Illinois Airbnb Management Company Directory

Illinois is a great place for short-term rental investment with its diverse range of attractions, including its thriving cultural scene, beautiful parks and outdoor recreation areas, and world-renowned architecture. This guide lists every Airbnb property management company in Illinois by city.

Top Illinois Airbnb Management Companies

The best Airbnb management companies in Illinois include:

1. Awning: Best Overall Airbnb Manager
2. RedAwning: Best Half-Service Airbnb Management Solution
3. Avantstay: Best Luxury Short-term Rental Management Company
4. Sonder: Best For Local Presence

Top Illinois  Airbnb Management Companies by City

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How We Researched the Top Illinois  Airbnb Management Companies

The criteria we used to select and rank the top Airbnb management companies in Illinois  include:

• Services: We looked at whether a company is a half-service or full-service provider and whether it covers all expected services within each category.
• Pricing: We considered whether an Airbnb property manager has a clear pricing structure covering all services. We also looked at what additional fees hosts will need to pay.
• Value for money: We evaluated whether the provided services and the expected fee offer the best value for money.
• Business model: We investigated whether a company uses the latest real estate technology while retaining human touch, which is crucial in property management.
• Reviews: We took into consideration whether companies have a strong online presence and whether reviews are positive or negative.
• Number of listings: We searched for the Airbnb management companies with the most active listings in the market.

To maximize your vacation rental investments in Illinois , connect with an Awning property manager now.

How to Choose a Illinois  Airbnb Management Company

Selecting the ideal Airbnb management company is just as crucial as acquiring a high-potential property for your rental business success, especially in a market like Illinois where there are strict short-term rental regulations.

When making this decision, keep the following factors in mind, similar to what we used in our ranking of the top Illinois Airbnb management companies:

• Services: Consider if you prefer to be involved in managing your property or aim for complete passive income. Determine the services you expect the Airbnb manager to provide and what you're willing to handle yourself. Is your property ready for guests or do you require assistance with this?
• Pricing: Determine how much you're willing to pay for a passive investment experience or extra management help.
• Value for money: Compare the services and fees provided by several property management companies, including the monthly fee and additional charges.
• Business model: Decide if you prefer to work with a local or nationwide property manager, and consider the company's honesty and transparency.
• Reviews: Look at online reviews from both property owners and guests, and consider speaking with local investors who have worked with each property management company you're considering.
• Number of listings in Illinois: Choose a company with a strong presence in the Illinois market, but not one that is overextended or understaffed.

When interviewing potential Illinois short-term rental property management companies, ask the following questions:

• Are you a local or nationwide property manager?
• How many years of experience do you have managing short-term rentals?
• How many properties are you currently managing?
• What is the size of your local team?
• Do you have an in-house local management team or do you work with vendors?
• What is the expected increase in revenue in the local market?
• Do you provide assistance with getting properties ready, such as interior design, furnishing, short-term rental licenses and permits, and taxes?
• Who collects money from guests and how is it remitted to owners?
• Do you provide cleaning, laundry, and restocking services?
• Do you manage property inspections and maintenance work?
• Do you manage swimming pools and hot tubs?
• What is your Airbnb property management fee? What is included in this fee and are there any additional fees or costs? Is there an onboarding or early-termination fee?
• Can I review the property management agreement before signing it?
• What is the process for canceling your services?
• Will I retain my property reviews if I opt out?

Knowing the answers to these questions is critical in choosing the best Illinois Airbnb property management company that fits your specific needs.

How Airbnb Management Works

There are two broad types of Airbnb property management companies: full-service and half-service.

Full-service property managers are those that take care of all the aspects of owning and running a short-term rental business. They help:

The best full-service Airbnb management companies help investors achieve passive income while boosting performance.

Half-service Airbnb property managers usually focus on listings, marketing, revenue management, guest communication and support, and taxes. Some of them offer to connect property owners with vetted local vendors for the services they do not cover.

Vacation rental property management companies can be national (covering most US markets) or local (focusing on a specific city). Both come with their own advantages and disadvantages.

Property management fees range widely in the US market: between 10% and 50% of revenue, with 20-25% of revenue being the average for full-service providers. Some companies charge different rates for different markets and different property types. Property managers frequently charge extra for services outside the core package, like interior design, furnishing, insurance, linen, etc.

The top vacation rental management companies have flexible terms and do not require long-term commitment on behalf of property owners. However, some expect quarterly or annual commitments.

Some Airbnb property managers focus on specific property types, like luxury rentals, group travel rentals, apartments, etc., while others work with most residential properties. Different companies have different eligibility requirements; for example, half-service property managers work with furnished short term rentals, while some full-service companies prefer to be directly involved in design and furnishing.

One thing property owners should keep in mind is that most Airbnb management companies list rentals under their brand name, so hosts lose the reviews and rankings once they leave. A noticeable exception is Awning, which allows properties to keep reviews.

How to Start an Airbnb in Illinois 

Investors interested in starting an Airbnb business in Illinois should consider the following steps:

• Select a location with high Airbnb potential and legal regulations, where return on investment is promising.
• Identify a promising investment property
• Verify that the zoning district allows short-term rentals
• Employ a real estate agent to assist with purchasing the property
• Undertake renovation work (if necessary)
• Furnish the rental
• Determine the most suitable business structure
• File required tax and employer identification documents
• Obtain a vacation rental license from the Illinois Department of Business & Professional Regulation
• Secure local short-term rental licenses and permits from the relevant city authorities (most cities in Illinois require local licenses or permits)
• Determine whether to manage the property independently or enlist the services of an Airbnb management company
• List the property for rent
• Provide ongoing services to guests and maintain the property

The decision to manage the Illinois vacation rental on your own or to hire a property manager will have an impact on the level of passive rental income earned.

Illinois  Airbnb Laws and Regulations

Illinois defines short-term rentals as reservations of fewer than 30 consecutive days for tax purposes, and there may be local regulations depending on the location. These regulations can include zoning laws, occupancy and safety standards, taxation, licensing, and insurance requirements, which can be specific to each city, so it is recommended for operators of short-term rentals to review the guides for their specific location. Illinois' short-term rental market is subject to HB 2919, which requires the short-term rental marketplace to calculate, collect, and remit taxes on the owner or occupant of a short-term rental. In addition, the bill limits the authority of municipalities to regulate short-term rentals and short-term rental marketplaces.

In Illinois, tenants have certain rights, including the right to a habitable dwelling, the right to notice of termination in a specific form, or greater notice than the minimum required by law, and the right to live in the unit without harassment from the landlord. For specific questions regarding landlord-tenant rights and laws, tenants may refer to the Illinois Department of Children and Family Services, the Illinois Housing Handbook, or the Illinois Attorney General.

Regarding common short-term rental restrictions in Illinois, within condominium bylaws, there are clauses that may act as a prohibition or limitation on short-term rentals within a condominium. Typical condo bylaws that restrict short-term rentals include business or commercial use restrictions. Additionally, short-term rentals in Chicago must comply with specific guidelines, including having a license, registering with the city, and meeting specific safety requirements..

Takeaway

Starting an Airbnb business in Illinois can be a lucrative venture in the real estate market. However, short term rental property investors should be aware of the strict regulations imposed by both the state and local cities, as well as intense competition from other savvy investors. To increase the chances of success in this competitive market, it is important to optimize your vacation rental property management strategy. One way to achieve this is by working with a professional Airbnb manager.