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No matter what kind of accommodation a host has to offer, from a spare room to an apartment to a fully-fledged house in an urban area, or a cottage in the countryside, in today’s dynamic and ever-evolving short-term lettings market, property management for short term rentals has become an increasingly critical asset for all kinds of people with a property listing on Airbnb or another similar platform. This blog post from the SevenStays team will take a closer look at why professional property management services like the ones we provide are so important, the rewards that a host can reap with good property management for short term rentals, the consequences of bad property management and more. Let’s begin!
When they partner with a top rated property management service like SevenStays, hosts can expect a comprehensive suite of services designed to ensure the successful operation of their short-term rentals – including the following core activities:
Are people visiting the location on vacation or on business? How old are they? What do they like? How much are competing short lets and hotels charging? Are their properties busy? Good property management services will be able to answer all of these questions (and more besides) accurately.
A short term rental property should be marketed across various platforms. In order to make it stand out and attract potential guests on their platform of choice hosts will also need a quality listing that includes enticing persuasive ad copy and quality photography too. These are also things that a quality property manager will provide.
A good property manager will use data driven strategies to set competitive prices that maximise revenue without being off-putting to the customer. They will understand the factors and events that are likely to affect demand, and be able to adjust rental rates and strategies to take advantage of opportunities and keep occupancy rates high.
Hosts can expect their property manager to handle guest communications, giving guests access to a greater amount of support if they have any questions or issues, and hosts the ability to provide a professional level of customer service. From handling inquiries to resolving issues, the property manager should certainly see communication with guests as part of their job.
Property maintenance for short term rentals takes many forms – from routine scheduled cleaning and restocking of the property after a guest checks out, to emergency damage repair and/or redecoration. By having a property manager handle these tasks, hosts are better able to ensure the safety of their guests and protect their investment, without any extra physical effort on their part.
For hosts – and especially novice hosts – the main benefits of enlisting the help of professional property management services are as follows:
Professional property managers possess a deep understanding of the rental landscape in the local area, including pricing strategies, occupancy rates, knowledge of market trends and upcoming events, and the analytics tools that can help them craft a winning strategy for the property. All of this extensive experience enables them to make informed decisions that can maximise the property’s rental income.
A reputable property management provider will make good use of their marketing prowess to highlight the positive features of the property they’re working with and ensure that it remains visible on the host’s short letting website of choice, and attractive to potential guests. When done correctly, this can really increase occupancy rates.
With a professional property manager working on a host’s behalf, their guests will receive top-notch service and support throughout their stay, which can then lead to more positive reviews and repeat bookings.
Perhaps the biggest benefit of hiring a professional property manager is the peace of mind that comes when a host knows that their guests and their property are in good hands at all points of the rental process.
While good property management can bring a wealth of benefits, poor management can lead to any number of problems, which commonly will include the ones listed below:
Poorly managed properties often see lower occupancy rates, which could be a result of negative guest experiences, poor online visibility, or a poor pricing strategy.
Without a solid pricing strategy and efficient cost management, hosts may find themselves incurring losses instead of gaining profits from their rental property.
Non-compliance with local regulations can lead to hefty fines or even lawsuits – a situation that every property owner wants to avoid.
Neglected maintenance tasks can cause the property to deteriorate over time, consequently depreciating its value.
At SevenStays, we combine years of industry expertise and experience, backed up with the intelligent use of software and technology to offer truly comprehensive property management for short term rentals at an affordable cost. Our support is scalable too, so whether a host has a single room to rent or an entire property portfolio, those looking for some quality help to ensure the success of their rental venture will find that SevenStays are the professionals to turn to.
We operate in a wide variety of locations across the UK, including London, the West Midlands, Manchester and Liverpool, and we work with both vacation rentals as well as business or event travel. Even more than that however, we also strive to be a valuable resource for information about the short lettings industry – which we present via our journal. So, if all of this sounds like the kind of support you want for your property, why not reach out to us today to learn more about how we can aid in managing your short-term rentals effectively?
We believe that quality, professional property management for short term rentals should no longer be seen as a luxury in our industry. No matter the online marketing channel or channels they choose – Airbnb, Vrbo, Booking.com or any of the others – a host enters a very competitive marketplace. The choice to contract with a trusted service provider like SevenStays should not be taken as a sign of weakness, rather a desire on the part of the owner to deliver a quality experience to guests and give a property the best chance of success in a highly-competitive industry.
The SevenStays Blog is a great place to get to grips with the world of airbnb hosting, and the support that we offer. Check out our latest blogs below, or for more advice why not take a look at the entire archive?