What exactly does managed vacation rental mean? More importantly, how does a managed approach differ from a non-managed one? For many property owners wanting to break into the short term rental space, this can be a bit confusing. For starters, there is Airbnb and other listing platforms that allow you to list your property online. Then there is also a sudden influx of holiday letting agencies who offer to market your property (for a small fortune). Needless to say, understanding the difference between managed and non-managed is essential.
What does each approach offer? Better still, how do you choose which approach is right for you?
Managed Vacation Rental vs Non-Managed
Both of these allow you to rent out your property to holidaymakers and business travellers. Both involve short term vs long term property rental. Both offer a way to list (and often promote) your property. While they have some things in common, managed holiday rentals are very different to non-managed.
Primary differences include the following:
- Managed rentals offer a full range of services. At Totalstay, for example, from the moment we take on a property for our Private Collection, the entire process is fully managed. Photographs, property description, listings on major booking platforms and marketing are all provided. Maintenance, day-to-day management, housekeeping and concierge are also included. Rather than simply offering to list your property, we take care of even the smallest detail. This full service model means that your property is expertly managed throughout each step of the way. You’re not left floundering on your own.
- Online booking platforms only provide a listing. There is much to be said about Airbnb and its rise to power. Having your property listed here is definitely a good thing. But, while this platform allows you to list your property, you’re on your own for everything else. You will have to do your own marketing, as well as regular maintenance and guest services. You will also need to either take photographs yourself or hire a professional photographer. As far as long-term strategy goes, this option can be limiting. It is great if you only plan to rent out your property over a short period.
- Not all holiday rental agencies are created equal. There is a huge trend emerging as the short term property market continues to grow. Those who have properties are realising the advantages of renting out space on the holiday market. Then there are the agents and agencies that are taking advantage of the boom by offering marketing services. Some may even offer management. Very often however, you will be hard pressed to find many agencies with adequate experience. Accommodation is an extremely competitive industry that requires not only an ability to market but also a deep understanding of travel trends, areas, strategies and pricing policies. Putting your short term rental property into the wrong hands can be devastating. Be fully sure that you know exactly what the agency is able to offer before committing to anything.
If you’re interested in learning more about managed holiday rentals, contact Totalstay today to arrange an evaluation of your property. We can then determine how to proactively list, market and manage your property for optimal success.