They are a host of a short-term rental burden on scarce resources: time and money. A host needs to be creative, aware of the difficulties involved in running short-term rentals, and able to provide excellent service without compromising the quality of the visitor experience.
Here are a few ideas to save time and money as an Airbnb host to get you started.
1. Benefit from a property management tool
An online all-in-one property management software is one of the most useful resources for short-term rental providers (PMS). You can check your money, manage your cleaning activities and schedule, automatically connect with visitors, and much more with the help of hosting management systems like Lodgable.
Some PMS products, like Lodgable, also easily interface with your Airbnb and Booking.com accounts, automatically entering reservation data into a single calendar, saving you from having to handle this process manually. A uniform schedule would also do rid of the possibility of multiple reservations, which may result in negative reviews and Airbnb fines.
With less work, a PMS will make you a better host, simultaneously improving your Airbnb reviews and ranking. Numerous time-consuming procedures will be automated, giving you more time to concentrate on other things.
2. Understand the details of your budget
Although it may seem simple, you must thoroughly understand your monthly short-term rental expenses to save money. There are numerous possibilities for fast and simple budgeting tools, but if you want to synchronize your short-term rental management on one platform, choose a PMS that also offers financial reports. This information may be used to keep track of costs and identify potential areas of overspending.
You may manage fees, make homeowner reports and invoices, monitor your income and expenses with precise pricing breakdowns, and do much more with this tool. With this knowledge, you can make a budget for your short-term rental company that is both practical and efficient. You’ll feel less worried and yet be able to provide for the comfort and happiness of your visitors if you have your money under control.
3. Assess Your Contractors Again
Who do you contact if there is an electrical problem or a pipe bursts? Avoid hiring the one contractor you have experience with just because you know them and have done business with them in the past. Get bids from at least three suppliers or contractors to save money.
This might take a lot of your time, so when you have a task that could be more urgent, take the chance to compare new and experienced providers. You can check the price frequently, say once every six months to a year, to keep current. By just doing a little more research or negotiating, you may be amazed by how much money you can save on your short-term rentals.
4. Consistently maintain your property
When you’re busy trying to save costs, it’s tempting to let minor maintenance concerns go, but if you do so for an extended period, it might result in more serious problems. You can maintain a schedule for maintenance and stay on top of key concerns accumulated over time by becoming prepared and making plans in advance.
Property management software may assist you in streamlining this procedure to lessen the burden of these responsibilities. You may schedule jobs and add significant dates to your short-term rental calendar using a PMS with a vacation rental cleaning and maintenance checklist and management tool. This will help you to know when it is time for maintenance and inspections. Prioritizing routine maintenance each spring and autumn can help you remain on top of minor concerns.
In the end, neglecting to do this may lead to pricey repairs that are more expensive than the upkeep itself, or even worse, it might result in your short-term rental being unoccupied. When you’ve selected reliable contractors, talk to them about a suggested maintenance plan, add it to your online calendar, and concentrate on more urgent matters.
5. Go Green
Now is the ideal moment to do a home energy assessment (often referred to as an energy audit) on your house if you haven’t already. An energy audit is a quick and easy procedure that may help you save money and lessen your carbon impact, which will appeal to prospective tenants. To determine how well your house will perform, you may either schedule a professional audit (which is recommended) or quickly examine it yourself. While a professional energy audit will give you a much more complete picture of how much energy is used by your property, a thorough self-assessment can be a good place to start to identify some particular problem areas and give you the ability to rank your most crucial energy efficiency improvements.
Contact your energy supplier, such as the neighborhood electric company, to arrange an audit, and request that it be performed on your premises. If you implement their advised improvements, your utility costs should decrease. Energy-efficient homes may qualify for discounts from certain businesses, which can reduce expenditures.
Make hosting faster, simpler, and less expensive.
Being an Airbnb host has its hurdles, but simplifying duties may help you save time, and keeping up with maintenance and repairs can help you save money. Take advantage of our free trial if you’re interested in learning more about how Lodgable can support you with these initiatives. Start here by clicking!