Do You Need a Property Manager for Airbnb?
Whether you’re an aspiring host, a new host, or a Super Host, you may have asked yourself at some point: do I need a property manager for my STR? This article will help you decide and will also answer some key questions along the way.
What do STR property managers do?
Should you hire an Airbnb property manager or co-host?
How do you find a property manager for your STR?
What to look for in an STR property manager or Airbnb co-host
How can Splendid Host help?
What do STR Property Managers Do?
If you’re new to STR, you may be wondering what property managers actually do. Services vary from one provider to the next and encompass a lot more than literally managing your property. The primary purpose of a property manager is to ensure that your short term rental (STR) is maintained to your standards, enhancing the guest experience for better reviews (a necessary precursor to higher occupancy at a higher price).
On Airbnb, property managers are known as co-hosts or hosting teams, but their role is more or less the same. For the purpose of this article, I’ll be using property manager and co-host interchangeably.
Here are some of the common services that short term rental property managers provide, keeping in mind that most specialize in a few areas and some may offer other services that are not listed here.
Furnishing and Styling Your Airbnb
If an interior designer isn’t in your budget, you may be able to get some assistance from a property manager as you get your home guest-ready. The scope of service varies, with some property managers handing everything from concept to installation for your entire home, while others will refresh your current set-up on a room-by-room basis.
Creating an Airbnb Pricing Strategy
Some property managers will create a pricing strategy for your STR, which they then monitor and adjust as needed. A pricing strategy usually focuses on maximum occupancy or maximum rate in order to drive revenue, though there are other factors that come into play as well.
There are three methods that can be used to create a pricing strategy:
Third party dynamic pricing software like PriceLabs
Create something manually
I like to use a combination of all 3 methods, which allows me to compare recommendations from Airbnb, PriceLabs, and my own calculations, based market and competitor research. This strategy allows for nuance and flexibility — particularly since the technology can’t factor in things like the quality of your furnishings or the amenities you offer, which play a big role in price. In my experience, this is the most effective way to maximize revenue without sacrificing your value rating in guest reviews.
Airbnb Listing Management
Listing management is a service that you can expect from any property manager. It typically involves setting up (or revising) your listing and making regular updates to the title, description, photos, guidebook, and more. Some property managers will also send a professional photographer to take pictures of your home, usually at an added cost.
While this may seem relatively straightforward, there is a lot of skill involved (more on that here). You need a search engine optimized (SEO) title and description. Your copy needs to be informative and evocative, without being too wordy or over the top. You need to be able to look at your listing from a potential guest’s perspective and speak directly to their needs. And you need to revise it regularly, updating it as the seasons change and as you update your home and its amenities. It’s a longterm project, not a one time task.
If it’s sounds like a lot of work, that’s because it is! Your listing is your primary marketing tool and your home is the product — you have to get it right. A well crafted listing should result in an increase in clicks, views, and bookings — all key drivers of revenue.
STR Calendar and Channel Management
Calendar management is another standard service. It can be very straightforward or extremely complicated, depending on how many properties you have and how many channels you use. If you only use one channel to promote your STR (e.g. Airbnb) this is something you can likely manage on your own. If you have listings on more than one STR platform, it may be helpful to have someone take the reins. A property manager will use a third-party channel manager to navigate these complexities and avoid double bookings, taking the burden off your shoulders.
Guest Communications
Guest communications are something hosts either love or hate. If you hate it, this may be a good enough reason to hire an Airbnb property manager. Fortunately, a lot of this work can be automated and scheduled, which saves time. But what about when the dishwasher breaks or the Wi-Fi goes out? Guests expect quick attention and a solution to their problems — and rightfully so! If you’re juggling a day job and a family on top of your STR responsibilities, it’s not always possible to drop everything at a moment’s notice to walk your guests through resetting the router. A property manager will take over day to day communications (usually 24/7) and if you are using Airbnb, you will be included on all messages and can jump in anytime.
Cleaning and Maintenance
Some property managers will handle cleaning and maintaining your STR as part of their service. This is often the case with large-scale property managers who have a full staff. If a property manager does not offer cleaning and maintenance, they will usually find, interview, and hire home helpers and can manage their work, schedule, and payment as well.
Creating a House Manual and Local Guidebook
The house manual and local guidebook are part of your Airbnb listing, so the digital version will be included as part of your listing creation. Some property managers will also provide a hard copy to leave at the property — which is particularly helpful if you’re in an area with spotty cell service.
On-Site Services
Local hosts may offer other services such as creating welcome baskets for guests, concierge services, in person check-in, replacing essentials, meeting service technicians and deliverymen, etc. These services can often be negotiated with the property manager if there is something specific you need. This is one major benefit of hiring a local host — especially if you live far away from your property.
Get in touch to find out how Splendid Host can help manage your STR or co-host your Airbnb
Should You Hire an Airbnb Property Manager or Co-host?
It depends! It’s not a service everyone needs. I didn’t have one for my own STR, but I had the time and genuinely enjoyed the work (clearly!) You may want to hire a co-host if:
You’re new to hosting. Ask any host and they will tell you that there is a learning curve to doing the job well. An experienced co-host can help you navigate everything from getting your home ready to writing reviews and everything in between so you can leapfrog over the newbie stage.
You’re short on time. Perhaps the most obvious reason: you don’t have time, or you don’t have time to do it well. If you want to be totally hands off, a property manager is for you!
You live far away from your STR. When I first listed my Airbnb in Vermont, I lived 4 hours away in NYC. Managing my listing, calendar, and guest inquiries from afar were manageable, but there were other challenges. The power went out a few times due to bad weather, one time a guest got locked out while I was inaccessible, and perhaps most dramatically, a swarm of carpenter ants moved into the loft the day before guests were due to arrive. I consider myself lucky that we never had a true emergency, but it would have given me peace of mind if I’d had a trustworthy property manager close by. Trying to solve a problem while also placating anxious or angry guests is a lot to juggle long distance!
You own multiple properties. If you have more than one property, a co-host can help you work more efficiently as you scale up your STR business.
Things just aren’t going well. If your bookings and reviews are down and you’re not sure what’s wrong or how to fix the problem, it’s probably time to bring in a co-host. Hosting doesn’t just take time, it takes skill and experience. If it’s not your thing, no shame!
How Do You Find a Property Manager for Your STR?
Some of the best places to look for an Airbnb co-host or property manager are:
Airbnb’s Experienced Co-Hosts
Airbnb has a directory of — you guessed it — experienced co-hosts. To be included in the program, co-hosts must have an average rating of 4.8 or higher and they need to have hosted at least 10 trips on Airbnb. You can learn more and find an Experienced Co-Host here. If you’re in Vermont, be sure to check out my profile!
Local Host Clubs and Facebook Groups
Airbnb maintains a list of Local Host Clubs and Facebook groups around the globe. You can also search Facebook — try searching for “STR” to find relevant communities. Once you join, you can ask your fellow hosts for recommendations — or you might even find a co-host in the group.
Your Local STR Alliance
Many cities and states have local STR alliance groups, which represent and advocate for STR property owners and hosts in their area. Some of them maintain directories of service providers, who may offer discounts to group members.
What to Look for in an STR Property Manager or Airbnb Co-host
Services offered. Before you begin your search, make a list of all of the things you want help with, including any services not listed above. This will help you evaluate and compare your options as you go.
Fees. Pricing varies significantly from one property manager to the next. Some charge just 10% of your gross monthly income for virtual assistance, while other charge as much as 50% for full service property management including cleaning and maintenance. Some may charge extra for services like styling your home or creating a pricing strategy, whereas others may include it in their fee.
Expertise and experience. Property managers and co-hosts come from a wide range of backgrounds — real estate and hospitality being the most common. Others are hosts or former hosts who decided to go pro. Regardless of your property manager’s background, he or she should have direct experience with each of the services they offer.
Reviews and references. Look for a property manager who has positive public reviews and/or can provide professional references. If they are just starting out, ask to speak to a reference from their most recent job.
Hosting style. Whether you plan to work closely with your property manager or prefer to be totally hands-off, things will run more smoothly if you find a property manager whose hosting style matches yours. If you have a rustic cabin in the woods, you probably don’t need luxury property management.
Communication and reporting. Find out how — and how often — you should expect to hear from your property manager. If their work includes maintaining your listing and/or calendar, or any pricing services, they should provide performance reporting and analysis at agreed upon intervals.
Local expertise. A local co-host or property manager may bring extra value to you and your guests, especially if you don’t live nearby. In addition to offering practical support with things like replacing essentials or meeting service technicians, they can also create locally sourced welcome baskets and create a guidebook that goes beyond the usual tourist spots. Some will also provide concierge services, like making dinner reservations or planning activities.
Availability and reliability. Your property manager should be transparent about their virtual and in-person availability for you and your guests. Be sure to ask what happens if things go sideways overnight or on the weekend — can guests reliably contact them 24/7? Can they be on-site in an emergency? What is their backup plan when they are on vacation?
How Can Splendid Host Help?
I thought you’d never ask! Splendid Host provides an array of co-hosting services, as well as STR consulting and marketing. One of the things that sets Splendid Host apart is my experience as a Super Host of a Guest Favorite property, coupled with a long career in B2C product marketing. There aren’t many people who can provide detailed market and competitor research and award-winning copywriting and a 5-star guest experience (to name just a few of my talents 😉).
So what’s my approach? I get to know each STR owner and their property (in person, if possible) before creating a bespoke plan so that you’re only paying for services you want and need. If budget is a concern, I can work with you to introduce new services incrementally as your income increases, starting with the things that will have the biggest impact (or that you just hate doing).
I am meticulous about my work, whether it’s curating a welcome basket or reporting on quarterly results. I steer clear of common STR “tricks” and “hacks” that may boost performance temporarily, and instead focus on tactics that generate sustainable results in the longterm when looking at key performance indicators (KPIs) such as occupancy rate, reviews, and revenue.
Send me a message to learn more and to schedule an introductory call.
