If you're looking for a great way to maximize your investment property ROI, you may be considering a short-term rental model. Airbnb, in particular, is a popular platform to market your short-term rentals and book stays with ease.
That said, launching a business as an Airbnb owner isn't as simple as it seems. Yes, the platform helps with marketing and managing guest communication, but overall Airbnb management is yours to tackle.
How can you ensure that every guest is satisfied and keep up those positive reviews? Read on for our dos and don'ts of Airbnb management from our short-term rental experts.
Do Stay Compliant
When Airbnb launched in 2006, cities had minimal laws regulating short-term rentals. Thanks in large part to the pandemic-fueled explosion of short-term rentals across the country, things are changing.
For example, Lafayette recently banned vacation rentals in neighborhoods zoned for single-family living. Trying to skirt these laws can result in serious repercussions. To grow a long-term business, always work within the law.
Don't Overcharge
Running an Airbnb isn't always a walk in the park. It's understandable to get frustrated when a guest leaves your Airbnb in poor condition. The answer, however, isn't to hike up rental prices and fees.
Conduct an annual rental analysis to see how your Airbnb stacks up against others in the area. Consider factors like location, size, condition, and amenities. If you're charging luxury prices for a standard vacation rental, you're going to see fewer rentals and a lower ROI.
Do Address Guest Complaints
Airbnb hosts aren't the only ones who can grow frustrated with the Airbnb rental experience. In recent years, there has been an uptick in complaints regarding things like:
- Listing photos misrepresenting the space
- Hidden fees
- Excessive check-out requirements
- Lack of cleanliness upon check-in
As a result, Airbnb rolled out new features that would address customer complaints. Make sure to review guest complaints as they come in and address guest concerns right away. If someone leaves a bad review, learn from it so you can do better next time.
Don't Neglect Maintenance
New property investors often buy into the myth that owning a vacation rental is less work than owning a long-term rental property. After all, guests are staying for a few days, not calling your property their home. Does that mean you can neglect basic maintenance?
The short answer is no. Vacation rentals can sustain more wear and tear than a long-term rental because of the high turnover rate. If you're not maintaining the space on a preventative and as-needed basis, it's going to degrade in quality fast.
Call PMI Lafayette for Better Airbnb Management
Does Airbnb management sound like more than what you signed up for? If so, it's time to partner with a third party who knows a thing or two about short-term rentals.
PMI Lafayette offers some of the most extensive real estate services in the region. We facilitate property investments, manage residential and commercial properties, and provide a hands-off experience for short-term rental owners. Contact us to learn how our expertise can transform your investment portfolio.
