Big List of New York City Airbnb Property Management Companies
New York City is one of the most popular tourist destinations in the world. For travelers looking for a unique, more intimate NYC experience, an Airbnb or other vacation rental is what they want. More and more travelers, especially millennials, want to stay in and experience New York as a local. Generic hotels and tours are out – distinctive apartments and custom tours are in. This is great news if you own rental property in New York.
New York hosts typically bring in over $40,000 in annual revenue. From studios to condos to lofts to garden apartments, the demand for vacation rentals is extremely high. With so much to do in the metro area, it is the ideal market for a short-term rental. The NY market is strong seems to be getting even stronger.
However, travelers also expect near instantaneous communication with hosts as well as sparkling clean rentals with all the litte details thought out. This can mean lots of work to properly manage your Airbnb rental. You simply have to put in the effort for your Airbnb property to really pay off.
If you don’t have the time, or desire, to engage in managing your New York Airbnb, there are lots of companies that will do it for you. Good Airbnb management companies will set seasonal pricing, arrange cleaning service, restock supplies and make the most of your property throughout the year. Highly rated New York Airbnb management companies will ensure that your home is properly maintained, has the highest occupancy rate, and is as profitable as possible. Many short term rental managers claim to increase occupancy and income by as much as 100%. Each rental property is unique, but having a dedicated management team utilizing a hands on approach can make all the difference between a property just making some extra money and being a serious source of income.
An experienced Airbnb property manager familiar with the New York market will analyze your property objectively and take care of every detail from start to finish. If needed, they will hire a professional space organizer, procure professional photographs, purchase new linens, update the interior, and view the property the way a tourist would. They will think about the activities in New York and make sure you have the things a guest would need on hand (i.e. subway map, bus schedules, corkscrew and wine glasses, etc.). And of course, once the property is ready, market it on 25+ platforms to maximize the exposure of the listing.
Airbnb Management Options in New York City
Several of the short term rental managers listed above offers two service options: Full service and Remote service.
Full service is just what it sounds like – the company takes care of everything for you. Just sign up, give the management company some information about the property to get started, and your real estate becomes truly passive income. Typically rentals see 25-40 % higher earnings when using a full service vs self-managing their listing. Light maintenance and cleaning is included. Full service Airbnb management is available in Manhattan, Brooklyn, and Long Island. The management fee for full service is typically 25%.
Remote service is used by people who already have team in place to clean and maintain their New York rental property. With this level of service companies will manage your listing remotely, market it just like they would a full service properties, and coordinate cleaning, repairs, and check-in. The management fee for remote service is typically 15%.
More Airbnb Management Services that Operate in NYC
There are quite a few companies that will handle guest communication, booking, guest check-in, and more for your rental space in NYC. Other services include profile management, pricing management, cleaning, and property maintenance.
- Happy Host: They charge 20–25% for full service (depending on whether they’ll meet your guests in person). There is no key exchange + cleaning option, but depending on your location they may accomodate key exchange + supply restocking.
- Cityami: They charge 22 to 30% for full service, or 15% for remote service. Cityami’s full service includes quarterly deep cleaning, restocking supplies, and a welcome package. They also do guest check-out (they actually check your space for damage).
Curious to know which company I felt would do the best job managing my short term rental listed on Airbnb, I interviewed four different companies. This is how the process works when you’re ready to hire a property manager:
- It starts with a 10 minute call to answer questions and make sure they’re the service you’re looking for. The company also has to make sure they’re interested in your property.
- They will arrange for key pick-up at your office or they’ll schedule a time to meet you in your home.
- Next they will visit your home and make sure you have everything that’s needed to host guests. This is also when they take photos (and stage if necessary.)
- Then you just sign some paperwork and that’s about it for you. The company takes it from there. They’ll list your property and start dealing with prospective renters and bookings.
Have you already found a manager for your Airbnb in New York? If so, please share what you like, or don’t like, about them in the comments below.