Running an Airbnb remotely can be a great way to make a semi-passive income, but it can also be a lot of work. If you’re not careful, you could find yourself overwhelmed with stress and responsibilities. Once the listing is up, how do you handle all of those annoying but necessary tasks such as guest reservations and check-ins? And how do you handle the guests during their stay? What if something needs to be fixed?
Is it even possible to run an Airbnb remotely?
Yes – it absolutely is, and here are some of our best tips for how to make it work:
Finding the Right Property
When it comes to finding the right property for your Airbnb rental, it’s important to do your research. Expanding your search outside of areas in your immediate geographic location can give you a wide array of opportunities to pick from. But how do you find the right one?
First, consider your location. What kind of area are you looking for? Is there a particular region or city that you’re interested in? Once you’ve narrowed it down, start researching different neighborhoods and areas. Look for neighborhoods that are popular with tourists, as these areas are more likely to have rentals that are appropriate for Airbnb guests.
Once you’ve found a few neighborhoods that fit the bill, start researching individual properties. Look at pictures, read reviews, and get a sense of how a property in each area might perform.
Check Your Local Zoning Laws
If you’re buying a vacation rental as an investment, you’ll want to make sure that your local zoning laws allow for short-term rentals. Some municipalities have strict rules about how long someone can rent out their home or apartment without becoming a licensed bed-and-breakfast or hotel. It’s always a good idea to check how long you’re actually allowed to rent out your property.
There are also laws pertaining to parking, the number of beds, and the number of vacation rentals in a neighborhood. You should be familiar with any additional fees and regulations that pertain to vacation rentals in your city.
Put it all together in a Pro Forma
An experienced property management company should be able to help you forecast your future rental profit with a Pro Forma. This is a document that will help you to determine how much profit your rental will be able to bring in and how many expenses you’ll have.
If you’re looking for ways how to run an Airbnb remotely, it might be tempting to do everything yourself. But the reality is that managing a rental is a ton of work – and a lot of the day-to-day operations require someone on-site. If you are really looking to structure your Airbnb rental in such a way that you can manage it remotely and also keep your sanity, it’s vital that you find an experienced and trustworthy local property management company.
What does a property management company do for you?
While each individual property management company is unique, someone offering full-service property management should take care of every aspect of managing your vacation rental. Here are some examples of what can be included:
- Marketing and listing your rental property
- Decorating and furnishing
- Checking guests into your vacation rental
- Handling communication with your guests
- Taking care of maintenance or repair issues when needed
- Informing you of local laws, fees and taxes pertaining to vacation rentals
- Providing 24/7 emergency line to handle issues in real time
Some property managers can even help you locate and purchase your next rental property so you can keep expanding and diversifying your portfolio.
As you can see, there are a lot of responsibilities that go into managing a rental property – and without the help of an experienced local management company, things can quickly get out of hand.
Maximizing your revenue – and minimizing your stress
At first glance, it might seem like hiring a property management company will only eat into the potential profits that your Airbnb rental will generate. The truth of the matter is that a great property management company will help you actually earn as much or more than you would have by doing everything yourself. How does that work?
Finding the optimal nightly rental rate
A great property management company will help you find the perfect nightly rental rate. A price that’s too high will leave your rental vacant for weeks on end, and a rate that is too low will have you leaving money on the table. Nightly rates can be extremely dynamic and vary from week to week and month to month. Property management companies have access to professional data and software that helps them find the best rate for your property to ensure it’s generating the most revenue possible.
Airbnb isn’t the only game in town
If you’re interested in how to run an Airbnb remotely, thinking about how much revenue your rental will generate from other sites is a must. In addition to being on Airbnb, many landlords have success with listing their property on platforms such as HomeAway, VRBO and Trip Advisor. A great property management company should list your rental across all of these platforms and ensure that availability is synchronized between them to avoid double bookings.
In addition, some property management companies will proactively market your property on their own websites and social media. The more eyes you can get on your listing, the more likely you are to stay booked year round.
Turning your remote rental dream into a reality
Running an Airbnb remotely can be done if you know how to do it. The key is finding the right property management company with a proven track record and connections in your local market. This will make all of the difference when it comes to how much revenue your rental generates, how many guests stay at your place, and how little time you spend on day-to-day operations. With the right combination of a quality property and a trustworthy manager in your corner – you can finally kick, relax, and enjoy your investment.