Automate Property Management
First things first, save time and money by upgrading to a property management service. There are numerous property management services that completely automate the entire process of owning and organizing vacation rental homes. For example, services like Guesty, MyVR, and BookingSync offer features like channel manager, multi-calendar, unified inbox, open API, and 24/7 guest communication. Property managers are able to manage all their Airbnb listings from their phone or tablet. With a channel manager, you can distribute your properties on multiple listing sites to increase your online visibility and booking rate. Property management services aid property managers to efficiently take on more locations and grow their business.
Property management services help you stay organized on the business end. Consider investing in an industry-trusted property management software to streamline the often hectic business of managing multiple properties.
Use Accounting & Finance Services
There are many accounting and finance services out there to help you stay on top of your earnings, expenditures, taxes, payroll, and more. Avoid mishandling important numbers with services like Quickbooks, Zoho, and FreeAgent. Just like any business, you need to pay taxes, and it can be costly (and illegal) to make mistakes. Easily keep track of taxes with an online accounting service. You also want to keep track of your finances — including weekly, monthly, and yearly earnings, expenditures, and profit — in order to map out your spending according to your income. It’s helpful to set up a separate bank account for your Airbnb listings so you can track cash flow for your properties in one place.
Airbnb property managers should also consider utilizing financing services. Payfully and Ally are great options for Airbnb hosts. Manage and raise cash flow to cover future bookings with paid advances. This allows you to have a cushion of money before potential guests request to book your place.
Find a Reliant Cleaning Service and Stick With Them
Cleanliness matters. With multiple properties, it may seem impossible to keep every single one pristine in time for guest arrivals and during their Airbnb stay. Services like Guesty and Handy allow you to book cleaning services around the clock for 24-hour support. Post daily tasks, scheduling, and requests on an open and interactive digital platform for hired work to see. This is an easy way to simplify the maintenance process and make sure your homes looks great from check-in to check-out.
Keeping your properties clean is important. Your guests will be leaving guest reviews on your Airbnb listings and you want to make sure you get 5 stars. If a review says your home is dirty, future guests will see that and think twice about booking your place.
Implement Smart Home Security and Management
Guests want to feel safe in your home(s) and so they will look for safety features in your listing’s description. This includes fire alarms, smoke detectors, smart keys and locks, flood sensors, and more. Utilize smart technology to protect both your guests and your properties. Fibaro is a great end-to-end home security solution that offers software and hardware to protect your home with smart controls. Igloo Home is another smart, keyless solution to streamline check-in and check-out processes. Provide your Airbnb guests with a PIN number or Bluetooth key activated for the duration of their stay — this makes unlocking your long and short-term rentals a breeze for everyone involved. No more scares by losing the keys or having to come down to the location last minute to help arriving guests get inside.
Another great home security tip is to get insured. Protect yourself against property damage with a comprehensive insurance plan. You may also want to delineate specific house rules like occupancy limits and check-in/check-out rules. Clearly communicate these rules to your guests.
Optimize Peak Travel Season
Peak season is a wonderful time in which you book the most guests throughout the year. As tourism spikes and vacation homes become higher in demand, play into your advantage as an Airbnb host. Increase your prices during high demand months in your area. Make note of how prices increase among the rentals in the same market in order to set a competitive price that maintains the value of your home during peak travel months. Vayoo.com and Beyond Pricing are great tools to help set up a competitive pricing strategy.
Airbnb hosts are also able to add extra fees, including a cleaning fee, service fee, and extra people fee. Optimize those too. Adding Airbnb’s standard extra fees will not drive people away. Most properties include these standard fees and travelers most likely expect that as a part of the deal. Just be transparent about fees and always clearly include them on your listing. Most travelers value cleanliness and safety and are willing to pay the extra fees to ensure these essentials.
Your peak season is also your prime time to become an Airbnb superhost. You become a superhost by hosting at least 10 completed trips or 3 completed reservations that equate to 100 nights. You also need to maintain a 50% or higher review rate and a 90% or higher response rate. Superhosts also have zero cancellations (excluding certain exceptions) and at least a 4.8 overall rating. Your peak season is your best opportunity to attain this status. The superhost badge (that appears on all superhosts’ Airbnb website and app listings) indicates to guests that you are an excellent Airbnb host. Set your listing to the Instant Book feature and welcome the influx of guests during your peak season.
Up Your Guest Experience Game
Last, but definitely not least, is improving the guest experience. Your reputation as a property manager is reflected by how well you manage both properties and guests. There may be a separate person in charge of host duties (like the property owner or another employee), but as the property manager, there are numerous ways for you to contribute to the guest experience. Try home maintenance apps like Roomonitor, Tado, and many others to tend to guests needs in real time, right from your phone or tablet. Maintain direct communication with guests and respond to questions or concerns in an immediate or timely manner. You want your guests to leave a review that shows your dedication and reliability as a property manager, so it doesn’t hurt to leave a bottle of wine or fruit basket on the table for new arrivals.
Utilize these helpful tips to successfully manage your Airbnb properties, earn that coveted superhost badge, and keep guests happily coming and going year-round.