If you have a home or property that you want to rent short-term, you might be tempted to list and manage the guest stays by yourself. But for a small cut of your profit, a Airbnb property manager could help you manage aspects of the stay.
So, is it worth hiring a short-term rental property manager? Let’s look at four ways you will get a return on your investment (ROI) if you choose to hire a Airbnb co-host.
Increase Guest Bookings
If you hire a manager to optimize your listing, you can get your post in front of more potential guests. The more users that see your listing, the more likely you are to get booked. Just like optimizing a website, optimizing your rental property listing is going to drive traffic and increase booked stays. With a property manager that is skilled in keywords, descriptions and representation, you can get an effective listing that lands better with those looking for properties like yours.
Save Money on Simple Fixes
The emergency guest need can be even more problematic if it is a simple fix and you have to call for a service professional instead of just jumping over to make the fix yourself. What if a guest gets locked out or needs help plunging a clogged toilet? Will you call a locksmith or plumber for something so small? If possible, you would probably just drop by yourself to fix it. But if you aren’t free right away, a property manager could make those fixes for you. A property manager can keep guests happy by quickly attending to their needs, while also saving you the money of a service call. The ROI should reflect money the property manager saves you when there is a problem with a simple fix.
Save Yourself Time
We know time is money, right? Well, to get a true feeling of the ROI for a property manager, you need to consider how much time you will be able to save yourself. Professionals can often work faster and more effectively than someone new to the industry. You can reserve your time for doing the things you can’t hire someone to do as easily.
The property manager can be hired to fill in the gaps and help you out with the tasks that would take more time then they are worth. Writing up your listing, taking images of the property for the listing, keeping up the landscaping, washing the linens for each stay, greeting guests—these are all tasks that you might choose to delegate to a property manager to save yourself the hassle. The time you save through the property manager should be part of the equation for the return on your investment. If you are working full time, then you know exactly how much your time is worth during work hours and the time you save can be multiplied by your hourly rate to figure what a property manager is worth in just this one aspect of ROI.
Earn More Money with Satisfied Guests
Whether you are using a local or online property manager, you can hire someone to answer any guest questions or concerns. Imagine your guests get to your property and are missing some key supplies that should be at the residence. Who is going to be available to stop and bring things immediately? A local property manager could be onsite quickly if you are working or out-of-town.
Satisfied guests are incredibly important in the ROI equation because they are the ones that are likely to return and possibly even recommend your rental to others in their circle. Word-of-mouth (WoM) recommendations are far more powerful that most other forms of marketing. If you can really impress your guests, you will be getting a lot of return on the investment of a property manager in the form of WoM advertising, increased reach and return (loyal) guests.
Nielsen reports 92% of consumers believe suggestions from friends and family. This far surpasses any other form of advertising. Specific case studies found that just a 10% increase in those word-of-mouth interactions (both online or offline) lifted sales by 0.2-1.5%.