The property-sharing industry has been booming in recent years, and hosts are making a fortune from it. It's become such a lucrative investment that over 4 million people now host on Airbnb worldwide.
If you have extra living space, you may have considered short-let rentals yourself. Well, there are a few ways you can do that, but using an agency is usually the best route. Let's talk about some of the biggest benefits of hiring an Airbnb agency.
When you hire a professional Airbnb agency, you will be given access to professional photographers who will highlight the best qualities of your property; therefore expanding the reach and value of your property. The right agency will also be able to list your property on the UK's leading letting platforms such as Booking.com, Expedia, VRBO and more.
They will also have the expertise to optimise the content for search engines and make sure that the maximum amount of people are exposed to the listing as well as engaging with it.
So, what is an Airbnb agency and what do they offer? Well, they offer a wide variety of services, some of which we'll discuss. One of the best services they offer is valuable insights into your property.
When you hire the right agency, they will be able to provide you with valuable information about the performance of your property, customer reviews, and what needs to be improved. This provides opportunities for growth in your property's reach and value over time.
Most agencies will offer a portal that acts as a one-stop-shop for all of your needs, including collecting income, checking insights, analysing busy times, and more.
Having the right agency also gives you better insight into the people you are inviting into your property. Guest vetting services are one of the best ways to maximise the security of your investment and ensure that the right people are using your services.
Vetting is usually associated with longer lets. However, incorporating it into short-lets is just as important, as the increase in people will only increase the risk that something goes wrong.
When you have a team dedicated to your property, you're not paying employees who specifically manage your investment. Rather, the expenses are being shared across other properties that recruit the agency, so all of your needs are covered for a small fee.
Also, the right agency will be able to maximise your sales volume as well as the rent prices. While highlighting the best features, offering greater amenities, and diversifying your outreach, the right agency will have your cleaning times minimised, sales increased, and occupancy at full capacity. All of this combines to maximise the return on your investment.
Also, if you're thinking about renting out a property for the first time, you may be considering investing in a short-let property. If this is the case, let's make it clear with the numbers.
If you rent out a flat on a monthly basis for £1,000, that's just over £30 a day. That's a decent income that adds up to £12,000 at the end of the year before expenses. However, if you had that same property up for short-lets, you could be charging £100 to £200 a day, depending on your location.
If you are able to fill half of the days within a month for the booking, that winds up being £1,500 to £3,000 per month, or £18,000 to £36,000 per year for the one property. Again, that's with only half of the days being occupied.
There isn't a person in the world who wouldn't want more passive income on a regular basis. Well, having an Airbnb agency in charge of booking, vetting, cleaning, and more is the best way to do that. You'll simply be able to sit back and watch your investment work its magic.
You'll also have one point of contact for all of your needs regarding your investment, as well as peace of mind knowing that everything is being handled to your satisfaction.
If you want to rent out your property monthly for somebody to live in, you have a lot of competition. In the UK, there are over 13 million people currently renting their homes from private landlords. However, the short-let industry is still relatively new, giving you an excellent path to getting ahead of the competition.
One of the challenges with managing a property is that you feel trapped in that area. When you have to do the cleaning, upkeep, check-in, and maintenance on the property on a regular basis, how are you supposed to take a holiday yourself?
What about family time? Especially if you have a full-time job, adding extra responsibilities will only make it harder to spend time with those you love. Well, outsourcing these responsibilities allows you to get back to doing the things that you love while the income continues to roll in.
If you're looking to start a holiday let business, you're making a smart investment. However, there is so much uncertainty when you start a business by yourself, so having trusted and experienced professionals building up your business for you is a wise investment.
It also won't break the bank to get started. Most Airbnb agencies will only take a portion of rental income, so there's no impediment to getting your business off the ground. You can get your property listed and watch the money come to your bank account. Nothing more.
Now that you know what an Airbnb agency can do for you, it's up to you to make the decision. You can potentially increase your profits and lower your involvement or you can do all the work yourself. Stay up to date with our latest investment news and calculate your potential income to see what you could be earning today!