Posted by toby | Thursday, June 30, 2016
Your property is an asset and you've worked hard for it. But does your property work hard for you? A professional property management company can help you get the best return for your investment property.
Here at Breckenridge Resort Managers, we believe that the key to getting the best return on your property are professional property management and guest satisfaction. If your guests are happy, they will return, recommend their friends, and tell others about their experience online. The key to guest satisfaction is no mystery. You need a quality property management company.
But how do you choose a property management company? If you choose solely cut rate commission, the guests will suffer, your revenue will suffer, and your service will suffer. (Don't even get us started on extra fees!) Over the years, we've learned a few things about quality property management, and even introduced some new concepts. To be successful in renting your home short term, here are some strengths you should look for in a professional property management firm.
When choosing a property management company, it's important to find a company that knows their area well and has a solid backing of experience in the vacation rental industry. Each tourist destination has its own unique features and its guests will as well. A professional PM company should have professional credentials, industry leadership, and nuanced expertise in their market and industry.
Ask a prospective company how many years have they been in business, what certifications they hold, what boards are they active in, what leadership experience do they have, what is their staff to property ratio, how long have their employees and housekeepers been with them.
Vacationers expect a lifetime of memories to come from their vacation. They want a smooth and seamless "hotel experience", a prompt and polite communication process throughout the vacation, and the extra touches only a professional property management company can provide. A good company values and respects this guest experience, understanding how crucial it is to success and how to provide it to each and every guest.
Ask a prospective property management company how many and what type of staff is employed full time. What is the staff to guest ratio? Do they have their own maintenance crew or do they use contractors? What are their office hours? Average response time for client requests? What technology do they use for guest communications? How are their employees trained to provide an experience of a lifetime to each guest?
An abundance of quality renters are essential to turning a profit on your investment. Ask a prospective property manager what their tenant selection process is like. What sort of marketing do they do in order to find quality renters? How do they increase their closing ratio? How do they remarket to past guests? What other channels do they use to procure guests? How quickly do they respond to guest leads? What is their average occupancy?
The Relationship between Owner and Property Manager
Lastly, the relationship with your management company must be open, honest, and collaborative to ensure complete confidence that your home is being managed properly. You should get a clear definition of the responsibility of the owner and the responsibility of the property management firm before you sign anything. You should review a proposed management agreement, along with the fee structure and what is included in those fees. Most importantly, ask them who you will be dealing with on a daily basis (owner, manager, and employee). Remember, this is a business RELATIONSHIP. Be careful who you select, and make sure it will be a positive experience.
We know that renting your second home can potentially be stressful and time consuming. The wrong renter, long vacancies or general mismanagement can drastically reduce your profits and enjoyment of your property. A professional property management company will minimize your stress and give you more freedom to do the things you love.
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