Why to Hire a Property Manager for Your Airbnb in Canada?

In countries like Canada, overseeing an Airbnb property may prove to be a very profitable business, but this involves handling a number of issues and concerns. It has been affirmed that the Best Airbnb Management Company in Toronto adds value to your property as well as increase your return on investment. Let’s discuss some advantages of hiring a property manager for your Airbnb business with references to the real data and case studies, based on the market of Canada. 

What are the Tasks and Responsibilities of an Airbnb Manager? 

Basically, an Airbnb Property Manager will help you reduce your workload. From handling logistics to taking care of the property without you ever worrying about it, here are the things that they do for you: 

1. Marketing and Listing Optimization: It is most likely one of the largest responsibilities of an Airbnb property manager: showcasing your home and finding renters for it. In order to do this, they use their information and experience and improve your positions in the booking services using beautiful photos and descriptions of the location. 

They also give competitive market rates so that the individual, firm or business entity can benefit fully from the capital sought. 

A property manager is aware of the Airbnb platforms and all platforms that offer short-term rents. For example, a property in Toronto was listed in the market by a professional thus the occupancy level escalated from 60% to 90% in a few months with a proper marketing strategy.

2. Facilitating communication with the guests: Another problem faced by individual hosts is to deliver professional and timely communication. Property managers have complete authority over managing all inquiries, bookings, and problems from the guests. They are able to respond promptly, thus ramping the rating of your listing and increasing bookings. 

3. Clean the property: They get the property ready for the next guests and ensure every sequential guest is comfortable. They handle all sorts of problems regarding the property such as maintenance work, repair as well as recurrent inspection and periodic examination of the machines. Cleanliness and maintenance leads to improved reviews, and this has an impact on the number of bookings leading up to a 20% increase.

4. Dynamic pricing to get the highest revenues: The Best Airbnb Management Company in Toronto employs optimized pricing strategies and market research data to increase rates based on the level of demand, time of the year, or specific events. 

This strategy can yield a great impact when it comes to the generation of revenues in an organization. It can be noted that dynamic pricing can increase rental yields by 20 – 40%. For example, any cheaper Airbnb in Toronto may attract expensive prices or rent during the Toronto International Film Festival. 

5. Time Savings: You can relax while a professional manages your Airbnb for you, without the strain of dealing with various issues and suppliers. This can save your time and you can do your other work.

6. Less legal headaches: It has never been an easy task to deal with local authorities and meet their requirements where compliance issues are concerned. There is a whole line up of legislation that a landlord has to go through. 

License, rents, deposits, and legal notices and such periods for tenancy agreements are some of them. Property managers are aware of all the current laws and ensure your property complies with all the laws to avoid getting a fine and other legal problems. Also they are capable of drafting all the necessary documents, gathering the signatures and you are right back in business. 

In some places like Toronto and Vancouver, laws regarding the short-term rental business are strict and that means there is a need for professional management. 

7. Effective Screening of Guest and Security: Property managers are very careful and adhere to a strict procedure to conduct interviews and somehow filter or review the potential guests in the property. They help identify the guest and read review comments, as well as make policy explanations to avoid or reduce risks. When implemented, this tactic can be very effective in averting problems that may emerged and harm your investment. 

During screening process they will check all the details of the guest such as:

• Credit checks

• Employment and income

• Landlord references

• Eviction history

• Criminal convictions

It will help you attract only such tenants who can pay on time, those who respect your property and those who will not be looking for another house in a short while. 

8. Financial Management and Reporting: Property managers are also responsible for all financial issues such as setting prices, receiving payments, taxes, and bank statements. They give financial reports that include monthly or periodically comprehensive financial statements regarding the property, so that you can invest properly. It assists in decision-making regarding your property since you get to see all the details.

Hiring the Best Airbnb Management Company in Toronto

According to data, professionally hosted Airbnb attributes have 75% occupancy rates while for individually hosted ones, the average occupancy rate is at 50%. With the help of experts, you may have dynamic pricing that boosts rentals’ incomes by the 20-40% mark.

Transparent, professionally managed properties are occupied 10-15% more than that owned by individuals. Airbnb surveys have shown that the properties that have been managed professionally have 50% higher ratings on the five-star scales.

Here is an example of All Property Services- Best Airbnb Management Company in Toronto helped one of their clients in better revenue generation. Jane is one of the struggling Airbnb hosts who provide accommodation in Toronto while holding a full-time job. Her occupancy rate was low; she got several complaints regarding cleanliness as well as communication breakdown. 

As if that was not enough, Jane went further and contacted All Property Services, and a magnificent change happened. The occupancy rate went up from 50% to 85%, the income was doubled, and her property was getting 5 stars consistently. The professional management not only affected her positively in terms of earnings but also in terms of psychological well-being and time.

Conclusion

Outsourcing with a property manager for Airbnb comes with many advantages such as, higher revenue and ratings, full occupancy and countless opportunities for guests satisfaction. Professional management increases your chances of efficiently marketing your property, setting relative prices, and maintaining the properties in good condition as a way of enhancing customer reviews and hence more reservations.

Whether you are a superhost on Airbnb or a new host, you should hire a property manager to make your Airbnb business even better and more profitable. If you’re looking for  Airbnb Property Services, Property Management Richmond Hill, or in Toronto, reach out to All Property Services.