5 Signs You Need New Vacation Rental Property Management
Are the Signs All There?
Managing a vacation rental can be overwhelming, which is why many owners turn to property management companies for assistance. From scheduling cleanings and handling marketing to managing guest communications and addressing complaints, a property manager can significantly reduce your workload and positively impact your bottom line.
But what happens when you’re not happy with how your property is being managed? Today, we’ll outline 5 signals that you should watch out for, to help you figure out for yourself if you should switch property managers and get a new start.
#1: Your Current Property Management Isn’t Transparent About Expenses and Costs
Running a vacation rental is fraught with expenses, whether you plan to hire a property manager or not. But while it’s only logical to pay the expected costs of doing business to your property manager (after all, cleaning crews, repairmen, and inspectors all must be paid in order to keep the operation running), some firms are not very transparent about expenses, with many charging exorbitant fees for simple things like changing a lightbulb or repairing a minor plumbing issue.
When you’re the one footing the bill for unexpected costs, you have a right to know exactly what your money is being spent on so that you can determine if you’re being overcharged. If your property management company is quoting you exorbitant numbers for seemingly inexpensive purchases and repairs, it might be a sign to start looking for a new one.
#2: Communication is Lacking
Unlike many industries, hospitality is a 24/7 business. Even during your “off” hours, unexpected issues are likely to arise, and you need to be able to rely on your property manager to take care of things and keep you informed.
If communication is patchy or otherwise lacking, whether with you as a homeowner or with guests in general, it’s a big red flag. Be on the lookout for lagging or late messages from your property manager, especially if you contact them with questions or concerns. If they are not timely in their responses to you, it’s also likely that they won’t be able to keep up with other guest needs as well. Instead of dealing with the hassle of late communication, think of switching to a new property management company that will actually be able to fulfill your needs and goals as an owner.
#3: No Attention is Being Given to Repairs and Preventative Maintenance
Short-term rentals endure a lot of guest use and turnover, meaning that wear and tear is an imminent and ever-present problem that owners have to deal with. If it’s not taken care of in a timely manner, wear and tear can even strip years of life and value away from your property.
Any property management company worth its salt knows that a poorly-kept home is hard to find bookings for, and they work hard to prevent that from happening with regular inspections, preventative maintenance, and on-time repairs.
That’s why it’s vital to ensure that your property management company is giving the time and attention to your property that it deserves--if they’re not, it’s one blaring signal that your property manager isn’t providing you with the value you’re paying for.
#4: They’re Charging Too Much (And Not Providing Enough Value)
In the same vein of getting the value that you’re paying for, if your property management is charging you too much for the value and service that they provide, you may want to take a look at the offerings of other property management companies within your budget. It all depends on what you value in a property manager.
If your company is charging you too much in fees, not giving your property the attention it deserves, or not communicating well with you or potential guests, for instance, you’re well within your rights to assume that they aren’t worth the expense. Instead, find another company in your budget that will treat your property better and provide the level of service you’re expecting–there are plenty of them out there.
#5: You Aren’t Getting Enough Bookings
Bookings are the bread and butter of any successful short-term rental business, and one sign that it might be time to change up your property management is if you’re not getting the bookings you’d expected or hoped for. Every property manager handles marketing, pricing, and platform distribution differently, but not everyone uses all of their resources to their advantage.
For property owners who are seeing declines in their booking and occupancy rates, take a look at how your vacation rental is being marketed online. Is the description short and lacking? Are the rates too high compared to the competition? Is your rental only available on a single platform? Any of these smaller issues can point to a lack of care and time dedicated to your rental, since many of these are easy fixes that don’t take up much time or energy to solve, and this might be the confirmation you need to solidify that your current company isn’t working out the way you’d hoped.
Thinking of Changing Up Your Property Management? Go Local!
Switching over to a new property management company is never an easy decision, especially if you’ve formed close relationships with the people who take care of your rental. But when the time comes, you’ll know it’s for the best, and hopefully the next management company you choose does a better job serving your needs.
However, all of the above problems are preventable. For homeowners searching for a property management company that will work hard to prevent damage from wear and tear, be available day or night, and help you get the revenue you’re looking for, check out LocalVR.