If you're unfamiliar with the concept of sharing your home via AirBnB, you might want to consider it. This is the same as providing a hotel room for rent; hosts will own the room while guests will stay in it. A property management service acts as an intermediary, dealing with the hosts and guests needs on their behalf. You’ll have the comfort of knowing that the bills are paid, repairs carried out and other chores are done. It's also a great way for guests to spend time with friends and family.
When you rent an apartment or villa, you get the room exactly as you booked it, amenities included. A property management service will know about local transport links and commute times, so you won’t have to worry about getting from A to B.
Is this something you've always wanted to try?
If this idea appeals to you, it might be worth giving it a try. You find out more about how it works by talking with professionals at a property management service, as they are often knowledgeable.
If you want to rent out your home, be sure to discuss your timetable with the property management service of your choice. As a business owner or other busy professional, you may find that you have limits as regards the amount of time you can spend in a day or in a week on dealing with your rental business.
How Does A Property Management Service Work?
The property management service will deal with guests directly, saving you time and worry about marketing your rentals, collecting rent, and handling repair issues. Plus, a good company brings its experience and knowledge of the local area to your rental business, giving you the peace of mind that your business is in good hands. They can inform guests about local attractions and points of interests, such as parks, historical sites, restaurants and bars, theatres and more. Some will provide guests with a guide of the local area to help them in their stay.
From your point of view, you will want to ensure that your property is respected and its condition maintained. As the owner, you lay down the ground rules about use of the property (e.g. smoking or no smoking, allowing pets, use of the kitchen), and make these clear to your property management service ahead of any guests’ arrival.
Managing Multiple Properties
If you own multiple properties, and you wish to rent these out to tourists or guests, then dealing directly with the guest in every instance may be an inconvenience, especially if you are a busy professional. You may not even live in one or more of your rental properties yourself, and so you might want a third party to keep a watchful eye over your rental as guests come and go. This is where a good property management service comes in - they ensure that everything runs smoothly when your guests arrive and leave, and inform you of any problems. In the rare event of a problematic guest, you would be informed in the earliest instance and the guest may be liable to pay for any damage caused.
The property management service will also liaise with any third parties necessary in regards to the guests’ stay and the condition of your property. They will contact cleaners, mechanics, and other relevant businesses and arrange everything on your behalf, so that your property is exactly as you left it when you return. You have no need to worry about finding and organising times and dates with any third party.
Choosing a Location
In terms of choosing the right property to rent out, you might want to have a look at popular locations which are searched for on AirBnB and other similar sites like SpareRoom. In many cases, the property management service will be very knowledgeable about touristic pulls (local attractions, events, festivals, transport links to the nearest city), so they may be able to help you in choosing when to rent your property, and which ones to rent out if you have multiple.
For properties in certain locations, a rental might be successful only seasonally, or during a particular time of the year; for example, properties in locations near Reading or Glastonbury might only attract guests during the festival season, but be very quiet at other points of the year. Other properties, for example those in locations with beaches like Cornwall or Newquay, might be less popular in winter months. Certain locations, of course, will attract tourists all year round, such as major cities like London, New York, Paris, Madrid, or even smaller locations with interesting attractions.