Short Term Property Management
Our short-term rental management program is designed to allow our clients to take advantage of our team’s breadth of knowledge and experience in the vacation rental and executive stay industries. Our clients have a wide variety of goals and priorities, and each of their properties is unique. We pride ourselves on the ability to understand each client individually and combine best practices with custom solutions. Each of our divisions is highly specialized, and the processes and standards we have developed over the years contribute to our overall success.
Short term rental property management is the process of maintaining your property’s value and creating an environment where guests feel comfortable. The cash flow potential of a property over the long term will be dependent on how the property is managed, the amenities provided, its location, and seasonality. Our clients generally care as much about how well their property is maintained as they do about the income it is generating. Even for those clients who are primarily income-focused, a property that is not maintained will experience a drop in guest reviews and prices will be impacted. Regular inspections and on-demand maintenance are just the basics of a good rental operation. When you walk into your own property after a few months, it should look and feel like the day you started working with us.
What to look for Before Choosing Short-Term Rental Property
If you’ve decided that you’re going to outsource property management services, first list the tasks with which you need help. Then, before you sign any contracts, you’ll also want to do your homework by considering the following factors:
The Reviews About Their Property Management Services
Word-of-mouth advertising remains powerful and for very good reason. So, take the time to read the reviews that previous clients have written to get a more accurate view of the services and overall quality that the short-term rental company or manager typically provides. You can, for example, refer to Yelp, Facebook, and Google Business.
Alternatively, you can ask the managers or companies that you’ve shortlisted for references from previous or current clients. The advantage of following up with references is that you’ll also be able to ask specific questions.
How Much The Short-Term Rental Management Will Cost
Needless to say, your goal is to find a service provider that can offer you the best value for money. To help you evaluate the cost-effectiveness, it is a good idea to create a spreadsheet so that you can compare companies side by side.
How often The Property Management Team Reports on Results
Absolute transparency is key! A good short-term property management company will share financial and performance reports on a regular basis. It should be easy for you to see how their own property management fees are calculated and how your business has grown. For each property, you should get a breakdown of your payouts, occupancy rates, and transaction history, at the very least.How Knowledgeable They are About Your Specific Market
Just because a property management company has glowing reviews and years of experience, it does not necessarily mean that it is knowledgeable about your specific market. The best property management company for your business is one that understands the forces at play in your local market. For example, their team should be able to offer local recommendations to your guests, keep up to speed with the latest regulations, laws, and taxes, and create an effective dynamic pricing strategy.The Quality of Their Customer Support
Prompt communication is crucial for the guest experience. In fact, ineffective communication and customer support are the fastest ways that you ruin your reputation among travelers. So, ask the property management company if they have a strategy for guest communication. Things that you specifically need to look out for are how quickly do their employees respond to guest messages and maintenance requests.Short Term Rental Management Company in Austin
Effective short-term rental management has the power to boost your bookings while saving you time. If you want to set up your business for long-term gains, here’s what you need to know about vacation rental management.
What are the Advantages of Vacation Rental Management Over Traditional Rental Management?
When comparing vacation rental property management to traditional rental management, you will see that both approaches come with their own set of pros and cons. Here are a few of the most appealing advantages that short-term rental management can offer you:
Higher ROI
If a property boasts a great location and offers all the amenities that travelers expect, vacation rental management can deliver a better return on investment. However, to unlock this higher ROI, you need to ensure a high occupancy rate which requires skillful management.
More Flexibility and Control Over Your Accommodation
With vacation rental management, property owners have the opportunity to block out certain dates on the calendar. These dates can then be used for personal use, either by staying there yourself or allowing friends and family to unwind at your vacation rental.
Also, as the property is occupied for shorter periods of time, property owners will have more opportunities to inspect it. This will make it easier to identify and sort out any issues relating to your accommodation in a timely manner. Not only can this offer you more peace of mind, but it can also help to prevent a minor issue from turning into a major renovation.
Vacation Rental Platforms offer Protection to Hosts
Your house rules and the rules of the vacation rental platform, such as Airbnb or VRBO, will offer you the protection that you need. So, instead of turning to a lease agreement and the courts, you can simply reach out to the platform through which the guest booked if you have a problem with them.
Conclusion
In conclusion, there are many intricacies to consider when evaluating short-term rental properties and short-term rental management companies. For all the positives in terms of investing in short-term rentals, there are just as many negatives as well as risks. Partnering with a trusted company like NomadSTR will ensure due diligence in this process. We go above and beyond to provide our clients and guests with the highest level of service. Our focus on excellence, communication, and relationships is reflected in our work. We remain committed to minimizing our clients’ burden of involvement, mitigating their risk, and increasing their revenue.
Our detail-oriented team thrives on delivering wow moments and curating high-quality experiences for our guests. We are problem solvers, over-communicators, and organizational virtuosos, and we have an almost-annoying eye for detail.
As a boutique firm, we purposefully limit the number of properties we manage so that we can continue offering the level of service and excellence we’re known for. Our goal isn’t to be the biggest. It’s to be the best.
Short-Term Rental Profit Calculator