There are plenty of vacation property management companies out there - some great, some... not so great. So how does a homeowner choose which property manager is best for them? So glad you asked!
Reviews
Reading reviews is an obvious first step to take when searching for a property management company. But don't stop at just reading the Google reviews from the property manager's clients - also try to find reviews from the actual guests to see if they've been creating a magical vacation experience... or if they were impossible to get ahold of or didn't properly clean the property for guests.
To find guest reviews, find a few of the property management company's listings on Airbnb and VRBO and read what guests thought of their stay.
Services
Not all property management companies provide the same services to their clients. Some strictly manage the turnovers and guest communication, but don't offer any support with property setup, supply ordering, or regular maintenance.
Be sure to ask each property management company about the services they offer and who's responsible for what. This will allow you to better compare property managers.
Technology
Vacation rentals have been around for decades, if not longer. Back then, you'd have to meet your host in person to get a physical key, call them on the telephone if you had a question, and pay with a check. These days, the savviest property managers use technology to optimize your listing, streamline the booking process, keep your property safe, and create a stellar guest experience.
You should ask a prospective property manager how they leverage technology to enhance their services.
Management Fees
Obviously, the cost of a property manager's services are a major factor in your decision. Property management companies typically quote their fees in terms of a percentage of the overall revenue of your property. But how do they define "overall revenue?"
Many property managers calculate overall revenue not just as the nightly rate - they also add in the cleaning fee, other booking fees, and even Airbnb or VRBO's fees, thereby inflating the overall revenue so their percentage is bigger. But you as the homeowner don't typically get to keep any of those extra fees.
Additionally, when many property managers issue payouts to homeowners, they haven't taken out or paid local taxes (ugh taxes), so your payout may seem higher than it actually is until you have to pay Uncle Sam.
Ask prospective property managers how they handle fees. How do they calculate the overall revenue number from which they take their percentage?
If you simply compare property manager rates at face value, you are missing most of the story and could be missing out on thousands of dollars of profit.
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