How to Manage Properties on Airbnb (Co-Hosting)

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Hey, what's up guys, it's James here and in today's video, we're going to be talking about how to actually manage other people's properties on Airbnb. Lately I've been talking a lot about Airbnb investing on this channel. But as a lot of you guys know, I got started actually managing other people's properties on Airbnb and built a business managing over 35 properties from other people on Airbnb and earning a full time six figure income doing that without having to invest any money into buying, renting furnishing any property at all. Now, it's still a fantastic way to get started, arguably an even better way to get started that when I first did it, because Airbnb and short term rentals have just been booming lately. And the opportunity right now the sort of potential for earning a full time six figure income managing other people's properties on Airbnb is greater than it's ever been before. And so in this video, I want to walk you through the step by step for exactly how to do that. And I also want to remind you, before we get started and dive into this, that down in the description below, there is a link to a free training that is going to walk you through the exact step that exactly what I did to start my own property management business managing other people's properties on Airbnb, I've now worked with over 650 students all over the world, helping them to successfully manage other people's properties on Airbnb and build a full time income doing that. So if you're interested in learning exactly how to do that, and getting access to a whole bunch of additional training for me a whole bunch of additional tools and resources that are going to help to make that journey easier for you, then I highly recommend you check out the link in the description down below to access that free training, it's a really great training, we've had 1000s of people go through it now. And it's all been really great feedback, people really enjoying it. So I highly recommend that you check that out. Again, the link is in the description down below. Now, let's start off. And I'm just going to be able to obviously, in this kind of 10 or so minute video only packed so much in. So I want to get started with just the sort of basics, the foundation. Now the very first thing you need to do if you're going to earn a full time income managing properties on Airbnb is you need to understand your target market. And so whatever area you're in trying to figure out exactly what types of properties or property owners you want to be working with in that area. Then from there, you really want to have conversations with these people. There's a whole bunch of different strategies for finding them and reaching out and having those conversations. But initially, the goal of those conversations should really just be to better understand their needs, their challenges and their pain points. Really, we just want to understand exactly what frustrates them what stresses them out? What do they not enjoy about managing their own property on Airbnb? Or if they're currently managing the property is a long term rental, and they're going to be looking to transition to short term rental. Why do they want to do that? What's the pain? Is it not cash flowing well enough? Is it not making enough money? What is it? Why do they want to switch over to Airbnb into short term rentals, maybe it's because they're not earning enough money. Maybe it's because they don't want to have to deal with an eviction. They don't like the increased regulations around long term rentals, whatever that might be, it's your job to then go and understand what those pain points are for them. Once you've understood that we can then use that later on to craft your messaging and craft your offer so that you're creating an offer and messaging that really targets exactly what those pain points are. And I always tell people that you are better off being something to someone than nothing to no one. And if you try to go and be everything to everyone, you're going to end up being nothing to no one. So hopefully that wasn't too confusing for you. But all I mean to say is that if you try to be everything to everyone, if you're just trying to, you know manage anyone's property on Airbnb and satisfy absolutely anyone that comes your way, then you're going to end up being nothing to no one, right? You're going to be speaking in such a general way and your offer is going to be so general that it's not going to be compelling, no one's actually going to want to work with you. Whereas if you try to be something to someone, you have to identify that someone pick a specific target client, and you try to really cater to them, then your messaging and your offer is going to resonate a lot more effectively with those people and it's gonna be a lot more attractive. So then from there, it's not going to be a push, you're not going to have to convince them to work with you, they're going to want to work with you, it's going to be much more of a poll, and they're going to be fighting over the opportunity to work with you because you took the time to really understand exactly what their needs are, what their challenges are, what their pain points are, what stresses them, what frustrates them, and you've crafted an offer that solves all of those problems. So that's the first couple of steps there's really just understanding your market and then crafting your offer and your messaging around the solution to those problems that your market specifically has. And then from there, you then want to take that offer and obviously reach out to people and so you want to find people that have their properties either on Airbnb on short term rental right now and they're managing themselves or people that you think would be a good candidate to transition from Allah Long term rental over the short term rental, and then you're gonna want to reach out to them with that messaging in that offer that you've created, that's ideally going to really resonate strongly with them. And for some inaction, they're going to be going, hey, wow, this person has the answer my prayers, they're inside my head, I want to work with them. And then from there, it's just a matter of meeting with those property owners setting up a time where you can actually go through the property, present them with a sort of slide deck or proposal that is going to show them through exactly what you do and what all the services are that you offer. And then going to give them some projections, that's I found a really important piece when you're managing properties for other people is they ultimately really want to know how well their property is going to do what to expect. And so initially, we really want to set expectations effectively and show them hey, this is what your property will be able to bring in as a short term rental property based on the data. And so you need to know how to grab the data and how to pull it in and actually formulate those projections. In order to do that. Now, again, the link in the description down below is going to give you a projection tool, it's the tool that we built to be able to actually analyze how well a property is going to do, and then show that in a clear, easy to understand way to the property owner so that you're gonna get completely free, if you just click the link down below and register for the free training on how to earn a full time income managing other people's properties on Airbnb. So again, I highly recommend you check out that training that's gonna give you way more detail than I can possibly give you in a quick and a 10 minute or so video. And it's also going to give you that tool to help you get started. Because having the right tools is a really big leg up so that you can really start the business off on the right foot. Now next after that, once you've got everything lined up, and they want to move forward, you then just have to go over an agreement with them. And so again, we can show you how to put that all together in the training that's down below. But basically, you just want to have an agreement that outlines all the expectations of your relationship, the term of the agreement, all the conditions, everything like that, once they're signed on board, now you've got to do what we call onboarding a property. And that basically means just setting the property up under all of your systems, making sure that it's all dialed in, and that you've got everything ready to go so that you can take over managing it. So this can be things like creating or optimizing the Airbnb listing changing over the account access so that you're the one that has the administrative login details, you're going to want to get professional photography, get a cleaner in there for a deep clean, that should actually come before the photography, and then making sure the property is just optimized, that's all dialed in. And then basically just getting it all set up with your other systems like for cleaning and your maintenance and whatnot. The other thing would also be guest communication, which you want to get dialed in as well. And then once the property is on boarded, you now just have a couple of jobs, you're pretty much at the finish line. So from there, you really just then want to manage the property, effectively optimize it, and then maintain your relationship with the property owner. So in terms of managing it, you're gonna want to have your cleaning team, your maintenance person or your go for like, we like to call them that's going to go for this, go for that whenever necessary. And then your guests communication team, which honestly can just be you for the first few properties, because the amount of time it takes to message a few guests here and there is very, very minimal until you have 510 15 properties. And then it gets you worthwhile to hire a virtual assistant to take that over for you. And so then basically, once you're going to be you know, have your cleaning team set up how your maintenance setup, have your, your guest communication person set up, managing that property is then going to be a breeze, everything's going to flow smoothly, we can use some software on the back end to coordinate all those different moving pieces so that the cleaners can schedule themselves, the maintenance person knows when they have to do maintenance, the guests communication person can contact the cleaner if necessary, and the maintenance person if necessary. And then that's where it can really run without you being a main cog in the machine. And then you've really got a business working for you, as opposed to you working for your business. That's when you transition from business owner operator to business owner. And then the last piece of the puzzle is really just optimizing things, make sure that you've got your systems dialed in for optimizing prices, because that is going to do two things, it's going to number one get better rates and better returns for the property owners you work with, which ultimately is going to make them a lot happier. And then two, it's going to make you more money because as a property manager with short term rentals, you're gonna be earning generally 20 to 30% of the total booking revenue. So the higher you can get that booking revenue, the more you can make your properties perform even better, the more money you're going to make per property, and therefore the more money you're going to make in your business overall, I even got some students that are earning as much as $10,000 a month with as little as five properties that they're managing, because they've dialed up the rates. So effectively, they've got the right types of properties in the right markets. Then from there, the only other piece left is really just managing that relationship with the property owner, which is essentially going to consist of just sending them a monthly statement keeping them updated with the property once a month so that they have that self storage check in and they know that everything's going smoothly. And that's really it. You know, that's everything it takes to actually run a business managing other people's properties on Airbnb and get to six figures, you know, earning a full time income managing other people's properties without buying properties, renting them paying for furniture you can really Get this business started with next to no money upfront, which is one of the amazing advantages. And that's the reason I started this business in the first place is because when I did, I was pretty broke and I couldn't afford to go and spend money on things like inventory supplies, things that are a typical traditional business would have attached to it when you're starting up. And so that's basically everything is going to take now if you want more details, obviously, I've packed as much value as I possibly could into this 10 minute video. But if you want more details, if you want step by step walkthroughs of every single part of this process really broken down into granular detail and you want like I said that projection tool for free, then there is a link in the description down below that's going to give you access to that free training for an unlimited time, as well as that projection tool completely free. So I hope you enjoy that. I hope you got value from this video. If you did, make sure you hit the like button it helps me out a huge amount with growing this channel and getting these videos in front of more people so I can help more people to really crush it with Airbnb. So if you could just take a moment and hit that like button, it would make a big difference for me and I really really appreciate it. Also make sure that you consider subscribing to the channel if you did like this video and you want to see more videos like this, then hit the subscribe button because i post two new videos every single week on this channel. So if you want to stay up to date with that, then make sure you're subscribed. Also let me know if you have any comments, questions thoughts anyone shared just let me know in the comment section down below. Other than that, I just hope you have a fantastic rest of your day and I'll see you in the next video..