First of all, the real investor who wants to enter to Airbnb property management should recognize that there are some similarities and differences from traditional rental property management. The key point is understating the specific types of management requirements and this will make investors successful. From the beginning, they step similar but Airbnb management has many differences in long term. Let’s check the most common and essential differences between managing an Airbnb vs. a traditional rental property.
#1 Property Maintenance
One the main differences is an Airbnb property requires regular maintenance. This is the main reason for the guests to choose Airbnb. They expect to welcome them like hotel service which you need effort and some requirements. The Airbnb property always need to be excellent. Moreover, the investor should clean the property before the guest and after that for the next one. Also, the key point is “the Airbnb guests have everything they need at all times”.
#2 Presence of the Real Estate Investor
make your guest feel comfortable and this will guarantee good experience at the property. Therefore, they will rank the property online to stay or not. Also, the host should be available all the time in case they need something. For example, the hot water is not working properly, you have to fix it as soon as possible. Likewise, the investor should guide to guests about how to use air condition, TV etc. having some magazines or map that guests can find some tips to discover the city is also good idea.
#3 Furniture and Household Appliances
Furniture and electronics have essential roles in Airbnb management. Even though the property can be rented out in traditional investment property, the Airbnb property has to be furnished. Also, not only just furnished but also it has be furnished well. The investor can add more household appliances such as washer, a dryer, an iron, a blow-dryer, a coffee machine, a microwave etc. they will make guest more satisfied and welcoming therefore they will rank you better. Do not forget to check your supplies and let them know your guest that they can make a coffee for themselves.
Traditional rentals have an advantage of signing a lease contract for longer periods so the landlord can guarantee himself / herself with this. Furthermore, the real estate investor will not have to really involve the period anymore but Airbnb management has a different way. First, the Airbnb host should guarantee that doing everything well to keep the place booked. Therefore, the prosperity will receive higher ratings on the website. Also, Airbnb management involves hospitality too, the host should give some information about the property, the city itself and even might show the guests around etc.
Last but not least, Airbnb property is kind of a competition. Traditional property management does not have this much level of competition. You do not compete with only Airbnb rentals but also hotels too. Therefore, when running an Airbnb property, it is necessary to create an attractive way to present it. Also, do not forget to adapt your prices constantly, while comparing them to hotels and other similar rental properties.