People often refer to vacation rental properties as ‘passive income’. However, contrary to popular belief, you cannot earn a lot by not doing anything in the vacation rental industry. Instead, you have to invest in many tasks, including cleaning and inspecting, home listing, marketing, refurbishing, etc. Hiring a luxury vacation rental manager is an excellent way to ensure your business succeeds. Therefore, there are more than 23,000 vacation rental management companies in the US, making up 20% of the global market. Here is a comprehensive guide to what luxury rental managers do, their pros and cons:
A Quick Glance at Vacation Rental Management
Vacation rental management is the oversight and handling of a property by a third party. On behalf of the property owners, rental managers carry out the following services:
● Cleaning and Amenities
● Home Listing on third-party online booking platforms like Airbnb, Vrbo, Booking, etc.
● Guest Support
● Aligning calendars on multiple channels to avoid duplications
● Competitive Pricing to Boost Revenue
● Home Maintenance and Repair
What Does a Luxury Rental Management Do?
Here we discuss in detail how a luxury rental management goes beyond creating an attractive vacation rental to increase bookings:
Cleaning, Maintenance, and Repairs
Luxury rental managers will ensure your rental looks neat and polished, conduct monthly inspections, and stay on top of maintenance issues to captivate new guests.
Marketing Expertise and Photography
The right luxury rental manager will leverage marketing insights and dynamic pricing to create a home listing that matches your vision.
Another significant feature of a luxurious rental management firm is its high-quality technology. Ensure the company has the following:
A high-quality website where guests across the globe can shop and book properties online Top-notch software that enables them to streamline and manages all operations, from reservations to accounting State-of-the-art technology that adds ease to your life, such as online portals, access to home’s occupancy calendars, reports on your property’s performance, etc.
Most luxury rental managers offer guest screenings and home protection services to ensure the security of your luxury home.
Take a sneak peek at your desired vacation property management company’s inventory to identify what they manage. If you own a luxurious rental with top amenities, you’ll want your property to appear alongside homes in the same category. In addition, you’ll want to identify whether your selected rental management company has experience managing similar homes. Visiting a luxurious rental management company’s current inventory lets you access other homes the brand manages and lists.
It’s no secret: luxury guests pay more, so they expect more. Before putting your property into the hands of a rental manager, it’s wise to identify whether they understand the value of consistent and excellent customer service. Connect with a luxurious rental management company that offers around-the-clock and highly personalized experiences. Ensure your rental manager has a 24/7 available customer service team that inquiries, support, andmaintenance.
How do Luxury Vacation Rental Firms Market Your Property?
High-quality marketing is crucial if you want guests to book your luxurious vacation rental. That’s why the best luxury vacation rental companies leverage a multifaceted approach to make your rental stand from the crowd:
Focusing on Guest Experience
Captivating luxury travelers starts by providing an excellent guest experience. Luxury rental firms help you achieve positive feedback, a five-star review, and increased bookings by offering a top-notch guest experience.
Investing in High-Quality Photographs
Investing in professional, high-quality photography is an excellent way of attracting new guests. It’s also expensive and time-consuming. Luxury rental firms take the stress of finding an experienced and proficient photographer off your shoulder. Instead, they use professional cameras to capture eye-catching images that grab the attention of your target audience.
The Pros and Cons of a Luxury Vacation Rental Management
Here, we discuss the pros and cons of luxury vacation rental management.
Rental owners living near their vacation rentals can quickly assist their guests with quick response time, especially when they require help at the rental property. However, rental owners sometimes fail to provide quality services and risk poor customer experience. Therefore, they look for rental management teams to improve their guests’ services.
Better Technology Resources
Since many rental management firms deal with rental properties, they focus more on investing in technology to make the processes convenient and profitable. Investing in technology promises lower property management costs with greater convenience for staff and guests.
Better Marketing and Promotion Services
Standing out can be challenging in today’s competitive rental market. You’ll need high-quality advertising and marketing services to increase the exposure necessary to maximize your ROI. Most luxurious vacation rental property management companies provide marketing and advertising packages. It includes writing spellbinding landing pages, running social media campaigns, and listing on competitive rental websites.
Luxurious rental management companies help minimize risk with comprehensive contracts and agreements. Remember that well-written contracts and agreements can help you reduce financial risk in case of lliability or damages.
Difficult to maintain rapport
When they return to the rental spaces for vacations, guests enjoy seeing the same caretaker. Therefore, hiring a rental management team to look after the services of the rental space makes it challenging to build rapport with guests.
Less Control Over Management
Most real estate investors do not like giving up control over their property. They may dislike the thought of allowing a manager to perform repairs, conduct inspections, vet potential guests, and interact with your customers. But with the exemplary rental management service, this con transforms into a pro. The ideal luxurious rental management company will ensure you feel comfortable giving control of your investment property.
The Bottom Line
Many rental owners hire rental management teams to look after their rental spaces. It frees them from the continuous pressure of providing quality services while catering to the customers’ needs. Moreover, it gives them time to focus more on other matters to improve their rental space.
At Homeslicestays, our professionals would help you earn more bookings and improve your services for better customer experiences. Book an appointment to enjoy luxury management services.