what is airbnb management?

Investing in an Airbnb property to earn residual income sounds like a good idea – and it is! But for many property owners, the scenario can quickly spiral into a much more complicated and time-consuming endeavor than they first envisioned, and the “residual” part of residual income can simply become moot. Airbnb property management involves a lot of moving parts and it is unlikely that any single individual would possess all of the varying skills and knowledge that are needed for truly successful Airbnb management.

what is required for a successfully
airbnb property management

As a professional Airbnb management company, there are many components we consider to be important to successful Airbnb management. In order to set up and run the operation smoothly while maximizing profits, a variety of knowledge and skills ranging from design and photography to marketing, hospitality, data analysis, and day to day management are key. It also takes much time and dedication to maintain guest satisfaction, manage quality online presence through listings on multiple platforms, keep up with housekeeping and maintenance needs, and coordinate bookings and calendars from multiple platforms. Below is a breakdown of some of the key areas to consider for Airbnb management.

The first step toward successful Airbnb management is to set up the property in a way that is both attractive to potential guests and functional. If you have a keen eye and interest in interior design, this may be a fun project for you to start out with, or you may decide to hire someone for the job. Through this process, it’s important to keep in mind what your market is looking for and keep a good balance between aesthetics and functionality.    

Quality, professional photographs that show off and enhance the main strengths of your property are a key marketing tool and essential for any successful Airbnb listing. Images are the most noticeable part of the listing and most likely will determine whether the potential guest will choose to delve into the details and descriptions of your listing or not. We suggest that a significant investment for this step is highly worthwhile.

After the photographs have captured the attention of potential guests, quality content with strategic description and details will need to be written with the goal of guiding readers toward the final booking. It may be helpful to think of your listing as the primary marketing piece for your product (i.e. short-term rental of your property) and create your listing with an understanding of what your audience is looking for.

Good Airbnb management requires continuous maintenance and updating of your listing. To optimize income, the Airbnb manager must keep an eye on how the market is moving and changing so adjustments can be made to your rates on a continual basis. It is also important to follow the movements of similar properties on Airbnb and other platforms to ensure you remain competitive within the market.

If you want to maximize your income potential by listing on multiple rental platforms, it will require some calendar synching tools to ensure there are no double bookings or conflicts. Although short-term rental platforms deal directly with auto-payments for the most part, keep in mind that there may also be other financial exchanges based on cancellations, damages incurred, or other unforeseen circumstances that may require additional work.

The last thing you want is to have rowdy guests who cause disturbance in the neighborhood and leave your property in less-than-desirable condition. Airbnb property management also involves screening for quality guests to ensure that the condition of your home is well maintained. It you don’t live within earshot of the property it is also a good idea to look into ways of monitoring noise.

You will need to think about how you want to handle the guest check in and check out processes. For the most part, a lock box system will work well while requiring minimal time investment. Keep in mind though that many guests expect 24/7 concierge services, so you will need to be accessible to answer questions, provide information about the home and neighborhood, and receive complaints.

These are key elements of successful Airbnb property management. Quality housekeeping for short term rentals not only involves cleaning of the property but also laundering and restocking of linens and other restockable items such as toiletries or dish soap. Keeping an accurate inventory of such items is a good idea to ensure guests are never left without and also to gauge ongoing expenses.

As with any rental property, there will be maintenance and repair needs. The difference with a short term rental is that there are many times when the maintenance or repair will need to be performed within a small window between guests which can be difficult to coordinate unless you are able to perform them yourself. If damage was caused by a guest beyond regular wear and tear, you will also need to receive payment for damages.

how much are airbnb management costs?

With so many task areas involved in successful Airbnb management, hiring an Airbnb management company is worth consideration. Your Airbnb manager should be experienced in short term rental management and comprehensive in their range of services. This way, if you decide you want to modify your service package at a later date, you can do so without changing companies.

Speed Keyz offers and is highly experienced in providing Airbnb management service in all of the components listed above and more. We have an in-house design team to take care of property setup, marketing team to create and maintain a successful listing with professional photography, housekeeping manager to coordinate all cleaning and supply needs, and a project manager to coordinate the overall needs for each property and tie in all the moving parts. The addition of our market research team to this mix truly sets us apart from any other Airbnb management company in the area as we offer initial and ongoing analysis of your market to determine optimum pricing for your property at all times.

Pricing for Airbnb management service with Speed Keyz is highly competitive, ranging between 15-20% of revenue depending on size and type of property as well as scope of services. Contact us for an analysis of your property to see how it qualifies!

Serving You, Your Property, and Your Guests with Excellence

  • Our market research team always has the latest and most accurate data to ensure you receive the highest return possible within the current market
  • We list your property on multiple platforms to maximize occupancy
  • We carry insurance of up to $1 million for each property
  • We monitor your property at all times to ensure it remains in great condition, and that your guests are satisfied
contact us about managing your Airbnb