07 Aug Why choosing the right Airbnb Property Manager to care for your investment is vital
Over the last week, a large Airbnb Property Management company with over 900 properties under their management went bust due to poor and dishonest management practices. Hundreds of property owners lost thousands, and in some cases, tens of thousands of dollars in unpaid rental income. Naturally, this caused a large amount of financial strain and unwanted stress for those affected, leading some to take legal action.
Sadly, there are many companies out there that have jumped into a growing short-stay market based on the mindset of “how hard could this be? Let’s manage our own properties”.
When engaging with the services of a company to manage your prized asset, it’s very important to do your due diligence and make sure they are a good fit for you.
As an investor, you need to weigh up what is important when deciding which company is the best fit for you. It’s a process of elimination, so don’t be afraid to ask questions. Removing companies that have a bad track record is a good starting point for shortlisting companies you would like to work with. Remember: cheap is not always the smartest option. Don’t just decide based on who offers you the cheapest management fees because, in the long run, it can end up hurting you financially and emotionally.
When first launching Quickstay, we spent a lot of time listening to consumers to understand what Airbnb Property Management companies were doing well and what elements could be improved upon.
Some of the more common reviews left by unhappy property owners about poorly managed properties included:
- The company was too big so the service levels dropped off and were very poor.
- Monthly rental income was never received, or late in being paid.
- Additional fees were randomly added without our knowledge.
- Customer service centres were overseas and I could never speak to someone local.
- My property was only listed on Airbnb and not any other channels to increase occupancy rate.
And the positive ones…
- Great service levels and attention to detail.
- Fast to respond and resolve any maintenance issues that came up.
- Great guest review about the positive experience they had with our property manager.
- Management communicates well and always keeps us in the loop with what is going on.
- A very professional team that we’ve never had any issues with and happy to recommend them.
This research, paired with 14 years of experience in property investing, development, and property mentoring, came together to form Quickstay. We’ve helped many investors to grow property portfolios and improve their cashflow position. We don’t just manage your property, we understand what your property needs to help your overall cashflow position. We treat all properties as if they were our own home and investment.
We believe in win-win outcomes that benefit both parties fairly, but also believe that hard work, honesty and transparency go a long way to building a healthy and long-term relationship.
Quickstay is a boutique Short-Stay Accommodation Provider located in inner Melbourne servicing properties all across Victoria. Our staff and management are local and always contactable. We do not outsource customer service overseas and pride ourselves on the personal relationships we have with our clients. We are up-front and honest and fully transparent when it comes to our communication and our fees. We’re always looking for an edge to be better at what we do so will ask for feedback from guests as well as our clients.
If you or anyone you know has been affected by poor short-stay management and you need a better solution, we would love to hear from you.