If you are or were thinking of putting your home, multiple homes, or rooms for rent on Airbnb, there are multiple ways that you can go about it. You could decide to handle everything on your own, or you could hand over management to a third party.
Listing a property on short-term rental sites can be profitable. Working with a third-party manager could be a great option if you feel like you'd be too busy to look after bookings and everything else that comes with Airbnb rentals. It's also a great option for people who are new to the game and don't want to make mistakes. Let's take a look at what Airbnb management services do, some of their benefits, and a few tips on how to find the perfect London Airbnb Management agency for you.
What Do Airbnb Management Agencies Do?
Airbnb management agencies like Upperkey can take care of almost everything related to your Airbnb business. They can help up a perfect profile for you and manage communications with guests. They can restock supplies and arrange for clean-ups and laundry. In addition, some will help you take advantage of revenue opportunities you weren’t even aware existed. They will also help you with marketing too, which is something a lot of newcomers in this business are struggling with.
What Are the Benefits of Working with an Airbnb Management Service?
The most direct benefit of working with an Airbnb agency in London is the time you'll save. There is much more work involved in running Airbnbs than many people imagine, even if it's a single room. You have to go back and forth with dozens of different guests and check their reviews and profiles. You also have to clean up spaces when guests leave, and this can get tiresome if you have a constant flow of new guesses coming in.
If you want to rent multiple units or a large property, managing all of them could become a full-time job. So, if you already have one and you aren't ready to quit, going with an Airbnb short let management London company like UpperKey could be your only option.
But if there's one reason why you should consider working with a management company, it should be their expertise. Skilled companies have been managing Airbnbs forever and know exactly what guests want to see.
You as a newcomer may assume that your space looks neat, but it might be substandard when compared to the market. A management company will keep everything tidy and clean but can also give you some advice on how to make the space more enticing. And you'll have a better chance of getting positive reviews at the beginning, which is everything when it comes to Airbnb.
Another reason why you should consider hiring an air BnB agency London is because of how difficult the local market can be. Airbnb management companies know the housing market much better than the average homeowner and will know how to make adjustments based on current trends. They're also much more cognizant of new rules and regulations being introduced.
Now that you know a bit more about Airbnb agencies and how they work, let’s take a look at a few things you should be looking for when hiring one.
Reputation and Experience
The two first things you should check when hiring an Airbnb company are their experience and reputation. It would be wise to run a search for Airbnb management London reviews and see how the agency you were considering stacks up against the best Airbnb management companies London. Once you get an idea of what people in the community think about them, you can start asking more in-depth questions about their operation.
How long have they been in business? Do they handle Airbnbs only or do they do regular property management as well? How many Airbnbs do they currently work with? Do they handle most of the work with in-house employees or do they work with subcontractors, and if you do, can you know who they are? These are all questions that will give you a better idea of who you're working with and how much you can trust them.
Look at their Listings
Another great way to tell if you’re working with a good company is to check their active listings. This will give you an idea of how professional they look and if you’d actually want to rent one of the units they are managing.
Some of the things you should look for include nice high-quality photos from different angles and great lighting, detailed info about the unit, and an engaging description that creates a personal connection with the reader. Make sure that every listing looks different and doesn't look like it was made from a template. UpperKey, for instance, will make sure that your listings are unique and appeal to the type of people who are trying to rent your type of property.
Look at the Services They Offer
It's also essential that you look at the agency's scope of service. There can be huge gaps between companies as to how many services they will offer. Some companies will offer a strict minimum and will only handle listings. Other companies will handle everything from pictures, to back and forth with clients, to after-care service, cleaning, maintenance, and restocking.
As with anything, what you get will usually be proportional to what you pay. So look at how much service you actually need and how much you are ready to pay for them. Some people may be fine with just housekeeping services, for instance. In this case, you wouldn't necessarily need to pay for a company's full range of services. If you aren't a local, on the other hand, then you might want to privilege an Airbnb agency in London that offers a fully comprehensive service.
Do They Have a Specialty?
Another thing you should check is whether the company has a specialty. Some of these agencies were started by pure managers who know how to handle the business side of Airbnb short rentals. These people might be better at helping you scale your business and keeping everything in check.
There are other companies that are more specialised in the hospitality aspect and know the hospitality business in and out. These are the companies that will know how to create listings that will entice guests and offer a great experience. Then you have a company that may specialise in cleaning and maintenance. These might be a great fit for people with lots of really short stays.
It’s all a question of what you prioritise and where you might have skills gaps. Or tasks you feel comfortable doing yourself and what you’d rather delegate.
Look at the Contract and Fee Structure
Once you’ve found a good company, it’s time to look at their fee structure. Some companies will go by a fixed model and will estimate how much they can make from your unit in a year. They will then give you a fixed amount of money per year and handle everything else. This is the best option for people who are looking for security, but you might feel cheated when looking at how much you could make during the high season.
You then have companies that will charge you a percentage of your Airbnb revenue. This is the most common type of fee structure and the simplest for most people. You'll pay less if you have fewer guests and more if you have made more money during the month. The percentage you'll have to pay may depend on the number of units you have or based on revenue brackets.
You also have companies that will charge you a flat fee. A flat fee is a good option if you know how much revenue you can expect to make. You'll then be able to gauge whether a company’s fee is good enough for you to earn the type of profit you want to make.
Be careful with these services, however, as some companies hide additional fees to bump the final price. Ask if any fees could be added and what those fees are for. You can then decide if it will be worth it to pay for them or handle the related tasks on your own.
Check their Communication Style and Methods
Communication is very important, not only between you and the company but between the company and guests. So, check how they handled complaints from dissatisfied or critical guests and what their general policy is towards them. Also, check how much access you can expect to have to them and their preferred modes of communication.
If you were struggling to find a good Airbnb company or wanted to start your search but didn't know how, we hope this article will help. Always take the time to read as much as you can about any company you are thinking of hiring and ask the right questions to know exactly the type of people you're dealing with.