Are you in a job you don’t like or simply looking to cast your financial net wider? One place you could start easily today is with AirBNB opportunities.
AirBNB is an online marketplace that offers hospitality services for people looking to rent or lease accommodation facilities. These facilities could range from apartments to homestays, hostel beds, vacation rentals, hotel room etc.
Having been around since 2006, AirBNB has continued to change the lives of those looking for reliable accommodation and those seeking to cash in on the same.
The good news is that you don’t even have to have your own place to rent out in order to take advantage of the trend.
Steps to Starting Your Freelance Business as an AirBNB Property Manager
Identify a Gap
You need to first identify a gap in the market before thinking of starting a freelance AirBNB property management business. There are various indicators here and studying them does not require in-depth knowledge and understanding of the dynamics of the hospitality industry.
How frequently does the target location receive guests and are there enough accommodation facilities? Don’t count yourself out if the only place you have to rent is in Podunk, State that Starts with a Vowel. There are still ways to make money!
Some people want peace and quiet. Others want an artists’ or yoga retreat. Still others may just want to get away from fast food, wifi, and traffic with some unplugged time. Look at some of the offerings on the AirBNB site for ideas and think of how you can make your space unique. Figure out what’s missing and look to tailor your offering to that niche.
Some things to consider…
Do you want to offer full meals or just breakfast each day? Think of ways you can make mealtimes special.
Can you afford to pick up guests at a nearby airport? This could increase the interest in your property for people who don’t necessarily want to get a car.
What activities are in the area that can draw in people from all over the world? Sometimes people just want the experience of speaking a new language for a full week, living on a farm, or camping under the stars. Keep in mind that AirBNB offers opportunities for much more than just a bed in a room. Be creative!
These are some of the questions that will enable you to make an informed choice on the expected scope of your services.
Identify a Property
One advantage of offering your own property is that you won’t have to split any profits. It also enables you to personalize your services to the guests as you can attend to them any time because you are virtually living in the same place.
You don’t even have to offer space within your home. You can build a “glamping” space or a yurt in your backyard to offer. Set up a tiny home to bring in some income. There are even AirBNBs that are motor homes or RVs in driveways.
If you don’t have property of your own, don’t fret because there are a lot of people willing to lease out their properties. All you need to do is check online forums and other house-sitting sites to discover a property that is within your ideal area.
Yes, you might have to sell the idea to the home or property owner, but you will be surprised how many people have homes that sit unused. Bring someone a good idea and they will be likely to go for it if you explain the benefits.
You could be either an on-site property manager or manage several AirBNB locations in your area. This means you will need to do a bit of traveling each day to check guests in, prepare meals if needed, wash linens, and change out rooms upon check-out. Or you could live onsite at one larger property where you rent out the rooms individually.
Once you have found a property or several properties, assess the general conditions such as the accessibility to main roads, the overall cleanliness, and if any repairs are needed. Then you can discuss with the property owner on the expected profit split ratio – usually 70% – 30% or 80% – 20%. Make sure you get a contract and have a legal representative look it over. They can also assist you with things like insurance and what to do when there is property damage or injury. AirBNB also offer some of their own insurance as well.
Advertise on AirBNB (or one of the many other vacation rental sites)
Ensure you have taken great photos of the spaces so that you can attract great guests. As you take the photos, focus on features such as the house curb appeal, the lawn and backyard, and above all the interior areas such as the bathrooms, bedrooms, and kitchen.
Try to add some crucial information such as the closeness of the property to shopping malls, the size of the backyard, and the kinds of services offered. It is always a good idea to hire a professional photographer as a well as a content developer to make this possible.
Assess the Scope of Services
If these activities are added to the other duties such as bookkeeping, you may find yourself doing too much work which can affect your overall productivity. Though not uncommon, hiring an assistant may not be such a bad idea. You can delegate some duties to them to ensure a more efficient workflow.
Once you have taken care of all the above, you are good to go. You can now respond to reservation requests and receive guests in your property. As a measure of due diligence, always ensure your facility offers top-notch services. Keep it clean, be warm and pleasant, and always try to go above and beyond.
And, finally, don’t forget to ask your guests to review you on the online review pages or community forums. This will go a long way in winning you more clients down the road.