We can all go through life’s challenges but it’s how you choose to show up after the hard times that can define you!
We chat with Hayley Mitchell, an industry veteran and successful property management business owner who has recently ventured into the rewarding world of short-term Airbnb rentals.
Hayley’s route into Airbnb initially began when she discovered a renter had subleased one of her investment properties on the platform. Surprised by the potential income, Hayley evicted the renter and listed the property on Airbnb. As subsequent properties of hers became vacant, she followed suit, turning them into short-term rentals.
This gradual progression allowed her to iron out the kinks, and she advises new entrants into the Airbnb market to take this slow approach to avoid mistakes. Managing Airbnb properties differs considerably from standard property management. Key management skills include excellent communication and availability since property owners and guests often demand immediate answers or solutions. It’s not a standard 9-to-5 role and requires flexibility and a willingness to tackle challenges outside typical office hours.
The work is balanced by the increased income – according to Hayley, on average, revenues from short-term rentals are usually two to three times more than their long-term counterparts. Accordingly, the management fees are higher, ranging between 15% – 25%.
Despite the demand it asks, Airbnb property management offers plenty of rewards. There are fewer regulations than in long-term rental management, leading to quicker issue resolution. It also provides a refreshing change to those accustomed to long-term Property Management.
The attraction doesn’t end at the administration side; clients also often find the flexibility and income potential attractive. For instance, one of Hayley’s clients works on a six-weeks-on, six-weeks-off schedule. When he’s away at work, the property gets listed on Airbnb, earning extra income.
For those Property Managers considering breaking into the Airbnb market, Hayley offers a few words of advice. Be picky about your clients, and don’t rush the growth process. Hayley suggests that Property Managers could manage around 30-50 properties well, due to the increased demand and income associated with short-term rentals.
Whether you’re a seasoned property management professional looking for a new challenge or a newcomer figuring out your options, Airbnb Property Management offers an exciting and lucrative opportunity. As Hayley’s experiences highlight, while it comes with its challenges, it also promises a great deal of reward.
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