Owning a property to rent out in the short term is a great way to earn some passive income. However, it can be difficult managing your property all by yourself, especially if you juggle it with other responsibilities. The rental market is also ever changing in terms of compliance, so being able to rely on a partner that keeps up with every update can be incredibly useful. For this reason, finding vacation rental management companies has become essential to handling your property and ensuring it gets all the care and attention it needs.
Luckily, many different companies out there can help you, although the problem usually lies in choosing the best one. If you’re not sure where to start or the qualities that make a company the right one to partner with, here are five tips to help you narrow your search for an excellent Airbnb management company:
Do Plenty of Research
The first thing to do when looking for rental management services in Sydney is to conduct a preliminary search online. You can ask around for recommendations and look into more information about them by visiting their websites, looking at reviews, and other factors that help you determine the best company to hire. Doing your research allows you to find out crucial details about the company while getting a solid understanding of how they operate.
You can also go to Airbnb and check the company in question to see the list of properties they handle. Browse these properties and analyse how the copies are worded and how the property is depicted in the photos. Are the pictures well-lit and taken by a professional photographer, or was it clearly taken with a smartphone camera? You’ll create a list of potential Airbnb management companies you can consider for your property by doing your research.
Check the Company’s Reviews
Checking a company’s reviews is essential to getting a glimpse of how they genuinely work since these are testimonies from actual clients. It gives you a concrete idea of how the company treats their clientele, their effort into marketing and managing properties, and other vital details. You should also read guest reviews that the homeowners receive, indicating how the management company works. Pay special attention to what guests say in 5-star and 1-star reviews and the qualities they highlight—cleanliness, responsiveness, proactiveness, and others you prioritise in a company. It will help you focus on companies that have homeowners with many positive reviews and satisfied guests.
Before you leave your property’s care to someone else, you’ll want to make sure you can completely trust them. As such, get in touch with the Airbnb management companies you’re considering to schedule an initial consultation, allowing you to clarify questions and details that you couldn’t find online. Inquire about their business model and the nature of employment of the host, as commission-based hosts usually dedicate more effort to ensuring your Airbnb performs well.
Inquire About Their Portfolio
Learning more about a company’s management portfolio will give you an idea of the areas they are present in and the kinds of properties they handle, helping you determine if they’re the right fit. It also indicates how many Airbnb owners have entrusted their properties to these companies, assuring you that they can confidently manage multiple properties simultaneously without sacrificing personal touches.
Double-Check the Contract
Lastly, when you have access to a contract, be sure to scrutinise at least the first five pages. Determine if the cost of the management fee is broken down and specified, so you know what is included. Some companies have separate charges for admin-related work or other details, which is normal, although it must be explicitly stated. Keep in mind that payment should only take place in a secure account. You should only be working with licensed and renowned management companies to avoid any partnerships that might end up ruining your reputation and costing you a loss of rental income. Review the termination clause and steer clear of companies who impose overly heavy penalties on those who decide to leave the contract.
Leaving your property in the hands of someone else can be stressful if you’re not sure you can trust them. For this reason, it’s essential to find the best Airbnb management companies around to maximise your investment and ensure it receives the care it deserves. By using these tips, you’ll find the perfect vacation rental management company for your property.
Own Better is the strategic partner of high-net wealthy property owners offering rental management services in Sydney. We deliver top-notch management for your assets by using our decades of experience to earn the best possible returns for your property portfolio. Contact us today to learn more about what we can do for you!