It was not too long ago when property owners in London would have to go through a Rental management agency or a broker to make a deal for renting their properties out.
But times have changed and AirBnB has revolutionized the business.
Now every property owner is turning into a rentalpreneur or a microentreprenuer in the current sharing economy that has taken the global world by storm and rightly so. In fact there are individuals who are specifically buying properties just to let out on AirBnB.
No more the encumbrances that usually were part of the previous way of doing business â€“ its more about the freedom to be able to choose how short/long a stay the host wants to give out the property for and thus be able to completely maximise on rent incomes in various flexible ways. Also itâ€™s important to remember that with short lettings the owner can use the property as and when needed.
Also AirBnBâ€™s jaw dropping $24billion valuation in June 2015 with revenues between $850-900 million has made everyone the world over sit up, take notice and also wanting to be a part of this success story. Airbnb was founded in 2007 and has become the brand of choice for Lifestyle Business Entrepreneurs who travel extensively and want the personal touch rather than the sterile environment of hotels.
So AirBnB has fast grown in popularity across all kinds of travellers, as there is room for everyone on it.
And even the hosts get to benefit in ways beyond just the actual income- they get to meet people of varied cultures and share experiences which sometimes also lead to great friendships and relationships.
But this way of doing business in the property domain does not come without its pitfalls.
The crucial factor for many hosts/property owners is the fact â€“ Is my Home truly protected or taken care off not just with the guest screenings but key services that make all the difference- fresh laundry, impeccable cleanliness, protection against theft and damage etc..
And to top it with a service where the guest feels completely at home and the property owner feels at peace knowing that the property is being taken care off before and after the guests depart.
What is imperative here is the â€˜Trust Factorâ€™. Of being able to trust the management services that the property owners sign on to take care of all of the above.
Letâ€™s take a look at what are the essential key services that a property owner/rentalpreneur will look for in a management service outfit.
Showcasing the property via professionally shot images etc (This requires a certain skill in being able to shoot alluring images of the property to be listed)
Guest Approvals & Communication
Meet and Greet Guests + Passing the Key
Housekeeping + Laundry + Fresh Linen
Property maintenance and co-ordination
In recent times there has been a spate of various management companies that have all come up to get their share of the pie that is AirBnB. But the question is how many can deliver and do deliver upon their promises.
What is crucial here for the rentalpreneur/property owner to ask of/understand from a management service before taking them on-
â€˜Are they here to build a long-term relationship with me or are they in it only for the short-term gain?â€™
â€˜Can I trust them even if I live in another city/country?â€™
â€˜Am I assured of security and safety of my home and its valuables etc?â€™
â€˜Will I get 5-star ratings for my property if I engage with this management services company?â€™
â€˜Does the team share the same philosophy?â€™
These are all crucial questions that you as a Rentalpreneur must ask prior to getting anyone onboard.
Most management services in the AirBnB domain are impersonal and are genuinely not caring enough to go that extra mile and this for most property owners can be a make/break deal.
We at Hello Guest constantly keep endeavouring to ensure that our property owners not just get to know us face2face but also understand us and our operations at every step of the way.
Transparency is the key to build long-term relationships that are mutually beneficial to the property owner and the management team.
At Hello Guest we reinforce flexibility and true partnership with property owners by not getting into any fixed length timeline in the contract. This means that both are happy to continue developing this relationship or leave it if the client for any reason is not satisfied with our services.
So for your peace of mind whilst you sit back and let us maximize on your property why not get in touch with us and see how we can be your partners in business. To contact us click here.