15 Dec Short-Term Rental Property Managers: What Are The Benefits?
In current times of low rental yield, more investors are looking at alternative ways to maximise rental returns. Short-term rental has proven to deliver better returns due to the ability to dynamically change the price according to the supply and demand of the market. Booking platforms, such as Airbnb, are easily accessible to any keen host. These days many property owners manage their own short-term rentals. The question arises, what is the real benefit of using short-term management specialists?
There are three main areas of concern when managing short-term rental properties that short-term rental property managers solve for you:
1. Saves you time and stress
2. Ensures a five star rating
3. Maximises short-term rental returns.
Short-term rental managers save you time and stress
Managing a successful short-term rental listing takes up more time than people realise.
First and foremost is the issue of guest-enquiries. On a global platform such as Airbnb, guest enquiries can come in at anytime from anywhere in the world. This means guest enquiries come in at all hours of the day or night given potential time differences. If they do not get a response quickly enough, it could cost you a booking.
Second is the issue of key exchange. You need to be there to collect the keys when a guest checks out and you need to be there to give the keys to the next guest when they arrive. This can be time-consuming if you have guests leaving and arriving on the same day because you need to be there twice. It can become even more of an issue if a guest loses a key and needs a replacement, or leaves the key inside and locks themselves out. It happens.
Third is the issue of housekeeping. Cleaning the property between each guest’s stay is absolutely essential. Cleanliness and tidiness are the first things guests notice when they check-in. And, it will dramatically damage their experience if the cleaning is not perfect.
These tasks may not seem impossible to overcome. But think about how much harder it would be to coordinate this if you are at work all day or away travelling.
What short-term rental property managers do
In general, short-term rental property managers take care of creating rental listings, property management, guest check-in and check-out, and general communication during guest stays.
At MadeComfy, a dedicated team handles all guest communications 24/7. This includes booking requests and all communications leading up to and during a guest’s stay. The team also handles the issue of lost or misplaced keys by fitting the properties with lock-boxes or smart-locks whenever possible. This way guests either do not need to take the key with them, or the lock is a combination lock and key.
Finally, there is a dedicated cleaning team to clean each property and restock the amenities every time a guest checks out. So, it is in perfect order for the next guest.
Ensuring a five-star review for your listing
Delivering a 5-star experience for your guests is an essential part of managing a successful short-term rental listing. Not only will it make the same guest more likely to book with you again should they return, but it gets you more new bookings as well.
Making a good first impression is more than just a clean property. Functioning Wi-Fi, for example, is an expectation from guests these days. But, providing a Netflix connection is going above and beyond to look after your guests. They will thank you for it!
How do short-term rental property managers ensure a five-star review?
Using professional knowledge and property management experience, short-term rental property managers know how to best enhance guest-experiences to ensure a five-star review. For example, MadeComfy ensures each property they manage gets the highest rating possible. It starts with the property furnishing and styling with the aim of making the property a unique and distinctive place to stay. Our teams also supply top-quality linen, pillows and towels to all properties, and restock amenities between every guest stay, as said earlier.
Maximising your short-term rental returns at all times
Everything we do at MadeComfy is about maximising your investment property returns. And as a result, MadeComfy properties deliver returns, on average, 40% higher than self-managed short-term rental properties or long-term rentals. We use historical booking data, market trends as well as our own analytics to set the nightly rate of our properties right at the sweet spot – high enough to maximise the owner’s returns, but not so high that it hurts the occupancy rate.
For investment property owners who want to maximise their short-term rental returns without associated constraints of managing on their own, MadeComfy handles everything from furnishing, booking revenue optimisation to guest management.
Originally published as: http://www.yourinvestmentpropertymag.com.au/property-management/shortterm-rental-property-managers-what-are-the-benefits-243731.aspx