Your rental property is now fully-furnished and you’ve created the most enticing Airbnb listing. Now what? This is the point where you need to consider the nuts and bolts of property management – what you need to know in order to maximize profitability.

The purpose of Airbnb property management is to grow a steady, consistent income – but not an income that is a half, or a third, of what you could potentially make. Effective property management is about maximizing income while simultaneously reducing costs.

And is where many nascent Airbnb property managers fall down.

Many rental property owners simply don’t know how to manage their property. Managing a Airbnb property means dealing with everything from cleaning/maintaining the property, checking in guests, restocking essential goods, and dealing with new reservations.

This is a time-consuming process.

And not every manager knew – in advance – of what the process involves. Inefficient management risks having the property downgraded by users who feel their experience was compromised in some tangible way. This needs to be avoided at all costs.

Streamlining property management

Starting out in Airbnb property management can be difficult.

It involves understanding every aspect of property management – and, often, investors struggle to manage their time appropriately. You also begin to learn what works and what doesn’t work – thereby helping you to manage your time ever more productively.

It also helps you understand where to invest your resources. You may come to the conclusion that your time is not best served cleaning the property from top-to-bottom but, instead, that you can outsource this duty to a reputable cleaning firm.

It’s up to the property owner to decide whether the cost of outsourcing is worth the investment – and whether the quality of that work justifies the cost in the first place. The question of outsourcing should, in other words, always be considered.

Property managers are advised to plan the management of their property. Effective time management means you deal with vital issues in a timely and effective way, while not compromising the experience of the guest staying at your property.

First-time property managers should also consider:

  • Ordering supplies in bulk: this should be done at least once monthly – and includes everything from laundry detergent and shower materials, to cleaning supplies and tissues.
  • Check-in/check-out: It’s best to automate this process – meaning that guests effortlessly know how to check-in and check-out without needing to ask a question.
  • Information guides: guides should be provided to instruct guests how to operate within the property – such as how to use the television, how to dispose of recyclables etc.

Effective management also means effective marketing. It places your property in the best possible light: enhancing guest experience to the point where they’re likely to post a 5-star review. This, in turn, leads to greater income potential on behalf of your property.

Hiring a property management firm

Property managers may, however, outsource some – or all – aspects of property management to a specialist firm.

Property management companies can, for example:

  • Deal with cleaning/maintenance issues with bulk discounts
  • Effectively market the property
  • Manage the needs of guests in an efficient and professional manner

Though this comes at a cost, property management firms are designed to maximize profitability – meaning the cost is offset by increased income potential. Take a few minutes to review our full-service property management solutions and how they can assist you.

In other words, Airbnb and property management can work. Airbnb, like every other investment, requires time, knowledge, and effort – something that not all property owners have.

Outsourcing to Airbnb property management companies is often the most prudent choice – as it not only saves time and effort, but it streamlines and popularizes the Airbnb rental in a way that first-time property managers struggle to achieve.