How To Invest and Manage an Airbnb Property Out of State

This is how to set up and manage an Airbnb property from out of state!

Airbnb Investor Academy: https://financial-freedom-university2.teachable.com/p/airbnb-investor-academy

PriceLabs: https://lddy.no/tld7

YourPorter: https://yourporter.com/?r=michaelelefante

See ALL resources I provide, including all of my investment analysis templates and much more!
https://stanwith.me/melefante6

Why you should self manage your properties before considering using a property manager
- They will charge you (typically) 20-40% of revenue. This eats into your revenue and ultimately your cash flow and profitability!
- They don't need to have someone sit in a management office to provide keys and resources for guests anymore - you can do this virtually and with keyless entry, etc.
- They don't need to pay money to market your properties anymore, at least not to the extent they used to. Most bookings happen over Airbnb, VRBO, Booking.com, etc.
- YOU can automate around 90% of the work through technology and smart applications! This used to consume a TON of time, but not you can automate much of the day to day, making it possible to manage multiple properties from a distance on your own!

Here are the necessary steps to setting up and managing an Airbnb property from anywhere!

1) Cleaners. You MUST interview and hire GREAT cleaners. They are the most critical part of your team. Make sure to pay them well and tip them when you have consistent, positive reviews from guests! You should make sure your cleaners use some sort of calendar syncing tool to make sure they are up to date with your bookings, check in and check out dates, so you don't have to constantly communicate this information. They will also be in your property more than any other person, including yourself. They will communicate damages when they occur, which is critical so you can appropriately charge guests if necessary.

2) Maintenance. This includes preventative maintenance, routine check ups on your property, landscaping and HVAC services. It is important to outsource this at the forefront and trust me.... it is worth paying a monthly subscription to have this done for peace of mind and knowing that if an issue does occur, you don't have to scramble as much to figure out the resolution, especially not living close by! You can use services such as Mend bnb - depending on what city you are currently in. They are quickly growing and expanding into new markets. You can also lean on your cleaners if they are handy, offer to pay them a fee just to go out and address any issues, minor and major and then pay them additionally for time and materials! This is a win win situation, because if your cleaners are the ones doing some maintenance, they will go out of their way to check of issues and ensure they are fixed in a timely manner for you!

3) Keyless entry. Use locks that have both a keypad so you can provide codes to guests instead of a physical key. This will eliminate the potential for keys being lost or accidentally taken at check out. Get a smart lock that also has a physical key hole so you can use that as back up incase the battery dies of the keypad malfunctions.

4) Security Camera. Have one at the entrance to your property. This will allow you to check in on the place from the outside, ensure cleaners are showing up and leaving on time, make sure no parties are being thrown at your house, and just give you some peace of mind.

5) Property Management Software (PMS system). I personally use YourPorter, but Smartbnb and Guesty are also well known and heavily used platforms. This will allow you to automate much of the day to day. It will cross sync calendars between platforms such as Airbnb, VRBO and Booking.com, it will allow you to send automated messages to your guests, auto review your guests, sync calendars and messaging with your cleaners and maintenance, and much more. A good PMS system is a MUST in my book.

6) Automate pricing with a smart pricing tool such as PriceLabs. This was honestly one of the biggest time savers for me! You can set up customizations to intuitively change pricing based on time of year, day of week, min stay requirements, and much much more... The coolest part of this tool, is it will change your pricing for you based on not only your customizations, but also demand in that local market! So it will up your pricing for high demand days, and lower for low demand days. This will allow you to capture MORE bookings, boosting occupancy rate, and also charge a higher daily rate for dates that are heavily searched for.

That is how you can automate much of the day to day and put systems in place that allow this to be a (mostly) passive income investment that can pay extremely large dividends in the form of monthly cash flow. Any beginner real estate investor can do this! You can also start with little or no money in real estate. Consider rental arbitrage or cohosting to start out or perhaps partner with another investor!