18th February 2019
Airbnb Maintenance: Keeping Your Investment Pristine
The Problem with Long-Term Tenants
Maintenance is a major concern for everyone investing in property. It takes a significant amount of time and money to sustain high standards and to ensure the property retains and grows in value over time. With traditional property investments, maintenance can be an area of difficulty for many landlords. Regular upkeep is always limited by tenancy agreements and this can mean that there are large periods between check-ups, creating a situation that isn’t always ideal for those involved. There are also other factors, such as unreasonable wear and tear, which can occur with some long-term tenants that may not stay on top of things as much as an owner would.
It’s an all too common situation for landlords to find themselves in situations where property maintenance is put on the backburner due to circumstances outside of their control. Tenancy laws put a barrier between owners and their homes. For many, this can be a huge source of worry for those in the midst of dealing with tenants and those that are considering entering the market.
Many of those with tenanted property investments can find themselves with a lot of anxiety around their property upkeep and care. Some tenants will not always keep homes to the standards that owners would expect or desire. These types of situations can, at times, lead to major work needing to be done once the agreement is over and the residents have moved out. Exorbitant costs will need to be footed by the landlord and that can eat up a significant amount of income earned from the tenancy. In fact, some property owners can find themselves barely breaking-even when all costs are considered.
While there are laws in place and bonds paid to protect a landlords investment, actually tackling this can be challenging. The time taken to go through the process of tribunals and meetings will also drain finances, something that can deeply impact the benefits of property investment. Even in situations where bonds are able to be taken and compensation is made, it doesn’t always cover the expenses faced by the landlord. It’s very common for property investors to end up out of pocket in tenancies gone wrong and an experience such as this can put off even the most seasoned property owners.
Airbnb Offers a Solution
In contrast to long-term tenancies, short-term rentals are vastly different in terms of maintenance. Due to the nature of these investments, there is a lot more flexibility in terms of what landlords can do with their property. In-between each letting period, owners are able to inspect, clean and perform maintenance to their liking. Issues can be picked up quickly and changes can be made as soon as they’re necessary. The frequency to which landlords can take control of their property is imperative. As a huge drawcard for many, Airbnb is taking off as a first-choice for those looking to purchase an investment property.
Airbnb Investments Retain their Value
Airbnb investments, due to their capacity to be taken care of, are more likely to retain their value. By continual inspections and maintenance, issues are able to be picked up faster, ensuring anything that’s a miss can be dealt with head-on, rather than left until it gets worse.
While all property requires maintenance and choosing to let yours out on Airbnb won’t negate this, the difference is in the ability to take control over what needs to be done. Being able to easily make changes and the fact that items are likely to last much longer are huge benefits. Airbnb investments also offer the opportunity to avoid other tenancy issues that may be faced when housing long-term residents.
Maintaining an Airbnb Investment Property
Operators of Airbnb have three main ways of maintaining their short-term rental. If a host has experience with caring for a property, they will often take the DIY route, taking on full responsibility and cleaning up between each guest. This process will involve setting up the home to ensure it’s suitable for guests, stocking up with the necessary amenities and performing thorough clean-ups between bookings. You will also be required to inspect the property regularly to make sure everything is operating as it should if you wish to make the most from your efforts.
The second option is to hire contractors to perform tasks for you as you need them. This is a suitable choice for those that are confident in some aspects of hosting but wish to get assistance in certain situations. For example, someone may choose to employ a cleaning company for regular deep housekeeping but choose to clean between guests by themselves. This option allows a host to ensure the property is in great condition at all times through their own observation while also getting a bit of help on the side when needed. Hosts taking this approach will need to find their own contractors and organise appointments, so it does take up a fair bit of time.
Finally, there is also the option to work with an Airbnb property manager to maintain a listing. Management companies are hired by those looking to make their asset a hands-free investment, relying on a professional to keep everything running smoothly and ensure maintenance is taken care of when necessary. Airbnb management companies are very popular as they’re generally operated by experienced hosts that know exactly what guests want and how to generate the best results from the platform. This is an option that is an excellent choice for the time-poor or those with several properties to take care of.
Airbnb offers a multitude of ways of maintaining a property investment. While some owners choose to take on this task for themselves, with the option to employ an Airbnb management company to stay on top of the upkeep there is huge potential for what is possible with the investment. Whichever route is chosen, short-term rental investments are vastly easier to protect the longevity of and are known to be significantly more profitable than alternatives in 2019.