How to manage an Airbnb: pros and cons of self-management

Are you looking into owning an Airbnb rental property? If yes, one of the first and biggest questions you'll ask yourself is how to manage an Airbnb — after all, there's so many things to think about: from Airbnb cleaning, guest communication, maintenance checks, and more.

You’ll also need to think about whether or not you want to manage your Airbnb yourself, or if you want to try anchoring it with an Airbnb management company. This decision will have a huge impact on your hosting experience, since it influences your earnings and affects your day-to-day life. In this article, we'll talk you through the pros and cons of self-managing your Airbnb property so you can make an educated decision on which is right for you.

How to manage an Airbnb: the pros and cons of self-management

‍The pros of self-managing an Airbnb

• Personal control and high involvement: Self-management means you're involved in every step. You're on call for every decision, big or small. This includes greeting your guests and organising help with issues or maintenance that may come up. For those who relish this direct interaction and the autonomy it brings, self-managing can be quite rewarding.
• Control over pricing: Setting your nightly rate is more than just numbers; it's about valuing your property on your terms. Self-managing gives you the freedom to adjust your pricing as you see fit, tailoring it to market demands or personal preferences.
• ‍No extra management fees: By choosing self-management, you can bypass the fees typically associated with professional Airbnb management services. This can be financially beneficial, as it potentially increases net earnings from the rental property.

The cons of self-managing an Airbnb

• The hidden cost of time: While self-managing keeps your profits undiluted, it demands something equally valuable – your time. Being on call 24/7, handling maintenance, and managing bookings can be a full-time job in itself. This aspect is particularly challenging for those juggling other responsibilities or managing multiple properties.
• Dynamic pricing: While dynamic pricing is a benefit of short-term property rentals, understanding and implementing dynamic pricing can be a steep learning curve. It's a strategic game, balancing what you believe your property is worth against the market's fluctuations. Without the right tools or expertise, you might find yourself either undercharging or missing out on potential bookings. 
• Geographic spread and upkeep: If you have multiple properties across different regions, keeping an eye on each can be daunting. Ensuring consistent quality and addressing maintenance issues promptly becomes more challenging when distance is involved.
• ‍Airbnb cleaning and maintenance: While some property owners like the responsibility of keeping their spaces clean, meeting the high standards of cleanliness expected by Airbnb guests requires a lot of time and effort. This includes everything from deep cleaning to ensuring fresh linens – tasks that can become overwhelming, especially after back-to-back bookings.

How difficult is it to manage an Airbnb?

While the benefits of managing your property yourself are strong, the reality involves balancing various factors mentioned above. But if you find that the demands seem too taxing, remember that you can reach out to Hometime for help. Our expertise in property management in Australia can elevate your Airbnb's performance, offering you peace of mind and potentially higher occupancy rates. Hometime offers a variety of services such as:

• Property styling and photography
• Listing optimisation
• Cleaning services
• Revenue and booking management
• Guest management
• Property maintenance
• Access to Hometime's all-in-one property management software

Your choice in how to manage an Airbnb, whether it's to self-manage or partner with a service like Hometime, is a personal decision influenced by your time, resources, and aspirations as an Airbnb host. Whichever path you choose, it's about what works best for you and your goals.