London is one of the most expensive cities, but that doesn't stop hordes of tourists even from southeast asia and businessmen from visiting every year. Naturally, there are plenty of options for accommodation including hotels, hostels, and Airbnb. Some people prefer to use Airbnb over hotels because they’re larger, offer greater amenities (washing machine, dining table, hair dryer, smoke alarm, carbon monoxide alarm, hot water with tea and coffee and some house rules), and allow for privacy.
They also have their own cancellation policy. With so many visitors and interest in Airbnb in London, you would like to assume that it’s a gold mine for revenue. However, you need to factor in the challenges, which include considerable competition and the 90 day holiday let rule.
To navigate the world of Airbnb website or app and maximise profits, many property owners rely on Airbnb management, and here’s why. Start your search in this article and become a professional host and provide some unique services in order to offer the best stay. Every one will give 5 stars, either long term o short term stays.
To avoid hassles, there are things to know.
Indeed, working with a property management company may be helpful. You can also choose a language you want to speak with them. A property management company that looks after a bright and diverse portfolio of properties as Airbnb hosts and protect your payment never have inaccuracies and other issues. With the help of a property management company you are offering the best stay for 1 guest tha need 1 bathroom.
Properties are selected carefully and a property management company concerns all our properties. In fact, properties receive a deep professional cleaning and disinfection
Challenges of Managing Airbnb Property in London City Relay Airbnb
If you’ve ever visited London, you’ll already know how enormous it is. Split into 32 boroughs, each distinct area brings some fresh options in and around it. For example, Camden brings plenty of alternative art, quirky shops, and delicious street food. Whereas nearby Islington packs plenty of nightlife, retail, and dining.
When people visit London (in United Kingdom), they know which borough to search for accommodation in. Property owners understand this, which is why there are so many registering with Airbnb. This means there are plenty of choices for visitors to find accommodation, which is part of the problem. Beating the competition means marketing properly, which involves optimising Airbnb listings and providing the best service - at the most affordable price.
Back before January 2017, the Greater London Council (General Powers) Act 1973 made it illegal for property owners to take short lets (less than 90 days). Therefore, to operate an Airbnb, property owners had to apply for planning permission. To make life easier, the London Airbnb rules were introduced, which ruled that Airbnb owners were only allowed to let their home for 90 days (or less) in any given year.
How to Work Around the Airbnb 90 Day Rule
In the United Kingdom, there is only London that has to follow the 90 day regulations. However, if you travel over to Paris, you will find short let restrictions at 120 days. To cope with the 90 day regulations in London, you may consider adding a property in a different city to your portfolio, which can pick up the slack. It is okay to rent long term and have long lets. A fast response time, within an hour, and check availability may be helpful to increase the response rate.
The 90 day rule is there for a reason and can’t be “worked around” without applying for a change of purpose, which will allow you to let property for longer. However, you’re not guaranteed to have the application approved, which is usually the case.
With less than half a year to make use of your London Airbnb, ensuring it fills up is essential. Unfortunately, achieving this is easier said than done, which is why many property owners turn to professional Airbnb agency London, UpperKey, who will take care of everything from marketing to maintenance.
Both London and Paris have restrictions regarding Airbnb hosting and the maximum number of nights you can rent on Airbnb. To access suggested results as of January 2023, Airbnb hosts may consult the websites of the local governments.
What Is an Airbnb Management Agency?
An Airbnb management agency will take care of your property, leaving you free to focus on more lucrative ventures. There are different levels of support you can receive. For example, you can have everything taken care of or just the marketing and guest sourcing.
If you choose to outsource your entire management to an agency, you’ll know that your guests are receiving the best service possible. In some cases, you can go above and beyond by providing Airbnb concierge service, which is available with Upperkey. With a concierge service, guests are able to contact a host 24/7, allowing them to fulfil all needs possible. Providing this type of service is a fantastic way to have an edge over competitors.
We have only discussed UpperKey so far, which will be the running theme of this article. However, there are alternatives out there including Guest Ready, City Relay Airbnb, Hello Guest, and Smarthost. Amonst these competitors, UpperKey is the only one to offered guaranteed monthly rent to hosts.
Although they all manage Airbnb properties in London, they operate differently and charge a range of costs for services. However, as a benchmark, you’re looking at spending around 15% per reservation, which isn’t bad when you compare it to the cost of ongoing maintenance and the hassle of wider management.
Below, eight benefits of London Airbnb management services.
More Balance in Life
There’s more to managing an Airbnb than taking a few snaps to put on an Airbnb ad. You need to make sure everything is in working order, all supplies are stocked up, and the required checks are up-to-date. This is a job that can distract from important parts of life, like spending time with family.
Using an Airbnb management service, like Upperkey, will let you leave all these worries behind, allowing you to spend time in other areas of life. After all, is it worth spending full-time hours on a property that you can only let out for 90 days?
All About Money
Airbnb in London can be fairly lucrative, depending on the price of your property. However, if your Airbnb is only a side gig for you and you don’t have time to maintain it, you’re missing out on income that’s just waiting to be cracked open.
This isn’t an issue when you leave your property in the capable hands on Upperkey, as they will put their efforts into filling up the rooms.
As well as ensuring that your property gains traction, fees paid to a short-let agency are much lower than an estate agency free, which will help to increase your income.
It Can Guarantee Rent
When you manage your own Airbnb, you need to remember that there’s no guarantee that you will fill it for the full 90 years.
If this happens, you’ll still need to find the required money to cover maintenance and mortgage payments.
Luckily, many short-let management agencies will guarantee your rent, which is a win-win. Out of the guaranteed rent companies in London, UpperKey is the only Air B&B agency London to offer full management of Airbnb properties and guaranteed rent schemes. If you take time to explore Upperkey, you will find information about their rent guarantee, which will pay you for around six months -
regardless of the record of time.
Keeps Homes Secure
Many people have holiday homes in London, which stay empty the majority of the year. Unfortunately, this means that there’s more opportunity for theft and damages, which can go unchecked for months and come as a shock when you return.
When you’re not using your holiday home, you may as well leave it with an Airbnb management service. Not only will they bring in revenue, which you can spend on your next visit, but they’ll keep your property safe and secure.
Marketing By Professionals
To beat Airbnb competition in London, you need to market your property properly, which involves taking crystal clear photos and writing appropriate descriptions. However, marketing runs much deeper than that and will involve keeping up open communication with past and present guests, which will improve the chances of repeat custom. Remember to show all photos and in case explore other options with a good picture.
When guests contact your property, you need to be super responsive because many of them are on a tight schedule, and will move on if you take too long.
Responding to guests is part of marketing efforts. If you don’t have the time to handle this task, leave it to an agency.
Expert Pricing Strategies
When people search for the perfect Airbnb, they’re trying to find a balance between provided amenities, perfect location, health and safety concerns and cost. Deciding how much to let your property for is challenging, and will involve market analyse. Luckily, experts at Airbnb marketing agencies understand how to price properties correctly to maximise profits.
Helps to Pay off the Mortgage
Owning a second home allows you to escape the real world without having to worry about accommodation costs, which is great for travelling during peak times. However, you still have to pay the mortgage off. Renting out your property as an Airbnb is a great way to raise funds towards the mortgage. If you choose to use a property management company service, especially one that has a rent guarantee scheme, you can improve your immediate liquidity and pay off even more of your mortgage.
Help Fund Travels
People turn any property into an Airbnb, even a room in their home. If you enjoy travelling and you’re looking to escape London for an extended period, you should consider turning your home into an Airbnb. To do this, you will need to empty the property of any valuables and then find a suitable Airbnb management service. While you’re away on your travels, you will receive a steady income direct to your bank account, which is a great way to make your funds last.
Airbnb in London can be confusing to navigate and turn a profit, especially when you factor in the running costs of maintenance and mortgage payments. Fortunately, you can use an Airbnb property management company service, which will take care of everything and often guarantee the rent.
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