Top Characteristic of a High Quality Short Term Rental Property Manager
by Sierra Williams (March 20, 2022)
If you're looking for a property manager to assist you with operating your short term rental (STR), finding the ideal fit is critical to running your business successfully. Property managers may have similar qualifications, but no two managers are alike or will show the same amount of care for your property. Also, the number of properties your manager supervises can play a role in how much attention they can give to your property. In this article, we'll cover the top characteristics you should look for in an STR property manager to ensure your asset is in the best hands.
Always Communicates
While property managers take care of most concerns on their own, a good property manager will keep you up-to-date about what's going on with your property. It's so important that you establish your expectations for the amount of communication you'd like to have from your property manager in addition to monthly updates. By doing so, you'll both have a smooth onboarding experience and ongoing relationship that you feel comfortable and confident in.
Hospitable
Unlike with long term rental (LTR) property management, STR property management requires a great deal of time and attention from property managers. Essentially, the property is being ran like a hotel, so you will want to work with a property manager that's willing to go the extra mile for guests. Further, a certain quality standard has to be maintained for each stay booked, and your property manager needs to make sure that's happening. So, confirm that they're working with a reliable cleaning team, continuously updating towel and linens, and restocking any necessities when necessary. Also, make sure that your STR manager is keeping open communication with guests.
Time Management & Efficiency
Managing multiple properties and guests can be overwhelming, so time management is an essential skill for any STR property manager. When choosing the best person for the job, go for the one who can juggle their tasks without losing momentum. A great STR property manager must identify the most efficient way to get things done, minimizing time spent while still delivering on the job.
Acts as a Partner
A great property manager measures their success according to your success. With that in mind, partnering with a property manager that type of mindset can help you meet your investment goals. They'll craft a strategy that aligns with your goals, identify ways to improve your property's value, and calculate metrics to help you make sound decisions.
Knowledge About STRs & Market Trends
It's so important that you find a STR property manager that has experience with not only operating but utilizing STRs. They also should be familiar with the nuances of STR market trends and what's going on in the real estate market in general. An understanding of the market can help position your property correctly and find ways to make it more appealing to potential guests. A property manager can steer you away from pitfalls that will lead to little to no revenue.
Other characteristics that you should consider include: rapid response times, an eye for design, marketing expertise, and creativity. If you keep these characteristics in mind while searching for your STR property manager, you can be confident that your asset will do well under any market conditions.
Interested in working with a team that shares these characteristics now?
Contact our team at Tigertail Property Management.
E-mail: [email protected]
Phone: 754-301-6296