AirManaged has 207 properties in the Cape Town CBD and on the Atlantic Seaboard. Its services include the organisation of cleaning, repairs, laundry and check-in services.
Greg Schneider, managing director of Airbnb management company Superhost South Africa, said: "It would be very hard to hit those numbers as a management company."
To make R109-million annually from 114 properties, landlords have to earn R956140 a property or R2619 a day, with the property booked out every day during the year.
Airbnb management companies take between 15% and 20% of booking fees.
O'Flynn said properties were often not available all year around because the owner might live in the property for some time or it is closed for renovations.
Schneider said such phenomenal turnover meant the places would have to be in prime locations that were popular all year round - such as in Cape Town's city centre.
According to AirDNA, there are currently 13998 active rentals in Cape Town, at an average daily rate of R1221.
Rentals are occupied a little more than half of the time (51%).
AirDNA says on its website that information is collected by artificial intelligence and machine learning technology, which identifies when rentals are booked or unavailable.