Posted by toby | Thursday, November 10, 2016
At some point after acquiring a vacation rental property, every landlord asks himself this question: Why use a Vacation Rental manager? What can a Property manager do that I cannot do myself?
It's a really good question, and we're here to answer it. Here are five good reasons to hire a property manager for your vacation rental property:
1. Industry Knowledge
VRBO and AirBnB are not the whole of the vacation rental industry; they are an important part of it, but small part of a very large industry. A professional Vacation Rental Manager will study and harness vacation rental trends, best practices, inside information, and emerging technology to elevate the success ofthe properties they manage.
Do you know the daily occupancy rate in your market? Are you aware of the timing of local tourism marketing efforts and the reach of those efforts so you can capitalize? Do you shop competitive rates weekly to ensure you are positioned well within the competitive set of properties in your market? Do you know the overall demographic profile of your potential guests, and how that translates into their ideal vacation experience? What technology do you use to manage the guest lifecycle, and what is the uptake percentage of that technology? How widely distributed is your property across the OTA, wholesale, and transactional third party booking partner sites that make up a large and fragmented online travel market?
A professional Vacation Rental Manager will have a quick and educated answer to all of these questions, as well as dozens more building blocks that formulate an effective management strategy. Our goal is to be students, experts, and leaders in a very complex industry, providing our owners and effective and professional resource to maximize the management and revenue of vacation rental properties.
A true professional Vacation Rental Manager will ensure you never question why you partner with them, and will be far more valuable than any commission percentage you may pay them.
2. Less stress for you
Managing your vacation rental property can be extremely time-consuming and challenging, no matter if you live close by, or many miles away. Providing quality management and guest services requires instant and rapid response times before, during, and after a guest stays in a property. To manage properly, it must be a full time job and not a hobby or weekend activity.
You have to stay on top of multiple important property managing duties, such as handling bookings, scheduling and managing housekeeping, ensuring pre arrival readiness, stocking consumables and amenities, providing guest services and communications, and being on-call to handle any issues that may arise
during a guest's stay. Managing a vacation rental property is a full-time job, and if it gets too stressful for you, the quality of your guests' stay might suffer, which brings us to the next point...
3. Better online reviews
A happy guest is a five-star review. On the reverse, an unhappy guest is a potential one-star
review. In addition, an unhappy guest is far more likely to leave a review than a happy guest. Vacationers expect a high quality “hotel experience”, and full satisfaction with their vacation. If you're unable to provide an optimal lodging experience to your guests due to not being locally present, your own full time job, being too busy with your everyday life, or any other reason, you need to use a property manager.
A qualified property manager will make it his job to be wholly dedicated to your property and guests. He/she will be on call to handle any issues that may arise with the property or your guests. Such attentive customer service can lead to glowing reviews of your property, which in turn leads to more bookings.
4. Constant supervision of the property
In addition to being on call every time a guest stays at your property, a professional property manager also keeps an eye on your property and ensures that everything is in working order for the next booking. He also takes care of repairs right away, manages housekeeping, and stays on top of cosmetic
improvements.Not only does having your property so well-maintained please your guests, but it also can have a huge positive impact on its real estate value. Professional managers manage your revenue, but more importantly, they manage a large and complex investment asset- your vacation rental property. Ensuring your property is enhanced and appreciating in value over time is just as important as your yearly gross revenue.
5. Local connections
Your property manager should also be a well-connected local who can provide you efficient and effective housekeeping, repairs, property maintenance, and more. If you don’t live in the area, you might benefit greatly from your property manager’s local connections, and internal staff.
Once you’ve got an expert looking after your vacation rental property, you can finally kick back and relax with a glass of wine while the rent checks roll in, comfortable in the knowledge that you have a professional looking after your investment.
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