Investing in real estate has been a great way to create wealth since the dawn of civilization, but Airbnb has created an entirely new market for property owners looking to become real estate moguls. Some of the most successful rental property owners in recent years built their wealth running an Airbnb. It also makes it easy for wide-eyed travelers to live like locals no matter where they go. Indeed, Airbnb is a win-win for property investors and travelers, and it’s an excellent example of the sharing economy at work.
While running an Airbnb is a great way to make money off your investment property, it’s not for the faint at heart. You have to provide a top-notch traveler experience to compete with the other Airbnbs in your area. Providing a great experience for visitors is even more challenging when you don’t live in the same city as your property. The good news is that with the right strategy and resources, you can run your Airbnb like a machine remotely. Continue reading to get some effective tips for running your Airbnb while in a separate location.
Hire a general contractor to manage home improvements.
Many homeowners like to be present while contractors are remodeling their homes, and some even choose to continue living in their homes throughout the entirety of the project. The good news is you don’t have to be present if you don’t want to, but you do need to have the right people leading your project. You should hire someone to be your check-in person on the location. They can serve as your eyes and ears on the property at all times like a remote personal assistant or regional manager.
You also need to hire a reputable general contractor who can lead the project and hire subcontractors if and as needed. You can spend your time googling “Phoenix shower replacement,” or you can let a contractor with years of experience find the right bathroom renovation company for your project.
Establish a partnership with a home maintenance company.
As a homeowner, you know that everything that can break down eventually will break down, and this includes every appliance in your rental property. That’s why it’s a good idea to establish a relationship with a reputable appliance repair company in the local area to provide regular maintenance and 24-hour service. Do your due diligence to find the best appliance repair in Honolulu, and look for companies that are certified by major brands like Kenmore, Frigidaire, Maytag, and others.
Hire a reputable house cleaning service.
It’s essential that you hire a house cleaning company to provide regular housekeeping services. You should also instruct your point person on location to schedule cleanings before and after every arrival and departure. The cleanliness of your home has an immeasurable impact on your reputation, so you want to be impeccable in that department.
Be accessible to your guests.
You might be running your Airbnb remotely, but you should be accessible to your guests. You don’t want them to feel ignored. After all, you’re still the host. However, if you’re not up to the task, you should consider outsourcing the job to a property management company.
Even though you won’t be present to manage day-to-day operations at your Airbnb, it’s your rental property and name that are on the line, so it’s vital that you stay engaged. “I didn’t know,” isn’t a sufficient excuse in the business world, as it’s your responsibility to know everything that’s going on with your investment even if you’re not directly managing it. If you remain diligent, you could become one of the next people to build generational wealth from passive income. But if not, you could become another cautionary tale of a careless real estate investor. With these tips, you can successfully run an Airbnb while enjoying life and tending to responsibilities from another location.