Clara•Jul 8, 2024Investing in real estate with the objective of flipping it into a short-term rental can be a rewarding endeavor both emotionally and financially. However for some property owners, it can often be a daunting task. As a result, many property owners, like yourself, may be considering bringing on a manager to take away the often less than glamorous, day-to-day responsibilities of managing your property. With the myriad of options out there, from big national to local managers, choosing the right one is essential. In this article, we’ll explore the different factors that you should carefully consider and that should hopefully help you make the right decision.
Services Offered & Reputation: Not all vacation rental property management companies offer the same range of services, so it's crucial to carefully review what each company provides and whether it aligns with your specific needs. Common services offered by vacation rental property management companies include: guest booking and reservations management, check-in and check-out procedures, cleaning and maintenance services, pricing strategy and optimization, marketing and advertising on vacation rental platform, guest communication and support and legal and regulatory compliance
Fee Structure: Vacation rental property management companies typically charge fees for their services. You must understand their fee structure and ensure it fits within your budget. Most vacation rental property management companies charge a percentage of the booking revenue, which typically ranges from 20% to 30%. Some may charge a flat fee or a combination of both. Apart from the base management fee, inquire about any additional charges for services like cleaning, maintenance, or marketing. Be clear on how fees are calculated and any circumstances that might trigger additional charges.
Communication and Guest Experience: Effective communication between you and your vacation rental property management company is vital for a successful partnership. You should feel comfortable discussing your concerns and expectations with the company. Inquire about their communication processes, including how they handle guest inquiries, respond to guest reviews, and provide updates on bookings and property performance. The guest experience is equally important. A positive guest experience can lead to repeat bookings and positive reviews, ultimately boosting your rental's success. Ensure that the property management company prioritizes guest satisfaction and maintains a high standard of service.
Guest Screening Process: A critical aspect of property management is finding quality guests.. Ask the property management company about their guest screening process. A rigorous guest screening process is essential to minimize risks such as property damage. Look for a company that conducts thorough background checks and credit checks to ensure that your property is occupied by responsible guests.
Technology and Booking Platforms: In the vacation rental industry, technology plays a significant role. A property management company that leverages modern software and platforms can offer more efficient services. Inquire about the technology they use for booking management, property maintenance, and reporting. Having access to an online portal where you can monitor bookings, revenue, and guest feedback can be a valuable asset.
Maintenance and Repairs: Property maintenance and repairs are an integral part of property management. Inquire about the company's maintenance and repair processes. Ask how they handle routine maintenance, emergency repairs, and whether they have a network of reliable contractors and vendors. A proactive approach to property maintenance can help preserve the value of your investment and keep tenants satisfied.
All in all, choosing the right vacation rental property management company is pivotal for the success of your investment. By considering factors like reputation, services offered, fee structure, communication, guest experience, cleaning and maintenance, legal compliance, technology, guest screening, and contract terms, you can make an informed decision. Careful selection of a property management company will ultimately lead to higher occupancy rates, satisfied guests, and increased revenue from your vacation rental property.
Wander Operated is Wander’s top-tier, full-service property management solution whereby Wander transforms your home into a top-performing asset, manages it and you, as the owner can reap the benefits, without lifting a finger. There are a few reasons why Wander Operated is differentiated from other property management services.
The leading operator of short-term rentals: Wander operates over $80M in vacation rentals with a network of 105+ homes (and counting) throughout the U.S. Given this, they understand what it takes to operate a successful vacation rental and have a successful track-record to prove it. Their portfolio of homes outperforms average market occupancy by 24% and average market ADR (average daily rate) by 179%.
A standard of excellence: Whether it’s Wander’s smart-home technology, 24/7 concierge, ergonomic workstations to cater to the 131% growth in U.S. digital nomads*, amazing views or amenities (sauna, hot tub, gym, etc.), Wander homes are designed to deliver a remarkable standardized customer experience that sits at the intersection of luxury hotels and vacation homes.
Strong partnerships: Wander homes are equipped with state-of-the-art amenities which they’ve achieved at reduced costs through our strong 80+ partnerships with brands like Herman Miller, Lazzoni, and Lutron.
A new booking platform with a loyal and growing customer base: By joining Wander, you unlock access to a new booking platform with 195K+ active members, a track-record of 80% average occupancy, and Wander’s market-leading customer satisfaction rate of 93%+.
Marketing machine: With Wander Operated, you unlock access to new ways of driving demand. They employ a multi-channel, multi-touch marketing strategy designed to drive first-time bookings at a low cost and build high customer LTV through repeat booking and cross-selling adjacent products.
An established and recognized brand: Wander has secured $42M+ in funding and has been featured in well-known media outlets such as Forbes, WSJ, and TechCrunch.
Sophisticated pricing algorithm: Wander Operated’s pricing algorithm monitors demand, events, seasonality and automatically adjusts rates accordingly to determine the equilibrium price that enables them to maximize revenue.
A robust guest vetting process: Wander prides itself in their robust guest vetting process which begins as soon as the user accesses the Wander website and continues through every step of the booking journey and in their ability to attract high quality guests. They have a zero-tolerance policy for customers who disrespect our properties.
Owners club: With Wander Operated customers and owners are at the heart of their strategy. They not only deliver a superior guest experiences, they also give owners a chance to opt into their home-sharing program where owners can make last-minute reservations at any home opted into the Owners Club at essentially no cost*
Interested? Learn more or apply today at wander.com/operated
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