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When you need to manage everything.. what it means?

hi guys.
i have 2 men that want me to manage their apeartment in Madrid.
I did a list for all what I think it means "everything"
i would like to know more ideas from your experience.
That what I think (the apartment not ready yet and there are 5 rooms. so i will try or to do it Entire home, or 5 rooms):

Infrastructure tasks that need to be made:
Open six accounts Airbnb
Opening additional accounts in other parts of Rent (assessment and site conditions, and therefore whether, and should work with them)
Preparation of materials and explanatory notes in English to:
A. Tourist tips
B. Operating explanations of the apartment (poster, TV, coffee maker, etc.)
C. Contact us if necessary

Finding a cleaning company and Laundry Service
A contact list of all the professionals can turn to - to the House, members of the cleaning, washing, contractor, etc.
Monthly performance reports
Check-in Check-out
Availability Mobile / Customer Service

What’s more, your experience?

It’s hard to know where to start - there are so many things. But firstly, have you created your budget and projected costs/income?

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HI… I think about 25%.
Is it ok ?

and I know that there are a lot more. That’s the reason i want to know from people they have experience.

@Reut_Tut_Hatuka - one of the first things you need to establish (before anything goes wrong with real guests) is how you will cope with emergencies of various severities. They tend to happen more often than you think. For example, the toilet gets stopped up, a window is broken, the TV stops working, towels get stained and MUCH more.

You need to have things in place for these before you start.

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Hey. Thank you. We have one year warranty from the contractor. this is a new apartment

I think its a bit high, 25%. I would manage for 15-20%. Once you get it going then it wont be that much work, basically phone calls if something goes wrong and occasional visits.
Just be sure everything is totally documented. Make some kind of spreadsheet with all the expenses, and income.
And have an idea how much you will be making to make it worthwhile for you. Account cost of gas, and other expenses. Also, be sure you and the owner have a clear understanding what decisions you can make or can not.
For example, i am managing my daughter’s property and i have a total power to make any kind of decisions regarding expenses.
I also kind of managing my friend’s propert that we quarell repeatedly about her just using me and not wiling to pay. I am now paid 10%, but am not given a total greem light on deciding on what has to be done at the property.
That creates for me extra work, because she does not want to spend money and i have to deal with unhappy guests, and extra phone calls. But i am working on it trying to convince to stop micromanagment and show her the numbers.

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but think about that. If i rent 5 rooms. and they will change twice a week… Think how much check in and out i need to do. no one promiss that i will rent it as entire home.
so it’s to arrive to the apartment almost every day. to explain. show and more.

I don’t know where you live, but here in the U.S. a one year warranty from the builder means that they will perform a repair when they are next available, not immediately. You need to have emergency contacts for technicians who will come out right away. Don’t forget that when the guests break things they won’t be covered by the warranty. Some things break that aren’t included in the warranty covering the home (bicycles, kitchen appliances, furniture, etc.). Guests have other emergencies than things breaking or malfunctioning: they get lost, they get sick, they can’t figure out how to work something and need assistance (often immediately), etc.

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Be sure not to under-charge. Remember that you are many things - concierge, salesperson, troubleshooter, meet-and-greet person, ambassador, accountant, receptionist and much more :slight_smile:

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Still it’s not that much . Check in takes 5-10 minutes.
Also play with longer stays like a week minimum

Here in France the “industry standard” for managing a vacation rental is a 30% fee, but the manager would make cleaning expenses her/his own.

@Reut_Tut_Hatuka, i think managing a 5 bedrooms rental will be A LOT of work, either because of the many checkout/check-ins with separate bedrooms, or the extra work and extra risks involved in renting a large place to large groups.

Is the apartment already furnished and equipped ? If not, setting up the apartment with everything needed is already a lot of work and you should get paid for that.

There must also be all kinds of papers to fill out with your local administration, and probably a tourist/occupancy tax to pay ?

You will have to shop for consumables (toilet paper, toiletries, and anything else you think it’s appropriate to provide).

Provided you live on-site and guests are on-time and don’t have too many questions… A check-in takes one hour of my time between transit to/from the apartment, time waiting for the guests to arrive and time spent speaking with them.

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In Barcelona companies charge 25-30% for all inclusive management. We pay a lovely property manager €100 pet reservation for his conplete services, inlcuding cleaning by his crew, and any emergency situations that arise.

Also in Barcelona you must have a permit to host ir face very high penalties. You should check your local laws

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I think this is a job for a professional. You are getting in over your head with this many properties, and never having done it before. In Hawaii you have to have a real estate license to manage more than one legally.

Are you sure there is not an easier way to make a living? :smile: I think this will be a 24/7 job. Many of us here are highly experienced and just managing our own place gets overwhelming.

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There undoubtedly is! I can only do it because I work freelance from home. Even then, with no travelling involved, hosting can definitely take up several hours a day, especially when there are constant back to backs.

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The level of professionalism from the gentleman who managed our Barcelona flat was top notch. I was very impressed with his attention to detail and excellent local recommendations. The managers in Paris have not been as detailed., but they did their job and then left us to our own devices, so I am not complaining.

I have a whole house also but a few months ago we made it into a duplex by a door and lock if needed. After offering fewer rooms and having a cheaper option we started to get a lot more guests. Whole houses are a whole different clients.

I do very little actually. I hire others to do any work. It helps that my cleaner is also a great handywoman to boot and works at the hardware store and knows everything to take care of anything. No reason she can’t do the same.

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Reut, I agree with Yana. You may have to remain flexible for a while and see how it goes.

If I were in your position this is what I would do:

  • list as a single unit with four rooms ( not as five separate listings) “with a live-in host”.
  • accept families and groups of up to seven people
  • stays minimum of three nights
  • I would market it more as a high end rental. Emphasize the location, views, service. Look at interior design magazines and attempt to emulate the look, aim for a homey/comfortable feel
  • Once the house is ready, get the Airbnb photographer to come as soon as possible.
  • PAY A CLEANER to help you do turnovers.
    You’ll be making profits in no time.
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