Whether you’re thinking about putting your apartment on Airbnb or you are looking for an experienced vacation rental property manager for your villa, choosing the right partner to help you maximise your rental returns is essential.
The rapid rise of Airbnb has changed the property investment game as we know it. Now, you no longer have to have a large portfolio of properties to benefit from this type of investment. Even the smallest apartment has the potential to become a sought-after prospect for short term occupants… assuming you are managing the property correctly, of course.
This is where it comes in handy to have an experienced manager to help you position your property on the market, prepare it for rentals and help you get the most out of your investment.
Choosing the Right Short Term Property Management Company
It’s as easy as could be to list a property on a platform such as Airbnb. It’s a little more challenging to ensure that your property gets booked out on a regular basis however, and even more challenging to ensure that you get premium rates that make for favourable returns. How do you go about finding the right company to manage your investment? For starters, you ask the right questions. Some things to ask prospective short term vacation stay property managers include the following:
- How many properties are in your portfolio?
As crazy as it seems, a number of new, self-proclaimed Airbnb specialists only have a small handful of properties in their portfolio. Without a solid understanding of the hospitality market, along with extensive experience in the accommodation industry that backs up that understanding, how will your property be managed properly?
- Do you have established partnerships?
A good manager will have a broader network that is used to actively manage and promote your property. From local booking agents to global booking platforms, the role of a property management company is to make sure that your property occupancy levels are consistently high. Without connections, this job can be virtually impossible.
- What packages are offered?
You may want a fully managed solution, or you may want to focus on marketing for now and complete management at a later date. Ideally, you want to have your needs accommodated with a choice of packages that meet your specific needs.
- What sort of success rates can you advise?
While every property is different, it can be useful to get a general idea of what you can expect within a certain area or for a certain type of property. For instance, knowing how successful some of the company’s serviced apartments have been in the way of bookings will give you an indication of what you could expect for your apartment.
- What services are included in packages?
A good rental package will include a range of services, such as housekeeping, 24-7 concierge, branded welcome packs, WiFi and other add-ons that help to increase booking rates. If the company cannot help you prepare your property for rentals, it may not be able to help you get the returns you deserve.
Of course, other things to look out for include references and testimonials, current portfolio, marketing efforts and anything else that may help you get ahead. When in doubt, it is always best to speak to prospective vacation rental managers to find out what they are able to offer. This way, you can be sure that you are getting the best chance of success for your property investment.