Airbnb property management is a service that can be performed or hired by you, the property owner – in the latter, you choose to outsource your property listing on Airbnb for a property management company for a number of reasons, such as lack of time to manage guests or because you just want to live your own life in a different city or country without having to worry about a passive income source.
This article will discuss 10 Things For Airbnb Property Success that every host using this platform should know.
1. Airbnb property management is a business model focused on hospitality
Suppose you were already a landlord before listing your company on Airbnb. In that case, you should know that this is a very different business model. And that achieving Airbnb Property Success is not that straightforward. You won’t be a simple property manager, but rather a hospitality provider. Unlike with regular, long term letting, you won’t have tenants – you’ll have guests. They will demand several things such as constant maintenance, and even cleaning.
2. Customer Service is key
This is directly related to the previous point – after all, an Airbnb business is a hospitality business, and it depends on customers to succeed. So, don’t be shocked when you start getting messages and calls at all times. Actually, you should always be ready to respond to them since customer service is key in this type of business. You’ll need to be able to resolve any issues quickly or be prepared for bad reviews and refunds.
3. You price differently to a normal let
You probably already knew that Airbnb is priced nightly, not monthly. Although this factor makes the whole investment much more profitable in the long run, we recommend that you never use Airbnb’s Smart Pricing as it overly discounts your own rates.
The app’s Smart Pricing tool is based on the idea that cheaper rates will generate more bookings on Airbnb – and with higher occupancy and happy guests, Airbnb makes more money while you lose some. Also, even before listing your property, study how the commission process and calculation works and the best way of structuring it.
4. You’ll need to learn many platforms to make it work
If you really want to be successful on Airbnb, don’t limit yourself to it. Build your reputation in other booking channels as well, such as Booking.com, Expedia, and Zoopla. This will give more reach to your property and allow you to charge more competitive prices.
5. Housekeeping teams are critical to success
Yes, it is outside of Airbnb, but to run the business, you need a great housekeeping team. After all, as Airbnb customers are hiring a hospitality service, they will pay attention to the property cleanliness. If yours is dirty, guests will make sure to leave bad reviews that will eventually snowball to fewer bookings. And this is definitely not a great help for your Airbnb Property Success. Unfortunately, many hosts overlook how important good housekeeping teams are.
6. Automation of guest communications are needed for a great experience
Also connected to customer service, guest communication should be automated and streamlined to prevent bad reviews and even refunds. Airbnb gives limited tools for this automation, so we recommend that you look for a Channel Manager as soon as possible.
7. Marketing is vital
Yes, nowadays, marketing is an indispensable element for any type of business – indirectly on OTAs and directly for bookings. So, if you are a full-time homeowner and Airbnb property manager, make sure to start understanding the algorithms and learning their role in bookings and occupancy.
Of course, marketing is not only numbers but also what makes your property appealing for potential guests – so, research more about property photography, which elements you should add on the listings and how to create overall great listings. All of these aspects, among others, have the potential to make or break your occupancy rates, bookings, and, consequently, profits.
8. You need to know your audience and ideal guest profile upfront
Just with like any other business, audience specification is crucial for marketing and targeting.
So, if you plan on listing a property in a vibrant city centre with plenty of global companies, you may want to focus on enterprise guests, who will likely prefer a clean and simple apartment with a delimited workspace. Is your property located on an attractive tourist area? Then you may want to invest in more beds for your ideal guest – a large family on vacation.
Of course, the same place can have many potential guests. Still, for a successful Airbnb property management, you should pick one and target specific decoration, marketing, and general listing for them.
9. Take care of feedbacks and be responsive
Have you followed all these tips but still got a negative review? Or do you have some negative feedback lying around unsolved? Then take care of them now. Responsiveness is a big part of customer service, and people like to be acknowledged – just put yourself in their shoes or at least try to.
For the next feedback you receive, negative or positive, make sure you thank the guests or respond to them in any way you can. This can affect your listing positively and allow people to understand that you are there for them.
10. If you don’t know what you’re doing, you’ll lose money and time
Also, similar to other businesses, you’ll have so much hassle and waste a lot of money if you are not sure of what you are doing. If after some of these tips, you are still unsure whether you’ll be able to successfully manage your Airbnb property or not – get a management company and ask for help. Then achieving Airbnb Property Success will be much easier.
You may be busy with travel, family or different work – and, of course, busy people struggle to learn all the elements required for a successful Airbnb business. A property management company will take care of every step, including cleaning and, most importantly, customer service. You won’t need to be available 24/7 for your guests or worry about maintenance and marketing.
If you are in the Bedford, Milton Keynes, Northampton, Stevenage and Luton areas, we got you covered! Check our investor services and get in touch with us anytime.