Maximise Your Property's Potential With Short Term Rental Income
Whether you’re looking to buy your first investment property, renting out your family home, or growing your portfolio, it’s important to continuously look at ways to optimise the income from your investment.
Choosing the right short term rental manager
There are four things you should ask any short term rental manager you are considering working with. If they don't have answers to these four questions, if there is even a question of doubt, don't do it!
Do they know and understand the short term rental industry, the vacation rental industry and keep up know all the basics when it comes to compliance?
Does the company have great track records with good testimonials that display positive feedback or reviews which show they are going above and beyond for guests?
Most guests are good guests but are they being correctly vetted before short term renting your property?
We spend time looking at who’s inquiring before we respond to an inquiry to stay at your property. MaisonNets’ dedicated concierges check the detailed profile of every prospective guest before they enter your vacation property. The renter profiles include the location they inquired from, images they’ve posted online, and links to their various social media profiles – including Facebook, LinkedIn, Twitter, and more.
For automatic bookings available with some of the platforms we partner with, we have set-up very strict booking requirements. Your guests must meet our personal requirements and agree to house rules. They must also have a verified government-issued ID and be recommended from other hosts and have no bad reviews.
Are they able to maximise your short term rental property income and income potential by being exposed to all the relevant vacation rental sites as well as take direct bookings?
While listing your property on multiple sites can be time-consuming and require a lot of effort on your part, it’s important. Having the right marketing strategy is important and many property managers skip this part to just list vacation rental property on one or two sites, which is actually a huge mistake.
Other Questions to Ask When Choosing a Property Manager
When thinking of hiring a short term or Airbnb rental manager it is important to list some of the most important questions to ask before appointing your management company.
Having a competent and personable, professional hosting partner with great service and good marketing is what you should expect to manage your listing on multiple listing sites, not just Airbnb. If only all homeowners could have the type of manager they know will deliver and look after their investment. More reviews from travellers to their short term rentals would want to be as close to a 5 star rating as possible. This is why it's important to sound out your managing host and do all the research you need to.
What is the fee structure likely to be?
A good property management host will know the ins and outs of the fee structure or structures they’re offering. Check to see if they can give you the details with ease. An experienced property manager will be able to answer any questions you may have. You would want to ask your short term rental manager for the entire cost structure and not only their management costs to avoids any misunderstandings along the way.
We've written a blog post that delves into the (anatomy of an Airbnb management contract)
How many years have you been operating?
While they don’t necessarily have to be born and raised in the area where your investment is located, you still want your management to know and understand the business and the market in which they are operating.
A business hosting vacation rental properties should be up with the local laws and compliance when it comes to short term rentals.
How many properties are you managing and how are you doing it?
Always worth asking this particular question to get an idea to see if your potential hosting partner will have enough time to give your listing the right amount of attention it needs. They may, however have similar properties in a similar location and in so they will be able to give you information on rent pricing and occupancy for these similar properties. It isn't unheard of, though for rental managers to be overbooked especially if they’re bogged down by the many manual tasks associated with being an Airbnb host.
Other factors to consider are things such as the sizes of the properties and whether they have a team to assist them with the repetitive tasks. They might have virtual assistants as well as business software technology for automation to make their job easier. The important thing here is to find out how they manage to stay on top of it. Automated processes are great but companies who also provide a personal touch will make everything easier for you to achieve more positive reviews.
Do you screen guests prior to booking?
When entrusting your investment to your hosting partner, it might be good to ask how they’re intending to screen a potential guest or guests. Airbnb lets their guests rate their experience so hosts can check Looking at a guests’ rating can give property managers a good grasp of whether or not this individual has had any history of being a difficult guest. With other booking platforms there are certain procedures which can be put in place to guarantee authenticity
Try to also wait if they will ask you if you have any particular reservations when it comes to the guests you want to welcome in your property. Be clear whether or not pets as well as children are allowed.
Are you the person who will handle my property?
Quite often the person onboarding vacation rental properties is not the same person who will take care of your property day in and day out so you will need to clarify this from the beginning. While it’s not imperative that they be the actual staff who will do the cleaning, fixes, and repairs, you still need to know who will be managing your listing day to day.
Whilst there may be someone evaluating and onboarding your listing you should be inclined to talk to the account manager who will check on your property on a regular basis. The reason for this is that that person will usually be making the day-to-day operation decisions that will be looking at standard, marketability and how appealing it is to guests so that you can achieve those positive reviews an Airbnb owner chases.
Asking some of the right questions such as these will help you gauge whether a short term rental company someone is a good fit for you and your rental property.
As mentioned previously to make sure many potential renters can see your short-term rental property, so you should not just list it on popular sites such as Airbnb, HomeAway, and Booking.com. You should also put up your listing on sites like Stayz, Expedia and Tripadvisor for example to be able to capture more guests and a wider audience. (Here are more reasons) why you should list on multiple sites. We have integrated booking software which helps us to sync with over 50 major booking platforms.
Make use of our effective pricing strategies. We will optimise pricing and search to achieve higher yields and higher occupancy rates. You can earn more money during peak travel seasons and holidays by using dynamic pricing.
Airbnb Property Upkeep
To provide a high-quality Airbnb maintenance service, we conduct regular and thorough property inspections. Any maintenance issues that arise at your property will be addressed as soon as possible. By using effective Airbnb management property owners can have peace of mind with upkeep as we keep on top of any maintenance required when reported by your guests and our team who are constantly checking. Positive reviews are essential to maintain high standards for when your next guests arrive.
Styling and Furnishing
Your Hosting Partner will inspect your holiday home and make recommendations to present it in the best light possible. This could include adding eye-catching furnishings, a plant, or artwork.
As well as listing your property on as many sites as possible, you can attract more guests and reduce vacancy rates by ensuring your listing is optimised to impress your potential guests.
Redfern St. Styling Showcase
Most property owners don't know where to start when it comes to effectively styling their investment property to capture the market and increase their rental rates so that is where we can help you engage the right interior design stylist to help your Airbnb property listing maximise the returns with higher prices and help your next guests choose our properties over others.
It is also crucial that when wanting to increase vacation rental income that vacation rental owners have professional photos taken to enhance the cashflow potential so as to generate more bookings for their real estate investment.
Difference In Accommodation Nightly Rate Differs For Each Local Area & Various Cities
Nightly rates for short term rentals vary as demand will be for various reasons such as corporate travellers or vacation rentals and it is important that your own property manager to determine the right price and seasonally adjusted price for each different location. For instance areas such as Sunshine Coast and Gold Coast will attract more visitors who are after short term rentals for vacation so more income will be generated during peak seasons and pricing will be higher on weekends
Complete Guest Communication
Maisonnets property management provides excellent communication with your guests beginning with their enquiry and continuing throughout their stay. We'll vet them based on your specifications and make sure your home meets theirs
I had to travel interstate for a family matter and needed to cover my costs for the 4 months I was away. Noelle and the MaisonNets team were amazing and helped every step of the way. Decorating, photography, property maintenance, guest bookings - everything was handled professionally and graciously. MaisonNets kept my home almost fully booked and I felt very comfortable leaving it in their capable hands.Lilly, Avoca, NSW Central Coast