Although I'm new to this site, I'm not new to managing an Airbnb property - we've managed our own guesthouse for the past 5 years with over 200 reviews and 5 stars in every category. Nice to be good at something we enjoy! ;)
That being said, I've decided it could be a good passive income for me to offer my experience and expertise to other hosts on short-term rental sites. I could basically do everything related to management for them, including optimizing the listing to increase earning potential, organize the cleaning, and everything in between!
How would I go about offering short-term rental owners my management services? I don't know much about marketing in this field. I plan to offer a very discounted rate for incentive, allowing them to see how practical it is and how easy it makes their life!
Sounds like maybe you desire to get into property management services? First check to be sure that your area does not require a license or other regulations to do so.
There is certainly a demand for someone to do that type of service in many areas. Most AirBNB hosts manage their own property to keep costs down and their profits up but I do see (at least in our area) that some owners are gone during certain times of year and having someone local to do the day-to-day stuff helps.
In my area of Annapolis, MD—the sailing capital—we have several real estate property management companies that specialize in managing short term accommodations. Most are also licensed real estate brokerages so they have all the proper licensing, liability coverage, E&O insurance as well as remedy through the State’s oversight board.
Is there a market in your area to cultivate management services for AirBNB owners that creates enough income for you as well as the owner? Most owners go AirBNB because they like to “do it themselves” to save money otherwise many likely hire a real estate brokerage or property manager to do it.
Thanks for your reply.
I indeed need to investigate it further, but first I'm checking if there's any potential business out there for me since I don't know if this initiative will work.
There is indeed a big enough market of Airbnb properties in my area, I just need to find out how to contact them and explain to them why it's worth using my management service rather than self-managing. The fee I will charge is low because I will work based on quantity of properties, but I do believe it can create enough income for me.
Go to your local real estate investment club and offer your services. You can also get referrals from AirBnB from people that go to the site and are looking for a co-host.
Airbnb lets you sign up as a Co-host and they will let people in your area know about you. The program lets you set your own price and everything. Airbnb benefit by have more places to list in your area.
Interesting question . I’m in the SFV too not far from you .
How about contacting people that have their place for rent and offering your services and explain to them that they could make more income versus renting long term ?
This would probably work better on listings being listed by owner rather than owns being listed by a management company or realtor .
You can tell them about your experience and great ratings on Airbnb etc .
The cohost option on Airbnb that others mentioned sounds like a good way to go also .
Thanks for all your feedback and interesting ideas!
I indeed already listed myself in the co-host section of Airbnb for those searching for a property manager. My problem with this approach is that my target audience is only those searching for managers, which is only a very small percentage of Airbnb owners since most owners are convinced that managing the property themselves is most logical and profitable.
My approach is to try to target those who don't think they need a manager, and to try to explain to them why it's worth considering. I think when presented with logical facts and low overall fee, some might consider it.
I like the idea of the real estate investor club, and I think that's a very interesting idea Joseph pitching to owners advertising their property for rent. I had a similar idea by attaching myself to an real estate agent so that they can refer me to clients buying properties to rent through Airbnb, but I like your idea even better.
Check out Evolve vacation rental management. They are nationwide but becoming one of their local affiliates might be exactly what you’re looking for.
@Oren Harel congrats on your hosting experience, 5-star reviews are not easy to come by these days.
I have to caution you on your expectation of earning "passive income" by starting a short term rental management company. There is absolutely nothing passive about it. I thought the same way you did when I started rental company a year ago and my life has completely changed because of it. Just something to think about before you take the plunge!
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