Vacation rental property managers have the task of ensuring that vacation rental homes operate smoothly and efficiently. They must help guests find, book and stay in the property that is best suited to their vacation needs.
The vacation rental industry continues to radically evolve. The number of property managers continues to grow and advance to keep up with the increasing demand and supply of vacation rentals.
Many vacation rental property owners manage their own properties, normally using one OTA to help them market and administer their bookings. The development of online travel agencies has made it a lot easier for vacation rental property managers: they are notified when a guest books, all communication takes place through the platform, and payment (minus the commission) is transferred directly to their account.
However, it becomes more complicated when property managers want to market their property on more than one platform, increasing their visibility, or if they want to make direct bookings on their own website. Property owners, then, have more challenges. They must:
There is technology such as property management software and channel managers to help property owners. Although self-management is challenging and can be time-consuming, it is possible if owners have the time and are able to coordinate with their guests . Many property owners enjoy managing their own property and communicating directly with their rental clients.
For many vacation rental owners, self-managing a property is time-consuming. Some owners prefer to hire a property management company to help them, however, they often have varying opinions on how much influence the company has. Some prefer to have a flexible arrangement where they hand over some responsibility and others prefer a fully hands-on approach and are less involved in the property.
Vacation rental property manager agencies have two customers to please: the guest and the owner. Not only should they provide the property owner with services and supplies, but they also must provide excellent customer service to the guest.
Vacation rental property managers look after the day-to-day runnings of the properties and tend to adopt different vacation rental business models. It is important to choose a manager that has a business model that fits with your strategy.
Advantages of a vacation rental professional property manager.
A professional property manager will manage the entire vacation rental process from the initial enquiry to the end of their stay, including all guest interactions
One of the most important aspects that a professional property manager has to offer is its services. Property managers should also deal with any maintenance issues, the cleaning of the property after each guest and any other operations.
Professional property managers have access to marketing tools to increase the listing’s visibility and optimize occupancy.They also usually have extensive contact lists for email and social media marketing.
Professional property managers take advantage of industry data to optimize their revenue. They will combine data with their knowledge of the market to adjust rates accordingly.
According to the European Vacation Rental Survey, only 13% of professional vacation rental property managers buy market data.
Property managers that collect data and are aware of the external factors that affect the supply and demand of their bookings can better understand their market. They can monitor their performance and decide on a pricing structure to maximise their revenue.
When choosing a property manager, you must ensure that they have a well-thought-out revenue management strategy to ensure your listings’ pricing and occupancy are optimized.
Transparent dashboard allow you to monitor your competition to ensure that you are maximizing your rates and staying up to date with market trends. It gives you all the data you need in one place, so that you can focus on what really matters.