In recent years, the idea of space-sharing and vacation rentals through sites like Airbnb has boomed, especially in the big global cities of the world. In such a fast growing market, many property owners in London are assessing the effort required against the potential returns of taking advantage of this wave.
1. Convenience & Practicality
Hiring Airbnb property management is the best hands-off approach for real estate investors and/or Airbnb hosts. Many investors hire outside help for convenience, efficiency, and practicality.
With these services, you don’t worry about guest check-ins or updating your Airbnb listings. You also have peace of mind, knowing that your guests are offered exceptional and prompt service, since a professional Airbnb property management agency understands exactly what is required to achieve and maintain a superhost status.
Many people use these services not just for convenience but also for practicality. An Airbnb property management service will eliminate lost revenue caused by failing to update your Airbnb listings, or respond to enquiries due to time constraints or other commitments. Your property will be fully managed on your behalf, and earning you the highest possible return. From updating your listing, managing prices and bookings, back and forth messaging with your Airbnb guests, and even changing the bed sheets and basic housekeeping. All this will be taken care of for a small affordable fee.
2. Outsourcing smoothes your operations
Streamlining your operations reaps a higher rewards in terms of positive guest feedback and increased booking volume. Because of this, your managent costs go down in terms of percentage as your reputation and profits increase. If you don’t have the time or energy to properly run your Airbnb rental property, then a management agency is the best way to realize these untapped earnings.
We commonly hear excuses like “I’m away, I can’t manage an Airbnb property” but in practice, this is not a barrier preventing you from realising the full short term rental potential of your property.
If you are someone who travels a lot for business (or pleasure) you may be able to earn a pretty penny on the side. The initial stumbling block is that when your house is vacant, you aren’t there to manage any bookings either. But an Airbnb management agency can help you with this!
Many part-time contracts allow you to come and go to your property as you please, but rent it out while you are away to maximize income.
3. Optimal marketing strategy
When it comes to managing your Airbnb rental property first hand, it goes without saying the time commitment associated with becoming an Airbnb host is considerable. The constant checking and replying to your guests can feel like a full-time job, and you cannot escape this commitment without risking lost bookings or worse, receiving negative Airbnb guest reviews.
When you use Airbnb property management services, you also benefit from the best marketing strategies for your property. The foundation of a good marketing strategy is getting professional photos taken and ensuring the property listing uses appealing copy that highlights the best features of your home. The ongoing success of your marketing strategy will depend on visibility, and the best agencies will list your property on a plethora of short term lease websites.
In order to stay competitive, you need to be very responsive and reply to guests quickly to secure bookings. Airbnb management companies can take care of all enquiries for you, and often have staff working 24/7 to make sure your response times are incredibly fast, placing you in a great position to maximize your income.
While many owners use agencies to earn some extra cash, others use them out of concern for their property’s security.
If you are going away for an extended period, it can be a worry to leave your home behind unattended. As well as the benefit of making extra a few extra pounds, the regular arrival of guests and service people mean your property will never be obviously unattended, or under threat from burglars looking for an empty residence to target.
5. Optimal guest service
Hiring an Airbnb property management agency will guarantee optimal guest service, this is the key to maximizing your Airbnb income, and sustaining a long-term business against your competition. Airbnb is a competitive business, and reviews are the main thing that make you stand out from the competition, this all boils down to providing a great guest experience.
6. Credit Score Improvement
If you’re thinking about a new home, an extension or renovation or even buying a holiday home abroad, Airbnb earnings could increase your annual income significantly which will improve your chances of obtaining a second mortgage. By using property management services, you reap all the benefits of additional income, without the hassle of managing, cleaning, and servicing your apartment.
Aside from the convenience, you have the full flexibility and autonomy to live and/or work in a different city from your Airbnb rental property. You don’t need to be near your Airbnb rental property because that job will be taken care of by your Airbnb property management service.
If you hire the right agency, you will have a bird’s eye view of your profitability but won’t need to delve too deep into everyday operations. As long as guests’ bookings are coming and cash turnover is high, then the Airbnb property management agency you chose are doing their job.
Some owners miss the opportunity provided by hosting on sites like Airbnb, because while they may not use the property all the time, they believe they are still unable to rent it out due to occasional use.
Short term renting allows you to let your property flexibly, service the accommodation and make extra money while you’re not using it, but still continue to come and go as and when you need. A part-time Airbnb management contract would easily facilitate this.
8. Optimal pricing strategy
With an Airbnb property management service, you can rest assured that your Airbnb listing will always be optimized in terms of seasonal pricing throughout the year. By using pricing algorithms and research, agencies can adapt your pricing to meet demand, maximizing your earning potential and total profits. Expert revenue teams will benchmark your property against others, and adjust prices to make sure you realize the best possible return.
9. Increased Profits
With Airbnb Management in London, the amount you can earn in over a year can be astounding when compared to the potential earnings of traditional long term rental. So don’t let a lack of time or energy prevent you from realizing the full potential of your rental property.
Most management companies only charge a tiny fee compared to traditional estate agents. That means your costs go down while your profits go up.
If money is an issue, then we highly recommend an Airbnb property management service to take care of your rental property and guarantee top notch customer service with streamlined business operations. An Airbnb rental business is a client facing business and if you don’t feel comfortable or don’t have the patience to deal with guests, then an Airbnb property management agency is the perfect solution.