Airbnb Property Management: How to Choose The Best Company

Renting out your property on Airbnb is a fantastic way to generate extra income but, as with most things in life, it does not come without its own, unique challenges too. Here are some examples:

• Legal red tape – different countries, even different cities within the same country, have different rules and regulations pertaining to short-term rentals, including insurance and tax conditions. Hosts have to maintain up-to-date knowledge in these areas to avoid litigation.
• Cleaning and maintenance – this can be incredibly time-consuming, and can sometimes involve arranging external cleaning companies to carry out the work.
• Damage to property – it’s important to fully document the condition of the property before and after each booking because, although Airbnb covers the costs of damage up to a certain amount, the property owner may be liable for costs that exceed that amount.
• Security issues – you are allowing strangers into your property, with access to your belongings. It is wise to install security measures to minimize the risk of damage or theft.
• Screening guests – have your guests used the service before? What is their rating? What evidence can you find to reassure you that they will be responsible and respectful of your property?
• Cancellations or no-shows – these can occur and, especially if it happens last-minute, usually results in a loss of revenue because there is no time to fill that booking with someone else.

With all of these possible issues to deal with, it is no wonder at all that more property owners are choosing to use the services of Airbnb Property Management services. What factors do property owners need to consider in order to choose the best Airbnb Property Management company? Well, here is a list of factors to consider when choosing the right company for you:

• The services they offer – different companies offer different levels of service, some specialising in some, few, or all of the issues listed above. Determine the areas you need assistance with and choose a company that tailors to your needs.
• Reputation of the company – this seems obvious and, though it is not an exact science (newer companies may not have had their chance to build a reputation yet), a company who has already built that reputation will provide real assurance and comfort.
• Fees – some companies seek a percentage of the rental income; others prefer a fixed fee. Some may ask for a combination of both. Evaluate your likely income and choose a company that aligns with your financial needs.
• Insurance coverage – ask for details of the insurance coverage they offer. Is this sufficient to grant you peace of mind?
• Communication – another factor that seems obvious. You want a company that is proactive in dealing with any issues and is responsive to your communications with them.
• Flexibility to your needs – as already touched upon in the first point, you deserve a company who can be flexible, who will understand your needs and tailor to those needs. After all, you are their customer, and your needs are your priority.

Conclusion

Through careful consideration of these factors, it is hoped that it will be easier for property owners to consider the best Airbnb Property Management company for them, and to maximise the potential of their property for the greatest benefit possible.