Hi, I wanted to ask a question of the community.
I have been thinking about starting an Airbnb Property Management company in Louisville, KY. I'm a licensed real estate agent, and a long time 5 star Airbnb owner with Superhost status. I know that Airbnb requires a much higher involvement then a normal rental and can be tough for people with other business activities or full time jobs. My thought is we would handle all logistics including booking, hospitality, cleaning and etc.
So my question for the group is, do you see a need in this niche?
Thanks for any feedback,
Yep, definitely. We are thinking about doing it here too. There are sooo many people we talk to about AirBnB that have no clue what we're talking about. Instead of being excited about our income they seem overwhelmed by it, so I think there is definitely a market for this. I think you could do really well by advertising right and convincing people to convert from traditional rentals to an AirBnB model. Good luck! Let us know how it goes if you do it.
Hey @Dan Close I do exactly what you're talking about here in Denver and it is definitely a niche. Lots of work, yes, but I manage to run a small business while keeping my full time job. Being a licensed broker helps because if the short term game goes sour with any of your clients due to neighbor complaints, regulation, etc, you can keep their business and manage their properties long term. In Colorado, you do not need a broker license for STRs but do for traditional property management.
There are also several large firms who do this whom you can learn from. Check out Evolve, Vacasa, and Stay Alfred and see what they offer to give you a starting point.
@Carrie Penney Thanks I will keep you updated for sure. I have heard of people actually renting the properties themselves from the landlord and with their permission turning them into Airbnb's. Work would be the same as managing it for someone else but you would keep the full difference between the monthly rent you paid and the Airbnb profits. Bit more risk as you have to foot the whole cost to furnish it.
@Tyler Work That's awesome. Any plans to go take your small business full time in the future? I imagine Denver has a very hot Airbnb and Corp short term rental market. Thanks for the competitor info, i'll check them out
@Dan Close That's the goal. I think one person could conceivably handle 10-20 properties on the side before it becomes a full time job, and yes Denver has been great so far.
I definitely think there would be interest for that type of service in Louisville, KY. I've been curious about converting one of my SFRs or a unit in a multifamily into a STR and seeing how it does and if I did so I would definitely hire an AirBnB focused property manager because I wouldn't want to deal with the logistics of check ins, cleaning, etc.
There are 2 companies that I'm aware of that are currently offering exactly this type of service: Key Source Properties and BnB Louisville. Here's a recent Insider Louisville article about Key Source which says they are now managing 30 AirBnB rentals.
Do you currently do AirBnB with your primary residence or a different property?
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@Justin H. Hey Justin sorry about the delay, I didn't get the alert for your post for some reason. Thanks for the info on the companies that are currently in existence. Yes, I currently airbnb an investment property that I own and one for a client. Would be happy to discuss your properties with you, i'll send you a colleague request.
@Dan Close, did you ever end up starting the management company? I was considering buying a property in Louisville but would need some help.
I’d be interested in recommendations for Airbnb management in Louisville also.
We are looking at starting a STR management company with licensed agents at the moment. My wife has 8 years of hotel management experience and access to cleaning crews, maintenance etc on Call. I’ve been focused on buy and hold rentals but am starting to get more interest from my investors towards the ABB model.
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