The podcast for Airbnb hosts and investors in the UK
For the second instalment of the Airbuy and Sell Podcast, we bring you a hugely informative discussion with the owner of one of the fastest growing Airbnb management companies in the land.
In the podcast, Nikhil (founder of Airbuy and Sell) sits down to interview Joe Davies, owner of Host So Simple which today manages 115 Airbnb properties in Liverpool.
This podcast really has something for everyone that is interested in the world of Airbnb, holiday homes and serviced accommodation.
Whether you run an Airbnb management company with multiple properties, if you have a holiday home that you let out occasionally, or if you are completely new to the lucrative market of short term vacation rentals, you will find lots of pearls of wisdom from this enlightening chat.
You can watch the whole conversation in full below. We've given you selected key timestamps underneath that you may want to skip ahead to and/or save for later. Enjoy!
05:30 - How did Host So Simple grow to over 100 Airbnb properties under management?
Essential listening as Joe tells Nikhil how they grew to 120 properties quickly over a few years. He makes a great point about how they became relentlessly focused on their patch and a certain quality of property. This meant they did not take on properties outside of the area they wanted to serve nor properties not up to the standard of Host So Simple. Even at the expense of more growth for growth sake.
08:00 - What makes a good Airbnb investment property?
Considering the data and experience Host So Simple have, there are lots of insights shared here about how to choose the best place to buy an Airbnb property and its features. There is a clear value that serviced accommodation specialists can give to property investors on how to make any home suitable for Airbnb.
09:29 - Advice for new Airbnb hosts and serviced accommodation investors
Some prudent advice from Joe here about the level of competition in certain areas and in certain price ranges. As a result, knowing what your USP is and what area of the market you want to focus on is paramount. A slow start to any Airbnb investor's portfolio is inevitable but the hockey stick of fast growth is achievable. And other bits we loved here include being all over the little things. From the small details such as photos on the OTA platforms or descriptions of properties to the check in process etc, it all matters.
Joe makes a final point about making sure the properties you buy have enough margin between potential earnings and actual costs - it needs to be significantly highly than a typical long term tenancy arrangement (AST) because of the nature of the business. And if you get it right, the profit on the investment should be much higher, too. The Airbuy and Sell marketplace can show potential investors long term rental information on Airbnb homes to help you compare.
12:30 - What do their best performing properties generate in Airbnb revenue?
We know this will be interesting for all of you when you are looking at Airbnb homes to buy. Joe explains which of the properties they have in the portfolio that earn over £100k per year in gross revenue and why. Hint: it's not about the sofa beds!
18:50 - How to avoid hosting bad guests on Airbnb?
There's nothing like hearing from a management company that has hosted tens of thousands of guests and maintained Superhost ratings about how to minimise the disruption of bad guests. Joe gives very useful advice here about how to filter out the wrong types of guests for your property. He also discusses how to utilise software in your serviced accommodation business including plugins to your PMS (property management software) that can aid you for this specific purpose.
30:30 - The best Airbnb software for hosts and property managers
Throughout the conversation Joe mentions various tech tools, apps and software that they employ at Host So Simple to manage Airbnb properties. They are clearly advocates for the greater efficiency gains that can be gained from investment in technology. Joe mentions how he's always looking at larger players to see what technology and tools they are using. From noise disturbance equipment to virtual assistants and planning for the long term with investments into your PMS, Joe touches on lots of great tools to use. There's even a little mention to the increasing role of AI in serviced accommodation.
50:30 - Airbnb regulations and serviced accommodation rules
Here, Nikhil and Joe discuss Airbnb licensing in different parts of the UK and the lack of a central & comprehensive resource for short term rental and serviced accommodation owners. Both agree the future is incredibly bright for the serviced accommodation industry however. There is a general drive towards greater quality properties and better hotel-like service overall to the guests which comes with huge positive economic benefits to any area. Read our regulations guide for Airbnb hosts for more information on this important area.
59:50 - Biggest mistakes made as a property management company
They touch on how to choose the right clients and property investors to work with. You are going to be working closely with your clients so the old adage of working with who you like should put you in good stead. Joe talks about adapting to where your client is at - if it's their first step into the market, they will need a lot more handholding than a seasoned investor.
1:03:39 - How to find and manage high quality housekeepers
Joe and Nikhil discuss the difficulty in retaining great housekeeping and cleaning staff - an integral part of any holiday let business. They cover the steps you can do to create an engaging, authentic purpose and culture in the company that makes great employees want to stay and reduce staff turnover.
1:06:35 - Direct bookings for your Airbnb and holiday let business
Here they cover an important part of a long term, sustainable Airbnb management business: direct bookings. Listen to hear Joe discuss creating a brand and small tips on how to sell the brand without overpowering the client's property itself.
1:11:20 - Final advice from Joe for new Airbnb hosts and investors
This is why you do it. Joe reminds us about the why of being a quality Airbnb property management business. It's the business of hospitality. The best Airbnb management companies serve their clients impeccably but they understand their true value is creating memorable moments in beautiful spaces for their guests. If you can keep this at your core, a successful future in this business beckons.
We hope you enjoyed this chat with Host So Simple's founder, Joe Davies. You can subscribe to the Youtube channel for Airbuy and Sell to get notified on future conversations we'll have in our Podcast series to help you on your own Airbnb and serviced accommodation journey.
For more information particularly if you are at an earlier stage, we have an article that gives a simple checklist when buying an Airbnb investment property to help you.
If you are looking to buy an Airbnb to begin your journey or add to your portfolio, head to our short term rental marketplace to find the latest deals.
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