Managing multiple properties is an uphill task for many short-term rental property owners. Sometimes, it may involve a lot of work and time to succeed, which can be difficult to achieve if you are busy with other responsibilities. Fortunately, you can apply tested solutions to reduce your work while growing your vacation rental business.
This article will examine how to manage multiple properties with less work. First, we will look at a case study of a success story and derive solutions from it so that you can succeed as well.
Case Study of a Host’s Success Story
Pat L, a short-term rental property owner, thought that outsourcing management to a national firm was the best solution to scale the business up. The results ended up frustrating him; there was notable stagnation. The main disappointments included a lack of control over the rental property due to the inefficiency of the management company.
He later dismissed the management firm and began using the iGMS platform, which came with a plethora of benefits such as synchronization with Airbnb and VRBO, a cleaning management solution, a clear Airbnb cancellation policy, automated guest communication, and more.
All these solutions from one platform enabled him to manage his business with ease and grow it by more than 50%. He has now added three more vacation rental properties, which he manages from the comfort of his computer and phone.
Main Challenges That Can Sabotage a Rental Property Management Business
According to our case study, one challenge affecting vacation rental property owners is a lack of dedication from property management companies, which leads to minimal growth and lost opportunities. However, there are more challenges that you should know. Here is a list of common ones.
· Poor property management – This can result in delayed repairs, dirty rooms, theft of items by guests, and more.
· Inefficient management – Here, you will notice poor guest communication, slow or annoying check-in and check-out processes, and a lack of transparency.
· Financial management challenges – These lead to a high cost of operation, lack of financial accountability, poor budgeting, and tax compliance issues.
· Poor marketing strategies – A loss of business, little or no customer retention, and a high cost of marketing are some of the issues.
· Liability and risk-related challenges – Watch out for unnecessary lawsuits, risk of closure, and numerous complaints from guests.
Tips to Help You Manage More Properties with Less Work
Did you know that you can manage your rental properties without much effort? The success story that will enable you to add multiple rental properties is based on the solutions we are about to discuss. Keep reading.
Use a reputable property management system
The main solution that will enable you to manage more properties with less work, according to our case study, is adopting a reliable property management system. For instance, adopting iGMS with Airbnb and VRBO integration gives you the opportunity to manage all your properties on one platform.
According to current users, there is no limit to the number of properties you can register on the platform. Importantly, you will appreciate notifications for cleaning and a calendar for check-ins and check-outs so that you are in control of your business. There are many more features to explore once you register, so your work is very minimal.
Automate check-in and check-out procedures
A reliable rental property management system can help you automate guest check-in and check-out processes so that you can focus on other aspects of vacation rental ownership. Guests can pay with ease, provide all the needed details, and make the booking.
In addition to making it easy for you to manage all your units, it is easy for guests to enjoy your services.
Employ skilled employees and train them
On top of using a reputable rental management platform, you also need to work with skilled employees, who should be trained regularly. Whether it is the cleaners or the landscapers, ensure they know what they are doing.
Train them on how to use a rental property management system so that they can know the check-in and check-out status, see and answer guest requests, and perform more actions. With this, you can rest assured that your work will be easy.
Develop SOPs for various operations
Creating standard operating procedures for various activities will ease your work because employees can easily follow these instructions. SOPs will also maintain standards across all rental units, which will definitely impress your loyal guests.
Most importantly, have an SOP for guest check-in and check-out so that it is similar in every unit. This will not only make it easy for you but also for repeat guests.
Communicate effectively with guests
When managing multiple properties, you cannot reduce your work without effective communication. Select a solution that organizes communications with numerous guests, who may be using different booking methods and apps. The capability to send automated messages and receive important notifications is also an essential feature.
Conclusion
The case study we have discussed is a great example of a host’s success story. There is a lot to learn from it to grow your business. If you are looking for a way to increase efficiency and productivity as a vacation rental owner, then vacation rental management software is the ideal solution.
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