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Answering Common Airbnb Management Questions

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SUMMARY:

This is the second video where I answer some of your frequently asked questions. This time, I go over five common and not-so-common questions about Airbnb property management and give my answers.

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The last video I did answering your questions went very well. It covered Airbnb investing questions, if that’s your thing. Check out my channel videos if you want to watch that one also, it was only two weeks ago. 

This video I go into five common Airbnb management questions. 

First, I answer:

I share with you why you’re probably asking this question and what to keep in mind.

Take note here! Using this advice could be the difference between 3x’ing your income on your first property. 

And that’s with the same level of effort.

Second, I answer: What’s the best location? Where do I focus on or manage?

I talk about the difference between the two management styles and how that changes my answer.

I also give a huge tip on the exact kinds of areas you can focus on to really skyrocket results and get lots of word of mouth referrals.

Third question: How do I get clients with no experience? Why would they trust me?

This is a Catch-22, but everyone has felt this no matter your business or job. 

There are many ways around this that I share in the BNB Mastery Program. 

But I do give you a great question to ask yourself to answer should you be thinking this same thing.

Fourth question I tackle: Can I really do this passively? Is this a passive income business?

With this answer it’s important to define “passive income.” I share my definition and how you can absolutely answer “yes” to this question.

Question 5: How much can I really make?

Ah, the big question. Is this worth it? Will I be rich? Can I afford my own rockets like the other billionaires?

Find out exactly where and how to place your expectations in Airbnb property management. 

VIDEO TRANSCRIPT:

What's up guys? It's James here and in today's video, I'm going to be answering some of the most common questions that I get asked about managing other people's properties on Airbnb. So I've got some common questions written down on my phone here that I get asked all the time, I just want to start answering through a couple of these. Now, before we dive into this, I started answering your guys' questions, I want to remind you that there's a link in the description down below to a free training, again, completely free training, that's going to show you exactly how I was able to build a six figure business managing other people's properties on Airbnb, I built that business in under 12 months, and I'm going to break it down so that you can do it even faster. So again, that training is linked in the description down below, it's completely free to check out, it's gonna walk you through absolutely every step and answer all your questions about managing other people's properties on Airbnb and getting started even with no experience, no background, nothing and without having to buy rent furnish any properties at all. So I would highly recommend that you click the link in the description down below and check out that training before it's too late. Make sure you register and grab yourself a spot. And let's go ahead and get started. So the first question that I get asked all the time, is what are what are the best properties to manage? I think a lot of these questions are people just wanting Okay, I want the quickest results, I want to get things as quickly as possible. And that makes sense. Like it makes sense to take that shortcut if you're going to learn from someone else. And you can get all these tips and tricks without having to figure it out yourself the hard way, that honestly is always the best way to do things when it comes to building a business. That's exactly why put together trains that I have why co travel the way that I do so yeah, this is a really great question, honestly, what are the best properties to manage? Ultimately, it depends a little bit based on where you're managing the properties. But the way you want to think about it is whatever properties are going to make the most money, those are the ones that you should be managing, because the great thing about managing other people's properties on Airbnb is the way you get compensated is that you're not making a fixed dollar amount per property, right, you're actually getting a percentage of the revenue on a property. And there's a lot of things that you can do to improve the performance of a property to make it worthwhile. And to make your income higher, you know, things you can do to optimize the performance. But at the end of the day, if you look at you know, for example, a four bedroom property, it might have the potential to grow 100 120 $130,000 in a year, whereas a studio apartment, in most markets, it's only going to have the potential to grow maybe 5060, maybe $70,000 in a year. So that being said, usually larger properties tend to be a little bit better to manage. But overall, you just want to look at your market specifically. And look for the highest performing properties in your market or the market you're looking to manage properties in if you're doing it remotely, whatever it might be, the ones that make more money overall are going to make you more money. And generally you're not going to be proportionally working that much more for those larger properties. Once you get now really high end luxury properties. Yeah, you're working more for your money, because there's just more to do as a property manager. But you know, for the most part, you can you know, the difference between managing a one bedroom or studio apartment versus managing a four bedroom apartment or a four bedroom house is not going to be that much, but you're gonna make a lot more money doing it. So you can just make more money with the same inputs. So number two is the best location. That's another question I get asked a lot like what's the best area? Where should I focus? Where should I manage properties. And again, that really depends, it depends on what you're trying to do if you want to do full service. Or if you want to remote, a lot of people want to do full service management, they want to work and take care of everything in which case, I generally recommend staying relatively close to where you're at. Because it'll just make things easier, it's not that you have to do it that way, it's just that easier. If you're doing pre check in management, which another one we talked about in the training down below. Again, if you don't know what I'm talking about, then don't worry too much about it, you can check out the train down below to learn more about all that. Um, if you're doing pre check in management, then that's when I recommend kind of discerning a little bit more on location. Because really at that point, you can go just about anywhere. And for that I like to look for areas where number one regulations are really nice and friendly. And where ideally the economy is pretty Reliant or dependent on short term rentals, that's always a great one. And I like to go where, where there's relatively low competition, not in terms of other property managers that I don't really care too much about. But I do like to look for areas that are kind of underserved with short term rentals. So I don't mean go and find a place that's got like three short term rental properties. But I like to look for those kind of underserved markets where there's not as many short term rentals available as there is demand for those short term rentals because that just makes it really easy to skyrocket performance and young. Typically in areas like that you get a lot of word of mouth working in your favor, so you can grow really quickly. The other great thing is just to look for areas that are underserved with property managers that can be really great. Not that I care too too much about competition when it comes to property managers, but there are some markets where there's like people want property managers to just don't have them. They're just not available. Back can be really great as well, because just so easy to get clients in those areas. How do I get my first client with no experience? This one I get asked all the time, like, why would a property owner trust me to manage their property when I've never managed someone's property before. And so it's kind of like catch 22 where to get your first property, a lot of people feel like they need to have their first property to get their first property. And the thing to remember is that that's how everyone has ever felt ever about doing anything new literally ever. Like, you know, people feel that way about getting a new job where they go, why would someone hire me when I don't have experience in this job? I need to get experienced to get the experience. People feel this way about starting any new business. Why would someone buy my service? When I haven't got the track record? Got the reviews got the experience, people feel this way about launching their listing on Airbnb, they go, Well, why would someone book my place when they could book another place that has reviews has a track record? And the reality is like there's a lot of different ways that you can get the job done. It doesn't you're not required to have a whole big track record and have a bunch of reviews. Does that stuff make it easier? Sure. Absolutely. Is it going to be easier to get your 10th and 20th client than it is to get your first? Yeah, I'd say so. But that doesn't mean that it's going to be objectively very hard to get that first property. At the end of the day, it's important to remember that people are paying you and they're hiring you to solve their problems. So as long as you can show them and convince them that you can solve their problems, effectively, they're going to choose to work with you. Now, one thing that helps convince people of that is for you to be able to show them, hey, I've worked with these people. And I've solved this problem for these people before. But that's not the only way to do it. There's a number of other ways. And again, inside the free training link down below, we go through all these in depth, there's only so much I can get into in this video right here. But you just have to think about it from that framework, that's kind of the lens you want to look at through is Hey, my job here to get this property management is going to be to show them that I can solve their problems. Now given that I can't show them that by showing them my past clients, how else can I show them and prove them and get them convinced the fact that I can solve their problems. And there's a whole bunch of really great creative ways to do this, that make it very easy, a lot easier than most people expect to get that very first client. So again, if you want the full training on exactly the step by steps, all the tools we use to do this everything and check out that training in the description down below. Next is can I really do this passively. A lot of people ask me like, Can I really do this passively. And you know, is this really a passive income business. And I like to kind of really address this head on in first off saying that there really is no such thing as passive income, except for maybe investing in index funds. Like really, even if you invest in individual stock, if you're actually investing I mean, you're not just gambling and just throwing money at it, then it's not passive, because you had to research to find that stock, that's time that you put into it. So really, there's not any income, except for maybe index fund investing, where if you're not really doing any, you know, research around, you can just put your money there, park it make a return, or you know, putting your money in a high interest savings account. Anything outside of that I wouldn't really call passive income. There's no such thing in this world as something for nothing, you know, no business is going to just create itself and just have money filling up your bank account without you doing any work. So if that's your definition of passive income, then no, it's not a passive income business. Nothing is a passive income business. But if your definition of a passive income business is a bit different and more in line with mine is, then I'd say yes. So the way I think about it is for a business to be passive, what I would consider passive, we're kind of using the more loose definition that allows businesses to be passive. That's a business where you can set up systems and structures and have the business manage itself relatively well. Once the groundwork is built, once the foundation is built, once the clients are in place, you can kind of set it on autopilot, and then work on it for maybe an hour, two hours, three hours a week, and have it run really effectively on its own. Now does this business meet that criteria? Absolutely. Because the key ingredients, that is number one, you need to have a system in place so that you're constantly making money without having to go and hustle for it. If you look at for example, the contrast selling real estate is a non passive is highly active because as soon as you sell one property, you're back to square one, you've got to go find another property sell, sell it, it takes all the hustle, you're making this lumpy income, where's the property management, you're making recurring monthly income. So once you've done the work of getting that first client, your jobs kind of done for the next couple years while you manage that property, all you have to do is manage it ongoingly and you keep having this money come in month after month after month after month after month. So then from there, to make it more passive, all you have to do is then put the systems in place so that management activity can happen without you being the one doing it and do that in a way where you're still really profitable on it. So again, we show you how to do that inside the free training inside our programs show you how to do that you can absolutely do that. And the great thing is you can do with 10 1520 properties. So Is it passive in that you can just you know have something for nothing? Absolutely not. But is it passive in the sense that you can build a business put in the work upfront to build a business and build the systems? So that long term you can have a business's producing income that's disproportionate to how much you're working on it and you're only working to you know, maybe a few hours a week to manage the business Yes, absolutely. You can't hit that it takes the right systems it takes work early on you have to build that foundation but it absolutely can be done. And then another one how much can I really make this is a question I get asked all the time as well how much can I really expect to make doing this and not totally depends on where you're located. It also depends on more than anything on your work ethic what your goals are, and when I say it depends on where you're located. Really, the only thing that depends on where you're located is how much you can earn per property, I would argue that you can earn just as much total no matter where you live where you're located, but per property it might be different and based on the properties that you're managing as well but how much can you make per property you're generally looking at about 700 to 12 $100 a month not can be even higher you can be making $2,000 per property per month. If you're managing more high end properties or just more high performing properties, how much can you make total 10,000 15,000 20,000 $30,000 a month for sure. But that totally depends on how much energy you're putting in how many clients you have ambition to bring on, you know how much income you actually want to make because let's be honest, like frankly, a lot of people are totally happy to just get to 510 $1,000 a month and just chill like not really focused on growing from there just kind of sit back and enjoy it and that's totally valid you know, if you want to have a lifestyle business and it makes sense you know, you want to do that you want to set that goal and there's no sense in chasing after something that you don't actually have the ambition chase after so it really depends but like really you know, you can grow this quite large. It just depends on your ambition what you're looking to do. Now I've got a bunch more questions but I can see that my time is getting quite long in this video. If you did like this format if you want me to do more videos like this, then let me know give me a like button hit that like button. That's the best way to let me know that you liked this content and you want more videos like this. If you have other questions, leave them for me in the comment section. If you have questions that you want me to address in another video like this, just type them into the comment section. Let me know they're I'm happy to get them answered another video. And again, I just want to remind you guys, if you really want the detailed walkthrough of exactly how to build a six figure business managing other people's properties on Airbnb, then be sure to check out that training linked in the description down below. It is so in depth, it's not even funny. We walk through absolutely everything and it's completely fleet free. Make sure you register for that before it's too late. And last but not least, if you're not yet subscribed to the channel, make sure you hit that subscription button to stay up to date. We post two new videos every single week. So you'll want to hit that button so you stay up to date with the channel and I'll see you in the next video.

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