Trusting Your Property Manager
Where Do I Start?
You may be managing your property on your own. Or maybe you’re new to the vacation rental industry. How do you find a property manager that is a fit for you and your property? Looking for a property manager can be a daunting task with many questions that arise, including:
- How do you begin to trust a property manager?
- How do you know which property manager is right for you?
- What precautions do you take when looking for a short-term rental manager?
- How do you maximize your income yet rely on a stable and trustworthy rental manager?
- What are some green flags to look for?
- What are red flags to keep an eye out for?
- What kind of fees do they charge?
A Straightforward, Honest Approach
Here at Short Term Rental Manager, we are straightforward and honest with our clients. Today, we will be addressing common issues to be aware of when choosing your property manager. Whether it’s sketchy websites or overly priced management, as a homeowner it falls on you to weed out the ones that don’t meet your needs.
The vacation rental business is increasingly growing, but it’s our job as a respectable property management company to keep you informed and up to date with current market trends. Due to seasonal travel, some rentals may not immediately take off or gain momentum right away. But the good news is this allows for growth!
STRM is very realistic when it comes to reservations and overall income a potential homeowner is going to achieve. There’s nothing we don’t want our client to know about the current market for their home as a vacation rental. Our team works hard to stay transparent in order to keep our clients happy and up to date with their property. Nobody likes to be lied to or given misinformation about their home, the current market, possible outcomes and potential future mishaps. That is why we strive for open communication when handling situations with both our customers and clients.
Management Green Flags
What steps do you take to seek out a reliable yet trustworthy rental manager? Come up with a game plan. Consider your business needs, going with a company or an individual property manager, and make sure to do your research! Research is key to finding out if your potential property manager is honest and successful. Googling reviews and past clients is a great way to seek confirmation on whether their company is legit and thriving.
Doing your research and absorbing as much information as you can will help you decide what company is best for you. When you do come across a property manager service that stands out and their business and successes are verified, this of course is a green flag! Make sure you know basic information about the company you decide to go with. Some information to be aware of:
- How many properties are they currently managing?
- How many years of experience do they have?
- Do they have experience managing in your area specifically?
- What is their success rate?
An honest short term rental manager will answer these without hesitation. Honesty from a potential property manager is a green flag!
Trust Your Gut!
If you ever feel unsure about a potential property manager, weigh your options and definitely don’t ignore your comfort levels. At the end of the day this is your home. No one has the overall say except you, the homeowner. A true property manager will always communicate with the homeowner before making big decisions regarding the property. A knowledgeable property manager will tell you what they believe will work best for your vacation rental. There are plenty of property managers that have the homeowner’s best interest in mind. Honesty, reliability, communication, understanding and professionalism are just a few positive traits to look for in a vacation rental manager. A potential manager that provides excellent service but as well as being knowledgeable and communicative is a green flag!
Management Red Flags
Another thing to consider is whether or not you’re willing to make some additional financial changes to your home. Some of these changes may include things like appliances, decor or acquiring the proper maintenance. There are many rental managers that will require their potential homes to be updated or radically renovated in order to keep up with expectations of future guests. Other property management companies, especially ones with a higher-end client portfolio, will also require renovations to keep up with interior design trends in addition to fulfilling guest expectations. Realistically, many potential properties are going to need some updating such as a paint job, furniture and appliance updates, carpet and flooring updates, etc. But a company that’s arguably pushing you to pursue extreme renovations that you feel aren’t necessary or are even out of your budget is a major red flag.
No property manager has the right to persuade you into making large investments that you aren’t comfortable with or you simply can’t afford. This type of situation should make you think twice about who you’re letting manage your property. Never ignore red flags or negative situations from a potential manager. A respectable property manager will always have your best interest in mind as a homeowner! They will also respect your wishes and boundaries as a homeowner.
When it comes to property management services, service fees should not be overlooked. All vacation rental management companies charge fees, but it’s your responsibility as the client to make sure you’re not paying overpriced fees compared to the average market price. Contact multiple property managers to see how your fees compare to what other companies would charge. A vacation rental property manager that is charging much more than their fellow competition is a red flag!
Vacation management services vary from one company to another. But just because one property service is charging more than another company doesn’t mean the services will be better. Base your decision on reviews based on reviews and past clients when choosing your property manager. Compare the services offered with the fees charged. Do they add up?
Keeping these key points in mind when looking for a property manager will help ensure that you find the best possible company for you and your home!
Tired of managing your own property? Fed up with your current property manager? If you are interested in learning more about what services STRM has to offer you, contact us today!