner will encounter; so it’s also the biggest potential pitfall if mismanaged. Maintenance subcontractors add risk to your business. An Airbnb rental management company is only as good as the resources they have: Do they have an in-house maintenance department? Do they have an in-house turnover crew to get units ready for advertising quickly? Are maintenance personnel full-time employees, or do they use subcontractors often?
These questions can help you to find out how much control the short-term rental management company has over maintenance and turnover quality. If a short-term rental management company utilizes subcontractors often, it becomes almost impossible to ensure quality, keep prices down, and enforce deadlines. A subcontractor is in business for themselves and therefore has the incentive to perform work that provides the highest profit margin. These incentives don’t align with many short-term rental management companies' goals, since these companies are looking to reduce costs, maintain quality, and complete projects quickly.
Therefore, the best Airbnb property management companies have full-time maintenance staff, along with in-house maintenance and turnover departments.
Full-Time Short-Term Rental Management Capabilities
Lastly, you’ll want to make sure the Airbnb rental management company you’re choosing to work with has a limited scope of practices.
Resources are limited, so don’t settle for part-time managers or those with other responsibilities. Real estate agents, brokers, and even contractors will often attempt to add a property management practice to their core business model. Real estate brokerages that handle sales will be tempted to start managing properties, as clients inquire about finding a short-term rental manager or ask if they provide management services. Contractors will sometimes have landlord clients that look to be relieved of the management responsibility.
These are some classic examples of property managers not to hire. If a company is not exclusively focused on managing rental property, then it simply cannot be the best option for you to hire. The same is true for a short-term rental management company that branches out into sales. Short-term rental management is a difficult profession to excel at, and attempting to do it as a side business can only result in below-average performance.
That’s why we would personally recommend finding an Airbnb rental management company who owns rental property themselves and is primarily focused on property management. Specialization is the key trait for top performers in any field. Avoid those who water down their effectiveness with a lack of focus.
Square House is the right Full-Service Short-Term Rental Management Company for your needs
If you’re searching for the right Airbnb rental management company, Square House Property Management is your best choice! Square House has a proven track record of successfully managing Airbnb and short-term rental properties. We offer full-service short-term rental management services, including listing management, guest hosting, cleaning, maintenance, and furnishing services.
Our team of experts can help you select the right property in the right neighborhood, furnish your property with everything guests need for a short-term stay, launch your listing, and host your first guest. Get in touch with Square House today and see how we can help make your rental property a truly passive investment.
FAQs
What are Airbnb management companies?
Airbnb management companies are short-term rental management companies that generally live in a local area. They manage the day-to-day tasks that are needed to host guests and maintain the short-term rental property. They provide services such as short-term rental listing management and marketing, guest hosting, cleaning, maintenance, and even furnishing services.
Can I get someone to manage my Airbnb property?
Yes, you can hire an individual or a short-term rental management company to manage your Airbnb, VRBO, or other short-term rental. We don’t recommend hiring an individual person to manage your Airbnb simply because managing an Airbnb is a lot of work for just 1 person, and essential tasks are likely to slip through the cracks. Hiring a professional Airbnb rental management company will help ensure that your guests have an exceptional experience, and that your short-term rental property stays in the best shape possible.
Should I get an Airbnb manager?
The choice to get an Airbnb manager is highly dependent on your lifestyle, financial goals, and availability. Running an Airbnb property all by yourself, and maximizing the number of bookings you can get by yourself is difficult, especially if you have a full-time job or other responsibilities. If you want to be 100% hands-off and don’t have the time to manage an Airbnb property, you should consider hiring a short-term rental management company.