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How Do You Find a Good Property Management Company?

Finding the Right Property Management Company

Now, experts estimate that one Airbnb property exists for every four dwellings in some areas of the UK. Short-term rentals represent a substantial industry, and in an increasingly saturated market, it’s essential to distinguish yourself. If you lack the time to provide a quality and competitive service, what choices are available? One option is to contemplate hiring a property management company to handle it for you. So, how can you locate a reputable property management company? Continue reading as we explore five tips for discovering high-quality property rental management.

property manager

1. Know what services you want and what they offer

Certain rental management companies can bill you for nearly 50% of your rental income. If you desire a hands-off experience, then this expenditure might be justified. However, if you engage a company that provides minimal value, you might as well be wasting your money.

Rental property management companies offer various services. The most crucial ones are outlined below.

Set Rental Rates

When a vacancy arises, your potential profit is at risk. However, merely observing the rental rates of neighboring properties is insufficient for a rental management company. The management company must take a proactive approach to pricing.

Consider a scenario where a significant event occurs nearby, and your prices remain unchanged. While other properties raise their rates and sell out, you may end up being booked at a discounted price. Likewise, during a low-demand season, it is essential to lower prices to prevent having an unoccupied property.

Maintenance and Repairs

Maintaining and repairing a short-term let is crucial for its operation. If you aim to provide five-star accommodation and receive top reviews, you must ensure that you use the finest materials and skilled tradesmen. It is also vital to ensure that repairs are completed promptly, ensuring readiness for the next guest.

Marketing the Property

What steps will the rental property management company take to promote awareness of your property? Merely listing it on Airbnb and relying on the platform is not sufficient. They might establish individual social media profiles or feature it on other websites to enhance visibility.

2. What are property management fees?

property management fees

Rental management service fees can vary significantly, typically ranging from 20% to 40% of the income. Besides the scope of their services, several other factors can influence the cost.

Location plays a crucial role. In competitive tourist areas, costs may decrease, but remote properties often incur higher expenses due to their accessibility challenges.

The type and condition of the property also impact fees. Smaller properties generally require less upkeep and management. Older properties may necessitate more renovation and repair work, affecting pricing.

Airbnb management services typically offer three payment models. Ensure they align with your needs before making a decision.

  1. The guaranteed payment model involves the company paying you a fixed fee year-round, ensuring income even during property vacancies, though high seasonal demand won’t yield extra earnings.
  2. Conversely, the flat-rate model requires you to pay the management fee monthly, regardless of property occupancy. This is advantageous during periods of high bookings but can be a fixed cost when the property is empty.
  3. Commission models involve taking a percentage of each booking’s value. The fee increases with higher property prices.

3. How do I check a property management company reviews?

Bear in mind that some individuals will complain regardless, and certain grievances may not be attributable to the company. For instance, the company can’t control factors like the property’s location or external street noise. However, maintenance, communication, and cleanliness are within their purview, and these areas should elicit positive feedback.

The company itself should be capable of obtaining testimonials from current clients to provide you with. In some instances, you might even have the opportunity to directly converse with these clients and inquire about their opinions.

4. Are They Local?

local city map

Finding a local rental management company offers several advantages. On a personal level, they can provide guests with insider knowledge and recommendations that larger companies cannot match. They possess a wealth of information, ranging from the best transportation routes to top-notch restaurants.

Moreover, their profound understanding of local regulatory rules ensures you avoid fines or penalties. Local housing authorities often establish regulations governing landlord and tenant housing, including short-term rentals, and these rules change frequently. Having someone with up-to-date knowledge is invaluable.

From a practical standpoint, a local company can respond to issues at your property more swiftly. In the event of a problem, they can address it promptly or dispatch a local representative to handle it.

5. How Do They Deal With Customers?

Effective communication is the key to success in this regard. Guests are unlikely to leave positive reviews or revisit a property if they cannot contact the individuals overseeing it. It is essential to provide guests with a quick and convenient means of communication with your management company when they require assistance or guidance.

Furthermore, their approach to customer service falls within this category. Do they make any efforts to make customers feel welcome? This could include welcome packages, personalized notes, or even local guidebooks.

Lastly, inquire about their communication strategy with you. What protocols are in place if an issue arises, and how will you be notified? They may send out monthly emails or newsletters to keep you informed of developments.

6. Finding Quality Airbnb Rental Management

Now that you know what to look for in a rental management company, you just need to find someone to provide those services. Determine your specific requirements from a company and decide the portion of your revenue you are willing to allocate. Even if the fees are on the higher side, you might discover that the increase in bookings compensates for the expense.

Keey should be your first choice. Our global company has local representatives who can handle all your management needs. Click below to access our income simulator or submit property details for management consideration.

Still in search of a reliable property management company? Keey is here to assist!

Discover how much your property could earn you