Renting properties is a business
It is not for the faint of heart as renters are not always the nicest of people. Plus, it takes skill and experience to be able to handle all the details of renting extra spaces. Those may be characteristics you do not have. which you may not have.
Hiring a property manager is a good thing. While it is an extra expense, the duties he or she perform will pay off in the long run and help you rent your property more frequently.
To learn about what to look for when hiring an Airbnb property manager, just continue to read our article. it has the information you want to know about.
What to look for when hiring an Airbnb property manager
This isn’t like hiring a dog walker or a plumber. There is lots of money involved as well as your expensive property. You need to know what to look for when you do not want to handle the renting and care of your Airbnb rental space.
#1. Make sure you can afford them
This is the biggest issue you have to deal with here. If you can’t afford the extra expense, you will have to do it yourself. Typically, Airbnb property managers work on one of two options.
The first is the commission option which normally costs you between 30 to 50% of the total rent for the property. If you want to use the second option, the fixed salary, then you will have to do some negotiating and pay a fixed monthly fee even if the property does not rent that much each month.
#2. They should have experience in property management
This is not for the newbie as there are many tasks that the property manager must do and that work should meet your expectations. Here are some of the aspects of Airbnb renting your new property manager should have experience in using and doing:
- familiar with social media and its advertising options
- knowledge of the industry and how it works
- has done this work before successfully
- ability to help you improve your ranking
- ability to list your property on other rental sites
- can they or are they using e-mail marketing
#3. They should have property management ability
They should know how to set competitive rental prices, ability to market your property, be able to screen potential guests, handle maintenance, cleaning, and repairs to the property.
Also, they should know how to manage cleaning crews, repairmen, and schedule their work properly. Then they should have knowledge of landlord-tenant laws, federal regulations, and other regulations and laws that apply to your rental.
On top of that, they should have excellent customer service skills. After all, the property manager is your face to the guests and they need to represent you in the right manner and attitude.
#4. Check their references
When looking for a property manager, knowing their previous work history and reputation is a must. You need to check their references and look over all the reviews they have received through Airbnb and other vacation rental companies.
You can do this by reading the reviews of guests on the properties they currently manage or have managed previously. While some reviews cannot be taken at face value, keep your eye out in case your guests start saying the same things about your new property manager.
Sometimes only time will tell if you made the right choice or not. Also, you can talk directly to the current property manager’s clients and see what they have to say.
#5. Knowledge of the local market
Knowing the nuances that come with local markets is a big plus for property managers. They should have some idea of the following key issues:
- peak and non-peak seasons
- average price of local rentals in both seasons
- what rules hinder making a profit
- local attractions and nice hot spots
- knowledge of local emergency services
Just frame these important issues in the form of a question to test that knowledge and see if your candidates are up to the task
#6. Reports and updates
Check to see if they use any professional software to help manage the property, like property management systems, channel managers or pricing tools. A property management system can handle a large number of thing like automated messages, keeping track of finance records, calendar syncing and much more.
Most good companies will use a channel manager as this will help push your property onto multiple sites at the press of a button, like Airbnb, Vrbo, TripAdvisor and Booking.com, helping them increase the visibility of your property ensure you have minimum empty days.
Automatic pricing tools are a must a the dynamically change the price of your property to ensure maximum rental yield and maximum occupancy, therefore, increasing your revenue.
Put yourself to the test
To get a better perspective on the role of the property manager and the fees you have to pay to employ one, put yourself through the same tests you will give to your candidates.
If you are up to the tasks and have the knowledge, maybe you do not need to hire one. here are some questions to ask yourself to see how valuable the position really is:
- Do you have renting property experience?
- Can you use social media and its advertising options?
- do you know how to improve your ranking or add vacation sites to expand your visibility?
- Would you work for that amount of money?
- Do you know how to set competitive rental prices, do good marketing, handle maintenance, repairs, and manage cleaners?
- Will your guests be impressed by your reputation and references?
- Do you know the local market’s peak and non-peak seasons, etc.?
- Do you have the time to handle all those extra duties and have great customer serviceability?
If not, then maybe you should consider hiring a property manager to handle those duties and you just sit back and relax. If you pass the test, there are several property management platforms that can help you manage your property and save on the fees.
These platforms also have software to help communicate with your guests, provide solid welcoming messages, and vital information. Plus, they will remind you of the specific tasks that need to be done.
How you manage your property is up to you but you should check all your options and also review the pertinent laws and regulations governing your rental activity and property.
The goal of renting your Airbnb property
This main goal is standard fare for both you if you run your own, or for your property manager. The objective is to provide 5-star service and accommodations even if your Airbnb property is a cabin, a house, or an RV.
Here are some tips to guide you in reaching that objective:
- Be responsive- make sure your guests can communicate quickly with you and you respond to their inquiries quickly
- Take care of repairs, broken items, or maintenance quickly- do not delay in fixing reported issues so your guests’ vacation is not interrupted or ruined
- Have a welcome package ready- these small details make big impressions and what you put in these packages should be nice, local and motivates them to return someday
- Create a guidebook- when your guests are not local, help them find what they want to do and experience. Have maps, tips, top eating spots, local attractions, and so on all listed, include emergency numbers just in case, fire, medical and police, just in case there is a problem
- Have amenities available- these should be related to the location of your property, or a workspace or exercise equipment.
Some final words
Hiring a property manager is a big step, one that should be thought through carefully before you make the call. If you can’t afford one it may be best to put off hiring one until you can.
But, if you find a gem among the stones, then that right hire will pay off over the long run. You should see an improvement in your ranking, the frequency of rentals, and more.
The above information will help guide your search and make it a little easier to do.