With travel traffic still in high gear, now is a great time to make a game plan for the future of your short-term rental business. As the industry continues to recover, a great way to grow your business and increase bookings is to hire a professional property manager. As they promote your property and handle guest relations, that leaves you with the pleasure of designing your home as a serene vacation escape for your guests.
We understand choosing the right company to partner with can often be a gamble. Here are a few tips for finding that perfect professional.
Property Manager Referrals & Ratings
Some things never change. When it comes to choosing a new dentist, a school for your kids, or just a reliable pair of hiking boots, you typically ask for advice. The example carries over to your business – the best way for you to confidently choose a property management company is by referral, whether from a friend, colleague or from a resource you trust. Do your research; talk to your real estate agent and your friends with investment properties in the area.
One of the best referral sources are often companies in the short-term rental industry whom you already work with. Take Proper, for example. We specialize in short-term rental insurance but work with both property managers and independent hosts around the nation. We connect great hosts with outstanding property managers in their area daily. Why? Because the right professional means better businesses, safer homes, and better experiences for guests. Win win win.
Ratings also go a long way, so visit the property management websites to see the response and ratings they have from other hosts. Quick response rate? Seamless communication? Are repairs done in a timely manner? Keep an eye out for bad reviews to discuss when you interview the company.
Property Manager Advertising
Another important aspect to consider is how your property will be advertised. You can easily review each managers’ website and see the level of care put into presenting the properties. Consider these aspects:
- Is it easy for guests to find the list of available rentals?
- Are the rentals presented in a professional manner with photos and detailed descriptions?
- What demographic do their rentals primarily serve?
You don’t want prospective guests to pass by due to poor presentation. Consider the quality of the photos used to present your property; paying a professional photographer can be a necessary boost for attention. Also focus on describing the amenities offered to your guests: Essential items such as towels, bedding, and basic kitchenware, or added benefits such as fast Wifi, washer/dryer, or a hot tub.
Consider HomeSlice as a good example: they focus their property descriptions on specific amenities offered to guests, allowing visitors to select the listing to best suit their needs.
Additionally, decide what demographic you want to focus on: the outdoorsman, the traveling worker, or the vacationing family. Focus on a particular group and discuss with your property manager how to present your property as the best option in town.
Property Manager Professionalism
Once you have a list of options, reach out directly and get an idea of the level of care and professionalism the company provides to its owners and guests. Ask important questions:
- How long has the company been in business?
- What is their experience working with short-term rental hosts?
- How do they handle cancellations?
- What are the details of the contract?
Make sure there are clear expectations for both you and the management company before you sign a contract.
If you find yourself with limited local options, there are a number of great national property management companies such as Evolve and Vacasa. These companies take great care of their owners and guests and would definitely pass the test to become your personal professional property manager.
How Insurance Fits with Your Choice of a Property Manager
As you pick the perfect professional to manage your short-term rental business, there is another essential item to consider before welcoming your next guest: How is your property manager insured?
As a rule, you should always make sure the professionals you work with carry adequate business insurance, particularly if they or their employees are working at your property.
While your professional property management companies should carry their own liability and workers’ compensation, this liability insurance DOES NOT extend to your premises. To correct this insurance gap, Proper automatically lists your property manager as additionally insured under your $1MM/$2MM commercial general liability policy – at no additional charge.
Which may lead to the next question: Is your property adequately insured for short-term rental use?
Proper Insurance understands the unique risks of short-term renting and the need for both you and your property manager to be covered in this thriving hospitality market.
With comprehensive insurance coverage from Proper Insurance, you can be sure you have the right insurance for your short-term rental business. Owner benefits include:
- The most comprehensive short-term rental insurance policy available today with coverage for building, contents, business income, and liability.
- Liability coverage extends off-premise and is enhanced for animals/pets, liquor, pools, bicycles, and more.
- Property coverage enhancements for theft and damage caused by a renter, bed bugs, and more.
Quote Your Short-Term Rental Today
Interested in a policy to protect you and your business from liability and damage claims? Proper Insurance leads the Nation in short-term rental insurance, with over 50,000 policies written in all 50 states. Backed by Lloyd’s of London and exclusive endorsements from short-term rental leaders such as HomeAway and Vrbo, Proper Insurance is built on world-class insurance coverage that meets and exceeds both city and lender requirements.