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Expert view on short term rentals

Protecting Your Investment: The Benefits of Short Term Property Management

Property owners eager to cash in on the ever-growing popularity of the short term rental market often underestimate the amount of time and effort that goes into operating a successful property rental business. Too many first-time short term rental owners end up making critical rookie mistakes that do long term damage to their reputations as hosts on booking sites like Airbnb, this damage can be very difficult to repair and it affects their ability to earn consistent rental income.

The best way to protect your real estate investment is by working with a short term property management company that can perform all of the crucial tasks necessary for providing a memorable customer experience that will have your previous short term rental guests leaving you positive reviews and prospective short term rental guests booking your property for months and years to come.

What are the Responsibilities of a Short Term Property Management Company?

There’s a very good reason why property owners consider rental income earned by their investment properties as “passive income”. It’s because they leave the important duties of running their short term rental business to skilled property managers instead of trying to handle all of these tasks themselves.

For vacation rental properties to thrive, they must be operated in a way that maximizes the earnings potential of short term rentals in a competitive rental market. It means taking on multiple tasks and providing top-level customer service with an attention to detail that is unrivaled.

Consider all of the day-to-day operations that property management companies perform on the part of rental property owners who want increased occupancy rates and higher rental income.

Online Marketing Strategy and Promotions

Online Marketing Strategy and Promotions

The rental process begins with a guest finding the listing for your property on Airbnb, which should entice them to learn more about your vacation rental property.

Your property management team creates the listing for your property, which includes writing accurate property descriptions and taking professional photographs of the inside and outside of the rental property. A clear and precise representation of the rental property is essential. The last thing you want is for your guests to arrive at your property, only to find out the place looks nothing like the photos and description in the listing. That can hurt your reputation as a host.

Optimizing the listing to ensure that it reaches the widest range of potential future guests is paramount and one of the most important key factors in the online marketing strategy of your vacation rental property.

Promoting that listing on social media is another crucial part of marketing and promotions to improve your short term rental property’s visibility and make sure it gets seen by the customers who are looking for a place just like yours for their vacation rental.

Short Term Rental Guest Inquiries and Screening

Another vital responsibility performed by a vacation rental management company is to respond to inquiries and messages from potential guests who are interested in booking a reservation in your short term rental property. When a guest asks for more information, your property management company must be ready to provide all of the necessary answers. 

If the guest ultimately decides to book a reservation in your rental property, the rental management company will carefully screen that guest for the safety and security of both the guest(s) and you, the short term rental hosts.

As this is the first contact between your short term rental guests and the customer service representatives you’ve chosen to run your vacation rental property, it’s important that you choose a property management services company that is ready to make a good first impression.

Manage Bookings of Vacation Rentals

Another of the many key factors that make professional property management such a vital component of a successful short term rental business is managing guest reservations for the property. This means ensuring that all stages of the reservation process are handled with the utmost care, confirming each guest’s reservation before arrival, taking their deposit payment offering a seamless check-in procedure, and providing dedicated customer service options for canceling or changing a reservation, processing payments when due, and dealing with any issues, concerns, or problems that might arise before, during, and even after check out and the guest has departed the property.

These are obvious aspects of delivering the ideal guest experience but when the property owner tries to handle these (and other tasks) without the knowledge and expertise necessary for carrying out such responsibilities, little things can start to become a whole lot more significant and that’s where mistakes are made and accidents happen.

Two different guests arrive on the same date, each one with a confirmation showing they have reserved and paid for your vacation rental. A double booking can leave both guests angry and unwilling to compromise, your standing as a reliable Airbnb host takes a hit and the customer reviews can leave other prospective guests looking elsewhere for their next getaway.

A reliable short term rental management company can prevent this from happening as reservations are tracked and synced using exclusive property management software that keeps current booking records and updated calendars showing all the dates when your property is vacant and when it’s occupied.

Property Maintenance and Cleaning Services

Short term rental hosts who list their properties with online booking sites like Airbnb can find their listings ranked higher or lower depending on the condition of the vacation rental property being offered to the public. That’s why Airbnb property management companies take particular care in maintaining the property to ensure it remains in peak condition at all times.

Safety is paramount and when something needs repair, whether it’s a front door light, a faulty appliance, or weak floorboards, the sooner the problem is addressed, the better it is for both the property owner and the guest visiting the property. It can also cost a whole lot less to address the problem when first identified instead of allowing a small repair to become a bigger and more expensive problem to fix.

Property management services typically include conducting routine maintenance in the form of inspections, repair or improvement work, and overall upkeep of the interior and exterior of the property when necessary.

Cleanliness is another facet of the short term rental hospitality industry that should never be overlooked. Dirty vacation rental properties will always garner negative reviews from disgusted guests and one time is enough to scare away future guests. That’s why a reputable property management company will arrange for housekeeping services to thoroughly clean, disinfect, and inspect the property after each guest’s departure in preparation for the next guest’s arrival.

Adjusting Rates to Meet Market Demand

Property management companies are responsible for ensuring that vacation rental properties are always maximizing their earnings potential. When demand for short term rental properties in your area increases, so too should your prices. But there’s more to it than just raising the rental rates on your property when there’s a big event in the area, the top property management companies incorporate dynamic pricing based on a variety of analytics that forecast market trends and seasonality pricing strategies, in addition to monitoring local events calendars to stay competitive with surrounding vacation rental properties in the vicinity.

Maybe there’s a big concert coming to town or a major sporting event that has everyone descending on your region to attend. Those travelers will need a place to stay and that will increase the value of your rental property over the corresponding dates of the event.

A skilled property manager will be aware of all these key factors in developing a dynamic pricing strategy that optimizes your property’s occupancy rates and maximizes profits.

Ensuring the Best Possible Guest Experience

You put a lot of time into finding and securing the right investment property and now that it’s time to put your investment to work, you want to do everything in your power to help it thrive and grow in a crowded marketplace. Customer service is at the heart of the hospitality industry and when you can make a guest’s stay at your property a memorable one, they’re going to appreciate it.

Professional property managers with a wealth of knowledge and experience in making guests feel welcome and comfortable in vacation rental properties can help increase the rankings of property owners who have listed their properties on Airbnb and other online booking rental sites.

Nothing achieves success in the short term rental market like complete and total guest satisfaction. That’s why customer reviews are such a critical component of the short term rentals industry. Potential guests want to know they’re choosing a property that will supply them with all of the features and amenities they’ve been dreaming of in a clean and safe vacation rental, hosted by property owners who care enough to provide them with a customer support system that will be there whenever they need it.

If you take care of your customers, they will take care of you and that’s why you want to ensure that you are providing the best possible guest experience from the minute they arrive to the minute they leave to go back home.

How to Choose the Best Professional Property Management Company for Your Short Term Rental Investment

How to Choose the Best Professional Property Management Company for Your Short Term Rental Investment

Since there are so many aspects of managing short term rentals with success, choosing from the many property management companies out there can be tough. This is not a decision to be made lightly and there is very little room for trial and error when the stakes are nothing short of the reputation of your investment property in the vacation rentals market.
So how do you know which property management services provider is the best one for you and your investment? Here are a few tips to consider as you conduct your search for top quality short term rental management:
Experienced

References and Reviews

Just like potential guests will seek out testimonials and reviews from previous guests before booking a reservation at your vacation rental property, good property owners will ask for references and read online reviews of property management organizations before hiring them as representatives of their short term rental property. With so much on the line, you should always get unvarnished opinions of your potential property management candidates prior to making any hiring decisions.

Trusted

Familiarity and Expertise in Your Rental Market

The short term property management company that is best for your rental property is the one that has a long-standing knowledge of the region in which your property is located and proves a familiarity with the local laws, short term rental regulations, and market trends that can affect dynamic pricing strategies. Your property managers should also know the area well enough to guide your guests to the best restaurants and other popular attractions in the surrounding neighborhoods.

Dedicated

Property Management Fees

The price of hiring a vacation rental management company is a necessary expense that can cost you dearly in the long run if you end up selecting the wrong one. Do your due diligence into every facet of your property manager candidates, including how much they plan to charge you for performing the services that will support the successful operation of your vacation rentals business.

Don't Put Your Rental Property in Peril

Protect your investment by hiring a property management services company with the experience, market knowledge, and detail-oriented approach to providing exceptional customer service and tracking your property’s rental income to remain commensurate with fluctuations in demand in your local rental market.

Property owners have a lot to lose if they decide to take on all of the most important tasks of a skilled property manager without the skill and expertise to tackle issues before they become problems and avoid mistakes that can threaten your reputation on Airbnb.

Your rental property is too important to take on these tasks yourself. The best property owners know when to delegate critical responsibilities to those who are best equipped to handle them. A short term rental management services provider is your best bet for protecting your investment and gaining the highest return on that investment.

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We can get your vacation rental listed and open for business in a matter of days. If you are looking for a Short-Term Rental Management Company, give us a call or text us at 786-372-0675

Airbnb stands for “Air bed and breakfast,” it is the most popular online marketplace for short-term rentals.  It connects “Hosts” (Property owners) with who list their property with potential “Guests” (Short-Term Renters).  Guests create a free Airbnb account and book accommodations ranging from a private room in a shared house to booking a private stay in a mansion.

Listing property through the Airbnb platform has many advantages.  Some of the main advantages to using Airbnb are:

1.  Market Share – Airbnb is by far the most popular, built out, and well-known platform for short-term rental accommodations.  Airbnb operates in over 220 countries and has more than 200 million active users worldwide that have booked almost two billion stays since its inception in 2008.  Because Airbnb is so popular you will significantly increase your property’s exposure by listing it there.

2.  User reviews and ratings – Airbnb allows guests to leave reviews for properties that they have completed stays at.  This helps distinguish your property from others by providing a superior experience, which in turn increases the demand for your property.  Airbnb has a “Superhost program which give special recognition and exposure to hosts who achieve a certain rating and host enough stays.  Becoming a Superhost can greatly increase your occupancy rates.  Conversely, having negative reviews will dissuade guests from booking a stay at your property. 

Hosts can also leave reviews for guests, helping you to make an informed decision about who you allow to stay at your property.

3.  Host Guarantee Program – Airbnb has a “Host Guarantee” Program that reimburses hosts for certain types of damages and losses caused by guests.  In order to be covered Hosts must go through the claims process which involves providing evidence of any damages.  Ultimately it is up to Airbnb’s discretion whether or not damages will be covered.

4.  Types of Rentals – Unlike many other rental platforms, Airbnb allows hosts to rent out their entire property or individual rooms.  This gives you more flexibility and can potentially allow you to maximize your earnings and increase occupancy rates.  Airbnb tends to have more unique listings as well, such as camper rentals and even treehouses.  Other platforms tend to stick to more traditional lodging options.

Renting your property through Airbnb can be lucrative but it also has its share of disadvantages:

  1. More time and effort – Because you are dealing with a constant stream of Guests, there is much more time and effort involved with responding to inquiries, coordinating check-ins and check-outs, and dealing with guest communication and issues.  More time is spent on cleaning, restocking, and managing guest turnovers.                 
  2. Fluctuating income and occupancy challenges – If you aren’t experienced with managing Airbnb rental property and you aren’t employing effective marketing and optimal pricing strategies, your profitability could suffer.  A lack of knowledge or experience could result in lower occupancy rates or renting your property for way less than it’s worth when demand is high.
  3. Deferred maintenance comes at a higher cost – There are a lot of things that can potentially go wrong when renting out property. Things will inevitably break and need to be repaired as soon as possible.  If something essential like the air conditioner or water heater breaks in your Airbnb, you won’t be able to rent the place out until it gets fixed.  In a long-term rental, your renters are still paying you as long as you make the necessary repairs in a reasonable amount of time.  In order to minimize your rental downtime and repair costs, it is essential that you perform regular maintenance to prevent costly problems.  You will also need a reliable network of local service providers at your disposal that you trust to get the job done as quickly as possible, while minimizing your costs.  Using unvetted service providers to repair your property can not only be more expensive, but you don’t know the quality of their work.                           
  4. Lower profitability from bad reviews – Guests most commonly seek short-term rental accommodations from online marketplaces like Airbnb and Vrbo.  These platforms allow guests to leave reviews about your property that everyone can see.  If you don’t live up to your guests’ expectations and provide a satisfactory experience they could leave a bad review, which could damage the reputation of your property and result in lower occupancy.  Having a clear and accurate listing, responding to guests in a prompt and friendly manner, and having a well-maintained property will help you get positive reviews which will lead to higher occupancy rates.

Investors primarily buy rental real estate for the rental income, tax benefits, and potential for long-term appreciation, not to become full-time property managers themselves.  Managing Airbnb rental property by yourself can be difficult and time consuming.  Most property owners simply don’t have the time, knowledge, or resources required to efficiently manage short-term rental property.  An Airbnb management company can save you time by eliminating the day-to-day tasks required while allowing you to focus on other aspects of your life or business.  Not only this, but a professional Airbnb management company will often save owners money in the long run by optimizing pricing, reducing vacancies, and minimizing maintenance cost.

No, although Airbnb is one of the best platforms out there for short-term rentals, we believe listing your short-term rental on multiple channels is the best way to gain the most exposure and maximize your occupancy rate.  Some of the other platforms we use besides Airbnb are VRBO, Booking.com, TripAdvisor, and Expedia.  Each platform has its own strengths and limitations, with some working better than others depending on your specific needs and preferences.  We can help you figure out which platforms make the most sense for you.