What do you need to know to run a successful Airbnb business in 2020? We’re going to talk about the qualities and outlook all Airbnb property managers should know!

FREE TRAINING:
Earn a full-time income managing other people’s properties on Airbnb:

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FREE TRAINING:
Become a top-performing host on Airbnb:

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FREE DOWNLOAD:
Get your free profitability projection tool:

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AIRBNB FOR DUMMIES:

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First off, in order to be successful managing properties on Airbnb in 2020, you need to know that problems are a good thing. What that means, is that problems in the market, whether it be problems that hosts are facing, or problems that property owners are facing, are a good thing for us as property managers. Often, people get scared off when they see that hosts are having challenges with getting support through Airbnb, or they are experiencing difficulties in the market.

But think about it this way: as property managers, we are in the business of solving problems for hosts and property owners. So the more problems they have, the more challenges and frustrations that they are experiencing, the better for us! It is our job to find creative solutions to these problems, and add value to our clients. The more effectively we can solve those common problems and pain points, the easier it will be to get and retain clients, making more money through management fees.

The second thing that’s essential to remember is how important data is to succeed with an Airbnb management business. The reason we’re able to outperform most other properties is that we are using an effective pricing strategy that isn’t based on emotions but is based on data.

Most hosts will have an idea in their head of how much income they want their property to bring in every month and base their pricing off of that idea. But pricing properties like that isn’t the way to ensure you’re maximizing revenue on your property, adjusting prices based on reliable data points.

The third thing that is extremely important for success in an Airbnb management business in 2020 is risk mitigation. Wherever you can reduce the potential downside or financial risk that isn’t necessary and isn’t worth it, that’s an important thing to do, especially in these times. For example, businesses that failed to move operations online and stuck solely to the riskier brick and mortar method, there’s a lot of those businesses who haven’t succeeded and have needed to close.

While maximizing upside is important, I would say that mitigating your downside is actually more important. An example of that, in my opinion, is rental arbitrage. You’re making a large investment in a property that is risky, there’s a lot of overhead, and you don’t actually have any equity in the investment like you would if you owned the property. While that is a model some people use and it is possible, I don’t think it’s a good option for 2020 because of the risk involved. Especially considering the other option, the management fee model, where there isn’t the same risk and no additional capital outlay at the beginning.

The fourth thing that’s crucial to know is that guests want flexibility. Now, more than ever, flexibility is becoming an essential need for guests. On the Airbnb platform, you can filter your results based on cancellation policy, and that’s something that is extremely valuable from a guest’s perspective. So as much as from a financial standpoint it’s better to have a strict cancellation policy, it’s important that we continue to adapt to the needs and wants of the customers, being flexible and understanding.

The fifth thing you need to know to manage and grow your Airbnb management business in 2020 is that adaptability creates opportunity. We touched on that a bit when looking at cancellation policies, but it goes further than that. So we’re seeing how important it is to adapt your listings to cater to the additional concerns and desires that guests have right now. Some examples of this include cleaning protocol, high speed internet, on-site amenities that are open and can be used by guests. So you want to promote and cater towards what guests are actually looking for right now.

The free training that’s in the links show how to build this business successfully, walking you through step by step how to earn a full time income managing other people’s properties on Airbnb.

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