Vacation rental property managers have a lot of responsibilities on their hands. It is vital to be aware of them prior to choosing property management as a career or adding more entries to your current portfolio.
The following are some of the key duties involved in vacation and short-term rentals.
A vacant property is bad for any type of rental business. It, essentially, means no income at the end of the month. It’s for this reason many homeowners choose to hire an experienced property management company to help them fill their vacant units.
]As a property manager, you’ll be responsible for promoting your clients' vacant properties. There are many techniques to do so.
One of the easiest methods is to register the property on top listing websites. There are literally hundreds of them to choose from. In no order of importance, some examples of common rental listing sites include:
The goal is to choose sites that will cater to the kind of guests you’re looking for.
Another way to market your clients' properties is to utilize social media. There are generally two ways to go about this. One is through content creation, where you frequently publish high-quality posts to your potential target audience; and the other is through running ads.
You could also market their properties by creating a website and driving traffic to it.
The way you price a rental can determine how easy or tough it can be to find a guest. Setting the proper rate can do wonders for your vacation rental’s success, while a bad one can do just the opposite.
How do you find the perfect rate?
First, you need to understand the competition. Pricing a rental at a much higher cost will not get you many bookings.
If a guest can get a comparable property for a lesser cost, in most cases, they would take it.
However, if you want to charge guests a higher rent price, you may be able to do so if the property provides some uniqueness.
Aside from understanding the competition, another thing you need to know is the property’s selling points. Here, you’ll note down some of the features that may influence the higher rate.
A home that has things like granite countertops, an island, or a well-finished cabinet will command better rates than kitchens with linoleum and Formica.
As a vacation rental property manager, one of the key traits you need is good communication skills.
When responding to a guest inquiry, you have to be fast. In the past, it was okay to respond within 24 hours. However, with today’s increased competition, responding later than an hour can cost you potential business.
Aside from responding swiftly, you also need to be friendly and helpful when it comes to answering questions. Guests will also expect you to be responsive throughout the entire stay.
A common mistake vacation rental property managers make after marketing their property across various platforms is having to deal with double bookings. That’s where calendar syncing comes in. With manual syncing, you’ll be opening yourself up for costly mistakes.
Because, with manual syncing, it means going from channel to channel marking the dates off by hand. Not only can this be frustrating, but it can also be a very time-consuming process.
An effective option is to use a channel management tool that syncs your calendars across multiple channels.
To get great reviews, you need to do more than simply provide speedy responses and be aptly prepared.
You can, for instance, make their experience unforgettable by doing things like:
This applies if you manage vacation rentals on behalf of their owners. This won’t be necessary if you are running owner-managed properties, however.
You will need to keep the owner up to date with the performance of their properties. A homeowner would want to know things like:
There are many apps that you should acquaint yourself with. These can help you boost profits if used properly.
Some of the common apps include Igloo Home, Roomonitor, HelloHere, Avantio, Vayoo, Party Squasher, Igms, MyVR, Vert S, Guesty, and Rentals United.
There you have it. 8 key responsibilities of a vacation rental property manager in Summit County, Colorado.