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Minnesota is a popular destination for vacationers and offers a variety of attractions, including lakes, parks, cultural events, and winter sports. This guide lists Airbnb property management companies in Minnesota by city.
Top Minnesota Airbnb Management Companies
The best Airbnb management companies in Minnesota include:
- Awning: Best Overall Airbnb Manager
- RedAwning: Best Half-Service Airbnb Management Solution
- Avantstay: Best Luxury Short-term Rental Management Company
- Minnestay: Best For Local Presence
- Sonder: Best for Apartment Properties
Top Minnesota Airbnb Management Companies by City
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How We Researched the Top Minnesota Airbnb Management Companies
The criteria we used to select and rank the top Airbnb management companies in Minnesota 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 Minnesota , connect with an Awning property manager now.
How to Choose a Minnesota Airbnb Management Company
Selecting the right Airbnb management company is just as critical as purchasing a profitable property to guarantee the success of your rental business. This is particularly important in Minnesota, where many cities enforce strict short-term rental regulations.
When making this decision, prioritize the following factors, which we used to rank the top Minnesota Airbnb management companies:
- Services: Determine your desired level of involvement in property management (half-service is ideal) or aim for a fully passive income (full-service is a must). Clarify the services you expect the Airbnb manager to provide and what tasks you'd like to handle yourself. Is your property ready to accommodate guests or do you require assistance with preparation?
- Pricing: Determine how much you're willing to pay for a fully passive investment or for extra support with managing your vacation rental.
- Value for money: Evaluate the services offered by various property management companies and compare their fees, including the monthly fee and additional charges.
- Business model: Decide if you prefer working with a local or nationwide property manager. Consider the level of accountability you want, either national or local and personal. Ensure the company seems trustworthy and transparent.
- Reviews: Review online feedback from both property owners and guests. If possible, speak with a few local investors working with each property manager under consideration.
- Number of listings in Minnesota: Choose a company with a well-established presence in the Minnesota market but not one that is understaffed or overburdened. Look for an experienced professional with sufficient local capacity.
When interviewing potential Minnesota short-term rental property management companies, ask the following questions:
- Are you a local or nationwide company?
- 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 outside vendors?
- What is your success rate in increasing revenue in the local market?
- Do you provide assistance with preparation, such as interior design, furnishing, obtaining short-term rental licenses and permits, and taxes?
- Who collects money from guests and handles payment to property owners?
- Do you offer cleaning, laundry, and restocking services?
- Do you conduct property inspections and maintenance work?
- Are you responsible for managing swimming pools and hot tubs?
- What is your Airbnb property management fee and what does it cover? Are there any additional fees or costs? Is there an onboarding or early-termination fee?
- May I review a copy of the property management agreement?
- What is the process for canceling your services?
- If I opt out, will I retain my property reviews?
Having the answers to these questions is essential for selecting the best Minnesota Airbnb property management company that meets 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.
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 Minnesota
In order to start an Airbnb business in Minnesota, investors need to:
- Choose the best Minnesota investment property location (where Airbnb is legal, and ROI is high)
- Locate a high-potential property
- Ensure the zoning district permits short-term rentals
- Obtain the services of a real estate agent for the property purchase
- Conduct renovations (if necessary)
- Furnish the rental space
- Determine a suitable business structure
- Submit necessary tax and employer identification documents
- Obtain a vacation rental license from the Minnesota Department of Business & Professional Regulation (DBPR)
- Secure required local short-term rental licenses and permits by city
- Choose whether to manage the property on their own or hire an Airbnb management company
- List the property and begin the rental process
- Provide ongoing guest services and property maintenance
The choice of whether to manage the Minnesota vacation rental independently or through a property manager will determine the level of passive rental income received.
Minnesota Airbnb Laws and Regulations
Minnesota law allows cities and counties to create and enforce their own regulations for short-term rentals. Short-term rentals are regulated at the local level and may include zoning laws, occupancy and safety standards, taxation, licensing, and insurance requirements. In some cases, short-term rental licenses cost $50.
Property owners may be required to obtain a rental license to rent out their property, and the requirements necessary to obtain the license vary greatly based on different city law. State tax laws do require sales tax on short-term lodging and certain related services if the room rental is less than 30 days.
However, Minnesota law has been slow in catching up to the short-term rental market and is mainly relegated to the city and county level, with many cities and counties choosing to create and enforce different regulations. It is advisable to contact a legal professional with any questions regarding regulation and restrictions of short-term rentals in Minnesota.
Takeaway
Starting an Airbnb business in Minnesota is a lucrative opportunity in real estate, but it also requires navigating strict regulations and facing stiff competition. To ensure success, it's crucial to have an optimized property management strategy. Hiring a professional Airbnb manager is one of the best ways to achieve this.
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