If you rent your property out to short-term tenants, do you need a property manager?
If you are like so many homeowners, you might not be sure. You likely have questions such as, “What will a property manager do for me?” and “What can a property manager do that I cannot?”
The answers, as it turns out, are varied.
Property managers for short-term rentals offer a wide selection of benefits, ranging from reduced vacancies to increased rental income. They also serve to streamline the entire rental process and make it easier for you to manage your short-term properties and achieve peace of mind that would be virtually unheard-of if you attempted to do it all on your own.
In addition to helping tend to your guests, property managers can also keep your rental property in good working order, advertise your listing to achieve more bookings, and ensure that you’re getting the reviews you need to keep your rental property filled and in-demand for as long as you choose to offer it.
So what are you waiting for? Finding a good short-term rental property manager may be just what you need.
Read on to learn more.
Selecting the Right Property Manager:
Once you’ve decided you need a property manager for your short-term rental property, it’s time to get to work finding the right one.
While there are a growing number of short term property managers out there, the decision about which one is right for you will come down to your preferences, circumstances, desires, and the nature of your specific property.
Bear in mind that the requirements for a short-term property manager are different than they are for a long-term property manager, and you’ll want to find one that can cater to you and your guests accordingly.
Luckily, it’s not nearly as tough to find a property manager as it may seem.
By taking the time to consider your “must-haves,” and running through our list of the top seven things to consider when finding a good property manager, you can set yourself up with the perfect property management professional in no time at all.
7 Things to Look for When Finding a Good Property Manager
Good property managers have the following seven traits, and finding one who embodies these qualities should be your priority:
1. They are dedicated to property management:
The best short-term property managers are only property managers.
While many licensed real estate professionals often moonlight as property managers and concierge for short-term rental properties, trying to juggle several very demanding positions is a recipe for an inappropriate or inadequate distribution of time and resources. Subsequently, hiring one of these people as your property manager may result in your rental property not getting the time and attention it deserves.
Imagine this: the guests who have just booked your property find some supplies missing, or a break in the water main during a cold winter afternoon. Unfortunately, your property manager isn’t available, since he or she is tied up with another job. What do you do?
This could be a potentially disastrous situation, and it’s likely to cost you rental bookings in the long run.
With this in mind, you’re best off looking for a property manager that only does property management.
In addition to providing better results, this professional will also be able to work more efficiently with you to enhance your property and expand its rental potential. They’ll be able to excel at property management services such as professional photography, maintenance, concierge services, and cleaning and amenities.
2. They focus on results and returns:
The entire purpose of having a property manager is to drive results for your property, such as increased rental income, return on investment, and a low vacancy rate.
Like this short-term rental case study we recorded at maisonnets:
You also want re-bookings, and it’s critical to find a professional who knows how to focus on driving returns and results for your property. With this in mind, you’ll want to seek out someone who has the credibility and background to make good things happen for your short-term rental.To locate the ideal professional, take a look at his or her reviews, and ask about previous property management experience. Ideally, the property manager should be able to provide you with several glowing reviews, and a demonstrable history of successful property management positions. Ask how they’ve created passive income for former clients and how they use things like social media and digital platforms to keep vacancy rates down.
If proof of these things is lacking, think twice about your choice in property managers. There is nothing worse than being stuck with an incapable property manager, and you’ll save yourself time, energy, and effort down the road if you vet these things thoroughly beforehand. You’ll also save yourself the stress of hopping from property manager to property manager, trying to find the right one.
3. They are transparent about their costs:
Finding a good property manager is an investment, and you deserve to know what you can expect to pay upfront.
While all property managers have to charge fees to survive, the best property managers in the industry are transparent about these costs. When you sit down to interview a property manager, he or she should immediately supply you with a sheet that explains various rates, payment periods, and fees.
If this is lacking from your first meeting, or the property manager seems in any way reluctant to talk about costs, it may be time to reconsider.
While you expect to pay for good property management services, few things are more unpleasant than being surprised down the road by hidden costs or surprise fees. Avoid this disappointment and frustration by having a frank discussion about costs, and avoiding any property management professional who seems unwilling or hesitant to discuss them.
4. They know how to advertise your property on multiple platforms:
Today, being a property manager also means being a social media manager, an advertiser, and a marketer. With the rise of virtual platforms ranging from Airbnb to TripAdvisor today’s best property managers must understand how to advertise your property on various platforms, and must do everything in their power to leverage social media and digital channels to spread the word about your property. Inaddition to exposing your property to a larger audience base, this step also decreases the likelihood that your property will sit vacant, and makes it easier for interested parties to locate your rental.
If a property manager doesn’t understand how to advertise your property on multiple platforms, you’re likely to spend an excessive amount of time struggling through vacancies, and are virtually guaranteed to miss out on a fair amount of the tenants you could have with more exposure.
To determine how much experience your would-be property manager has in online marketing, ask how they’ve advertised other properties, and check their other listings. Each listing should feature things like high-quality images, plenty of details, clear contact information, and an honest description.
Keep in mind, too, that advertising your property online isn’t just about using Airbnb . There are dozens of other platforms, includingBooking.com , HomeAway , TripAdvisor , VRBO , and FlipKey , that can be integral to helping fill your home and keep vacancies to a minimum.
The maisonnets property management service helps you immediately integrate with over 10 other short-term booking sites.
If you’re interested to find out more, check out some testimonials here from our happy homeowners.
5. They go above and beyond to look after your guests:
When a guest rents a short-term property, they’re expecting a pleasant experience, much like the one the reviewer in the above screenshot enjoyed.Regardless of whether the guest is traveling for business or enjoying a relaxing vacation with the family, your guests should expect to feel relaxed and cared-for at your property.
If you’re not around to make this happen, it should be your property manager’s job to do so.
Today, the best property managers go above and beyond to care for guests. This means services like meeting your guests on arrival, providing their personal phone number for inquiries or issues, providing up-to-date information about the area in which the home is located, and arranging for cleaning and concierge services.
While these things may seem unneeded, they’re critical for a short-term property manager. By providing the best possible experience for all of your guests, your short-term property manager can help build the reputation of your property, thus securing more rentals and making vacancies a thing of the past.
While guests expect to find a beautiful property, they also hope to find a friendly and welcoming individual to help them settle in and feel at home for the duration of their stay. If your property manager is falling short of this mark, you can bet your property is, as well.
6. They chase down reviews:
According to Search Engine Land , 88% of consumers trust online reviews as much if not more than a personal recommendation from a friend.
With this in mind, it’s clear that having plenty of reviews for your property is critical not only for inspiring consumer trust, but also for understanding how well your property is performing and what, if anything you need to fix to make the space more enjoyable for your guests.
With all of this in mind, a good property manager will do anything in his or her power to secure reviews for your property. From reaching out to previous guests to streamlining the review process so that it’s as easy as possible for the people who stay with you. There are dozens of ways to harvest more reviews for your property and the best property managers understand exactly how to do it.
7. They bring back tenants time and time again:
While there are dozens of things a good property manager can and should do, the most important thing they actually do is bring back tenants time and time again. The mark of success for any short-term rental is a healthy body of tenants who love to stay at the property for all of their vacations and getaways.
While it’s understandable that many of your tenants will only be passing through and won’t return quickly, a good property manager will have what it takes to keep your best guests re-booking in the future.
It may seem unrealistic, but it’s an entirely valid outcome for any short-term rental that checks the boxes of service, beauty, and quality.
In addition to the fact that returning guests help keep vacancies to a minimum, they can also be a powerful marketing strategy to use on your various online platforms, like this property owner did in her VRBO listing .
When the same people re-book your property, you go far beyond being a property owner – you become the purveyor of joy and fun for many individuals who look forward to your home as an escape.
While many property owners assume they don’t need a short-term property manager, that couldn’t be further from the truth.
While it is indeed possible to manage your property without the help of a property manager, having some good assistance on hand is a wonderful way to overhaul your rental offerings and improve your guest experience all at once.
In addition to ensuring that your guests enjoy your property and all it has to offer, a good property manager can also help you advertise your home, secure more bookings, keep vacancies at a minimum, and keep your property in beautiful shape, all year around.
Even if you live in the same area as your rental property, expecting that you will be able to manage the property, keep your full-term residence in shape, work your job, and tend to your family all at once is a big stretch. And what if one of your guests needs something in the middle of the night, or on a Sunday?
It’s concerns like these that drive smart property owners to enlist help, and secure a source of passive income that can contribute to improving your quality of life.
If you need a quality short-term property management company to help you manage your property, contact maisonnets .