Many people who are learning how to start an Airbnb often find it much more convenient to use a hosted property management service instead of trying to handle things on your own. This page will break down everything you need to know about this kind of service.
Why You Might Need Hosted Property Management
People who use a service like this usually share a similar set of stories – let’s explore some of the common scenarios why people use such property management.
You Aren’t Making Enough Money
This is a very typical complaint of people who end up working with hosted property management. Everybody has some sort of target income that they need to reach. When you use a property management company you typically work with a team of experts.
People who are experts in the hospitality/Airbnb industry usually have better expertise with how to find and handle guests, how to do marketing and promote the property. That, and the basic know-how and processes to keep your property generating the desired sum of money each month.
You’re likely to earn more using hosted property management than you would on your own, the fee included.
You Have Other Things to Do
Many people who own properties reached this point by working hard and saving up money. Typically, just because you have purchased property doesn’t mean that you are done working, though. If you are too busy with work and Airbnb concierge service to handle your property, you might be best off using a hosted property management service. Good ones take care of everything A-Z – cleaning, Airbnb maintenance, check-ins, Airbnb key service, and more.
You Live Too Far Away
It is common to purchase a property in a place where you don’t live. Usually, people in this category want to come back to their property annually for an extended period of time. These people make great candidates for short-term hosted property management.
People who have several properties far away from each other like this sort of service because it allows them to generate money on the fly without spending any time on their property. Best of all, they can come home and use their property in tip-top shape whenever they wish.
Features to Expect in Hosted Property Management
If you consider using a hosted property management service, it’s important to become informed about what kind of features you will receive. There are actually many different services which you can receive, and the percentage of each booking that you pay will typically rise as you subscribe to more and more services.
Below are the different services offered by hosted property management companies.
Basic Property Management
Basic property management usually entails having a set of eyes watching your property to handle basic things that you would otherwise be doing. This includes tasks such as maintenance, bringing in the mail, cleaning the property, and so on.
When it comes to actually handling your bookings and finding new clients, you will typically need to pay a little extra. Basic property management is usually affordable, only taking a small percentage of each booking. The large chunk of the profit goes right back to the owner.
Virtual management like Airbnb property management software is great for those who live close to their property, but simply need assistance with the online and digital portions of managing their rental. This usually includes actions such as professional photography, profile optimization, and online booking management.
Those who receive virtual management have access to an online team of booking and marketing experts that will work with your financial goals and needs. Typically, people who use this type of service will be ready to arrive at the property on a moment’s notice should an emergency occur.
Full hosted property management takes virtually everything off the plate of the owner. In addition to any of the features we offered above, full property management services will handle concierge services, maintenance & repairs, cleaning & laundry, and so on.
This is the best option for those who simply cannot manage their own property. Or, those who don’t want to invest the time that is necessary to do it right. Full management usually only takes a portion of your booking price, leaving the larger chunk of profits over to the owner.
If you are looking for such an option, Whome might be the best fit.
Hosted Property Management in a Nutshell
Hosted property management can either do a large chunk of the job necessary to manage rental properties or a small portion. It depends on what your needs are and what kind of budget you are working with.
Typically, getting hosted property management requires you to pay 15 to 25% of your rental booking price. When you consider that you can even take a complete hand-off strategy and let the company handle everything for you, this is a great way to create some truly passive income.
Whome is a hosted property management service run by hospitality experts from 5* hotels, such as W Hotels and Mariott.