How to Start a Vacation Rental Mangement Business
If you're considering a career as an Airbnb property manager, prepare yourself for an exciting yet challenging journey. While it may not be easy, it will undoubtedly be rewarding.
As a newcomer to the field, you might be curious about an Airbnb property manager's responsibilities. Many people take courses like Brian Page's BnB Formula, Jorge Contreras' R.E.A.L System, and others to learn the basics. However, finding an owner who will hire you or allow you to manage their Airbnb property or engage in corporate rental Airbnb arbitrage can be tricky.
The most crucial skill you need to master is acquiring new clients, but that's just the beginning. Once you start attracting clients, you must determine your fees based on the services you provide. Common services offered by Airbnb property managers include increasing bookings and revenue, screening guests, and developing an Airbnb Superhost turnover checklist to stand out, garner 5-star reviews, and charge premium rates.
When you sign your first co-hosting agreement and secure a property, the real fun begins. At this stage, many aspiring entrepreneurs realize they can't do everything on their own. While you might wear multiple hats initially, trying to maintain this approach can lead to burnout.
For instance, once you list a property on Airbnb, you'll need to learn about revenue management. Tools like AirDNA or Pricelabs can be helpful, but they require yet another skill set. To avoid capping your income or overworking yourself, consider building a vacation rental management business with dedicated teams, allowing you to focus on becoming an Airbnb Superhost and growing your business.
As you scale, you'll discover that not all property owners are easy to work with. Choosing a niche and focusing on it can help you attract the clients you're most interested in working with. Different property owners have different expectations, and your personality type may give you an advantage in your niche.
Consider building a team with the following roles:
Onboarding team – to handle property walkthroughs, ensure amenities are available, conduct safety inspections, and take professional marketing photos.
Guest experience team – to assist guests with bookings, respond to inquiries, and provide a memorable vacation experience from pre-booking to post-checkout.
Cleaning team – sourcing reliable cleaners can be challenging, but subcontracting companies can take care of Airbnb property cleaning.
Maintenance team – managing maintenance becomes more complex as your portfolio grows, so a dedicated team is essential, especially during busy seasons.
Marketing team – to increase direct bookings, assist with owner acquisition, and help scale your business to six figures and beyond.
Once you've established your business, identify a niche you can serve and become known for.
If you're ready to launch and grow a vacation rental management business and need detailed, step-by-step guidance, consider joining the STR Profit Academy (affiliate link). If you use this link to join, send an email, and we'll arrange a finding-properties quickstart call.
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