by BNB Booking
Are you searching for an short-term rental property manager? Have you ever hired a property manager before? Do you know what to look for when hiring a property manager?
There are many property management companies around but most of them do not specialise in short-term rentals or holiday rentals. In fact, most of these companies specialise in looking after properties that are meant for long-term rental income.
There is a big difference between managing long-term rental properties and holiday rental properties as the target audience is different, requirements are different, marketing is different and expectations are different.
In today’s blog post, we will explore how you should go about hiring the right short-term rental property manager to maximise the revenue from your short-term rental property.
Before you begin researching property management companies, you should know about the different fee structures that are prevalent in the industry and the kind of help you want from the management company. There are several payment models such as fixed rate fees, guaranteed income models and commission-based property management.
All of these have their own advantages and limitations. You should go through the pros and cons of each of these models before choosing something that works best for your interests.
The next thing you need to decide on is the kind of help you want from the management company. Typically, these companies offer a wide range of packages based on the number and level of services.
Most companies offer a package with completely hands-off property management which means you don’t need to worry about anything as they take care of marketing, guest management, cleaning, restocking, legal issues and all the other things. However, they charge a good amount of money for their services.
If you are in a popular location, chances are many of your neighbours are also renting out their properties on short-term rental or holiday accommodation platforms. Talk to them and maybe, you could get some recommendations.
Also, search online to get references. Once you have a good list of companies, check their websites, listings, general reparation and reviews to know more about them.
Once you have filtered the list down to 4 or 5 property management companies that you like, give them a call to set up an appointment. Talk to them in person. Ask them who is going to be responsible for various services. Ask them to share a sample agreement. Talk about fees you are required to pay.
Talk about who’s going to be responsible in case an accident happens. Privacy violations in short-term rental properties have become a significant concern in recent years. Make sure you discuss their privacy policies and procedures with them.
If you like a big company that has a lot of property managers, ask them to meet the person who is going to be responsible for your property. Find out the number of properties they are already managing.
The number shouldn’t be too high or too low. If the number is too high, your property might not get the attention it should to maximise revenue.
Transparency is a big thing in this industry and so is communication. Give them a call to check how long it takes them to return your calls as well as emails. Ask them to share a sample agreement. Also, get the details of a few property owners they are already managing. If possible, talk to the owners to learn more about their own experience with this company.
The holiday rental industry is extremely competitive and it takes a lot of time and energy to manage a property and meet the expectations of the guests. On top of that, you have to put efforts into marketing, guest management and numerous other things. Partnering with an experienced property management company will give you that edge to help you maximise revenue from your property.
There are hundreds of companies offering holiday rental management. BnBbooking is one of the premier holiday rental property management companies in this part of the country. We have several years of experience in this industry and have helped many holiday rental property owners increase their bookings, improve guest ratings, and maximise revenue across leading short-term rental and holiday accommodation platforms.
Please call us at BNB Booking today on 1300 421 029 or leave an enquiry and we will get back to you as soon as possible.
