Behind the Scenes: Success Stories from Vacation Rental Property Managers, Including the Industry’s 21 Most Common Challenges and Solutions

Ever dreamed of buying an concern spot for short-term abrogation rentals? Whether you’re mounting up store successful Columbia, SC, oregon successful a Rochester, NY, apartment, we recovered experts to stock their stories and connection invaluable lessons they’ve learned on the mode to assistance newcomers troubleshoot abbreviated word rental problems with applicable solutions. Read connected to larn however to crook your spot into a five-star rental.

1. Expanding your web successful the STR landscape

“I person been a realtor since 2009, chiefly specializing successful selling concern properties utilized arsenic short-term rentals,” shares Danny Margagliano from Destin Property Expert. “Recently, my woman and I purchased our archetypal condo, which we are self-managing arsenic a short-term rental property. One of the astir important challenges we encountered astatine the outset was selecting a Property Management Software (PMS). With galore companies disposable online, the determination tin beryllium overwhelming. A invaluable portion of proposal I tin connection is to articulation larger Facebook groups dedicated to short-term rental properties, Airbnb, oregon VRBO. These groups supply entree to experienced hosts who are much than consenting to connection assistance.”

2. Navigating a competitory marketplace with trifecta-like lawsuit service

“Having worked for a decennary successful a fiercely competitory abrogation rental marketplace similar San Diego – archetypal arsenic a spot manager and present arsenic a concern proprietor – I’ve pinpointed 3 pivotal aspects that spell occurrence for your enterprise,” shares Jeff Nisuis, proprietor of Titan Beach Rentals

• “Firstly, lawsuit work indispensable reign ultimate for some your guests and owners. We prioritize responding to impermanent messages and calls wrong an hour, portion besides ensuring monthly reviews oregon updates for owners. 
• Secondly, a well-rounded tech stack is indispensable for achieving this feat. This begins with implementing a spot absorption strategy specified arsenic Guesty to streamline and automate your company’s workflow and communication. 
• Lastly, the cornerstone of it each is close pricing. Employing a dynamic pricing instrumentality to automate nightly rates and show marketplace trends and demands not lone saves clip but besides enhances pricing precision, revenue, and occupancy rates.”

Courtesy of Titan Beach Rentals

3. Offering virtual guides and objection videos 

“Every location successful our programme is unique, and it’s intolerable to support way of each quirk successful each location without a system. One of our secrets to successfully addressing impermanent questions is dedicating clip to make a virtual usher for each property,” recommends Hilton Head Rentals. “Most impermanent queries tin beryllium resolved utilizing our virtual guide. Even if guests don’t usage the guide, we trust connected it to swiftly and accurately respond to their questions. 

We besides nutrient a bid of ‘quick and dirty’ videos demonstrating however to run definite unsocial features successful the homes, specified arsenic turning connected the oven hood, adjusting the thermostat, oregon activating spa jets. It’s somewhat amusing to revisit our ain videos months aboriginal to punctual ourselves however things enactment successful circumstantial houses. This attack reduces the request for dispatching personnel, redeeming america money, and enables america to promptly heighten the impermanent acquisition by promptly addressing their inquiries.”

Courtesy of Hilton Head Rentals

4. Turning a million-dollar setback into occurrence with accelerated betterment and communication

“’I’m not going to lie, we are truly freaking retired implicit here’, the proprietor confessed to maine 2 weeks aft I signed her spot – my archetypal valued implicit one-million dollars. Unbeknownst to each of us, their erstwhile absorption institution canceled each bookings successful June and July upon switching, resulting successful the nonaccomplishment of astir 30-thousand dollars successful expected revenue,” shares Joel Harris from Port Aransas Airbnb Vacation Rental Property Management by Grand Welcome.

“The lessons I learned on the mode are one, erstwhile confronting challenges, formulate a program utilizing the tools astatine your disposal and relentlessly execute it. Within 24 hours, our ads were up and running. I maintained changeless connection with the owners, updating them astir our progress, actions, and results 2 to 3 times daily. As our ads gained momentum, I shared our analytics regular and aboriginal connected a play basis. After 3 days, we secured our archetypal booking. Another followed conscionable 2 days after. Gradually, the unit eased arsenic reservations steadily flowed in.

Second, support predominant and transparent communication, substantiated with existent information and examples. In the lack of information, our minds concoct stories. To antagonistic this, we provided our owners with elaborate and factual accusation astir the contented astatine hand. We outlined the steps we were taking to resoluteness it, employing regular and effectual communication. And behold, contempt starting from scratch this summer, the spot that had america ‘freaking out’ became 1 of our apical earners.”

5. Crafting unsocial spaces and thoughtfully designed rooms

“At Urban Sands we strive to curate a unsocial acquisition astatine each 1 of the properties we manage. We walk a batch of clip with our interior designer, Theresa Danna astatine Designed to a T. Together we are capable to make inviting spaces that assistance maximize booking revenues for our clients. Finding the astir reliable vendors, cleaners, and admin successful our country has truly helped america flooded immoderate challenges that are thrown astatine us,” suggests Chloe and Bryce Mayer, Owners of Urban Sands Vacation Rentals.

Courtesy of Urban Sands Vacation Rentals

6. Embracing exertion for other booking and gross growth

“As a abrogation rental spot manager, the biggest challenges I experienced were two-fold – homeowners and guests. The astir communal issues respective of my homeowners had successful the past were related to bookings and gross generation,” shares Kristian Lewis from New Braunfels Airbnb Rental Property Management by Grand Welcome.

“At Grand Welcome we guarantee our properties are being highlighted and getting vulnerability connected implicit 40 nationalist and planetary question websites to supply homeowners with accordant selling growth. Additionally, we usage dynamic pricing algorithms to found optimal pricing based connected seasonality, demand, and marketplace trends wrong our region. For guests, we privation to supply high-level boutique work during each signifier of their sojourn from booking to check-out, truthful we person dedicated impermanent work teams who are disposable 24/7 to assistance with immoderate questions, issues, and concerns astir immediately. 

Each of our properties is equipped with an in-home concierge tablet that includes a invited usher with elaborate self-check-in instructions, section recommendations, and interaction accusation for our section team. The implementation of broad software, astatine each levels, not lone improved impermanent and proprietor restitution but besides accrued efficiency, revenue, and retention. Embracing exertion portion creating personalized interaction points has been pivotal successful elevating our marque and the wide experiences of owners and guests who utilize our abrogation rental absorption services.”

7. Focusing connected section expertise successful abrogation rental management

“As a abrogation rental spot manager, we are perpetually moving to amended the full acquisition of the guests we host, arsenic good arsenic the owners that we spouse with. As we look to enactment up of the ever-evolving industry, we are focused connected differentiation by being experts successful our market,” suggests Compass Vacation Properties. 

“We absorption connected section recommendations, things to do, behind-the-scenes activities and hidden treasures successful our communities. This solution not lone improves impermanent restitution but besides drives involvement in, and concern to galore of our chap section tiny concern owners. Embracing the interaction of the assemblage has been instrumental successful enhancing our guests’ experiences and improving our abrogation rental absorption operation.”

8. Automating and integrating processes for success

“At Landlord Studio, we judge that embracing exertion isn’t conscionable astir convenience – it’s astir transforming the mode you deliberation astir your rentals,” suggests Charles Chan, CEO of Landlord Studio. “Integrating solutions into your spot absorption not lone creates caller efficiencies but is besides a cardinal measurement successful processing your portfolio into a scalable and profitable business. Therefore, whether you person 1 oregon a 100 units, it’s indispensable that you person the close tools – tools designed for you – to assistance you enactment connected apical of everything from income and disbursal tracking to managing cleaning and maintenance.” 

9. Maximizing worth successful challenging times with accordant occupancy 

“During challenging times, it’s often the halfway and simplest strategies that nutrient the astir accordant worth and instrumentality to homeowners. While a tiny percent of each homes tin clasp the aforesaid rates year-over-year, oregon adjacent summation them, that’s not the lawsuit for a bulk of homes,” says Portoro.

“Every location successful the short-term rental marketplace is its ain merchandise enactment with 365 opportunities to make a sale. That means that occupancy is the superior operator of revenue, and not nightly rates. Smart spot absorption means having the operational infrastructure to successfully nutrient a afloat calendar adjacent astatine little regular rates.

This helps the spot manager and homeowner execute the following:

• Total gross generated adjacent to oregon astatine year-over-year expectations 
• Ability to support the spot arsenic an STR nether portfolio (avoid agelong word rental (LTR) discussion)
• Steady watercourse of income to support operations, housekeeping, and vendor relations”

10. Streamlining rental absorption processes done online platforms

“Embracing exertion is simply a captious stride towards achieving occurrence successful the abrogation rental industry. As exertion providers, we are dedicated to helping hosts and abrogation rental businesses regain invaluable clip and boost their bottommost line. Often, spot operators find themselves consumed by tasks similar addressing impermanent queries, managing calendars, pre-arrival impermanent communication, and coordinating cleaning services,” says Fred Bassili, Marketing Manager astatine Hostfully.

“However, the implementation of suitable exertion tin drastically trim oregon adjacent destruct these laborious duties. The interaction is profound – we’ve witnessed concern owners trimming implicit 100 hours of play enactment to conscionable a fewer hours, oregon attaining accordant five-star reviews by bolstering ratio and preventing errors. When seeking exertion solutions, it’s indispensable to specify your circumstantial challenges, be aggregate demos, and inquire pertinent questions during these sessions. Since abrogation rental bundle is not one-size-fits-all (each has strengths and weaknesses), uncovering the champion acceptable for your concern is paramount”

11. Setting a terms strategy

“The short-term rental marketplace has go highly competitory and saturated with an summation of proviso pursuing the pandemic. The summation successful abrogation rental rental proviso has created an situation wherever nationwide occupancy has decreased year-over-year compared to anterior years. As a effect galore owners and operators person decreased their nightly rates to effort to summation their bookings,” says Sean Bakhtiari, Founder of Seacoast Vacation Rentals.

“We person a antithetic strategy. First, we’ve invested successful caller amenities and plan features to marque our properties standout from the assemblage and make amended impermanent experiences. Secondly, though our portfolio occupancy complaint dropped somewhat (four percent year-over-year), our wide gross grew 7 percent acknowledgment to “Average Nightly Rates,” expanding by 11 percent. When galore owners and operators person been reducing their nightly rates, we’ve accrued them and simultaneously reduced our minimum nightly enactment requirements. This flexibility has been highly beneficial for each our properties, successful this much competitory environment.”

12. Maximizing gross and impermanent satisfaction

Master Vacation Homes focuses connected reducing attraction costs for owners and maximizing rental income. We are 1 of largest spot absorption companies successful Orlando with implicit 500 properties boasting the highest returns successful the industry.

Here’s a fewer reasons we are capable to bring supra mean returns to our clients:

• Revenue management: We person a squad liable for pricing the homes that travel a strategical methodology that focuses connected precocious occupancy X precocious regular rates.
• Superior location care: Currently we person 16 Property Managers caring for 30-40 homes each. They are liable for the inspection of each check-in, dealing with each things related to the attraction of their homes and the investors that ain each property.
• Operations and impermanent support: Our logistics operations are unmatched by the competition. We person designated tract teams for each metropolis country constricted by a definite magnitude of homes truthful they are not overwhelmed. Our guests person enactment conscionable minutes distant if an exigency occurs.
• Setting a people market: Over clip we learned 1 of the astir important lessons truthful far. We needed to accidental nary to clients that were not aligned with the mode we operated and with our philosophy. Firing clients is antagonistic intuitive, due to the fact that arsenic a business, you ever privation arsenic galore clients arsenic possible. But successful this industry, each proprietor wants to enforce their wishes and demands connected however they deliberation their location should beryllium managed. It turns out, it is intolerable to negociate aggregate homes differently. After a fewer years of acquisition and seeing what works best, we dilatory transitioned to enactment solely with investors alternatively than the accepted proprietor of abrogation homes. This solidified our individuality arsenic a Management Company and allowed america to absorption successful the areas we excel. 

Courtesy of Master Vacation Homes 

13. Researching markets earlier you enter

“We cannot accent capable however important it is to bash your probe archetypal earlier you commencement your abrogation rental business,” recommends Mashvisor. “The manufacture is much competitory than ever, truthful you request data, and not conscionable observations oregon hearsay, to assistance you successful making decisions. Many users of our level extremity up being amazed to find retired that their archetypal prime of determination mightiness not beryllium arsenic lucrative arsenic they thought. So they’re gladsome to person utilized a existent property analytics website to not conscionable corroborate oregon contradict their archetypal proposal but to besides assistance them find different abrogation rental marketplace to put in.”

14. Prioritizing lawsuit work and resolving problems quickly

“While being the proprietor of MATCH Property Managers, we person experienced galore challenges successful the abrogation rental broadside of the business, but person worked diligently arsenic a squad to flooded the challenges associated with renting abrogation properties. Guests sometimes person attraction issues portion connected vacation, and we person recovered that top-notch lawsuit work tin easy derail immoderate problematic issues that could make a atrocious reappraisal for your rental company,” suggests MATCH Property Managers

“The cardinal proposal for abrogation rental managers is to support 24/7 availability for guests successful lawsuit of issues. Utilize answering services for punctual communication. Always respond with appreciation, conveying that impermanent restitution is simply a apical priority. Actively perceive to guests, stitchery indispensable details for repairs, and apologize for immoderate inconvenience. Keeping $25.00 acquisition certificates connected manus showcases attraction for impermanent experience. Avoid showing inconvenience astatine impermanent calls, arsenic respect tin beryllium lost. Post-issue resolution, travel up with guests to guarantee their comfort. Ultimately, prioritize creating a memorable and enjoyable abrogation experience.”

Courtesy of MATCH Property Managers

15. Hiring section spot managers for retired of authorities STR owners

“After moving successful the short-term rental manufacture for implicit 13 years now, we person discovered that the astir palmy abrogation rental properties person engaged owners. To assistance owners who unrecorded successful different municipality oregon authorities from their rental spot instrumentality vantage of this, we developed a hybrid spot absorption system,” shares Scott Westfall, Owner of CGP Real Estate.

“This provides responsive on-site absorption done a section team, portion the proprietor manages their online beingness and booking preferences. Giving owners a mode to beryllium hands-on portion operating long-distance has helped them summation bookings, revenue, and impermanent restitution by providing the idiosyncratic selling interaction guests are looking for – without sacrificing speedy and nonrecreational effect to on-site absorption and impermanent needs.”

16. Adapting to changing marketplace conditions

“As a abrogation rental spot manager, a communal situation we look successful Panama City is trying to vie for occupancy during off-season. Coming retired of COVID restrictions successful 2021, Panama City Beach finds itself successful a precise saturated marketplace regarding Vacation Rentals. Occupancy has taken a deed and arsenic caller rentals proceed entering the market, everyone’s highest play seems to beryllium getting shorter,” says Panama City Beach Airbnb Rental Property Management by Grand Welcome.

“Our attack was to instrumentality a hybrid strategy of renting short-term during the summer, and mid-term during the precocious autumn and winter. To bash this we not lone entreaty to the Snowbird crowd, but besides to the overlooked traveling nonrecreational industry. This has helped support concern connected the books erstwhile different we whitethorn person faced vacancies.”

17. Fostering repetition visits

“We established Vacation Rentals of North Myrtle Beach owed to section companies lacking urgency and professionalism. With a humble start, we present negociate 130+ properties successful 13 years. Our absorption is connected collaborating with spot owners, acting arsenic partners to nurture their business,”  Barefoot Resort Vacations suggests. 

“As hands-on owners, we and our dedicated squad strive for exceptional impermanent experiences, aiming for repetition visits. Any issues during stays are promptly communicated, demonstrating our committedness to swift solutions. Challenges arise, but we look them with an unfastened caput and humor. Our motto for owners: everything is fixable, repairable, and paintable – we’re determined to present a consciousness of urgency and nonrecreational results.”

Courtesy of Barefoot Resort Vacations

18. Increasing bookings with The Big Three

“After much than $100 cardinal successful impermanent bookings implicit the people of my vocation successful abrogation spot management, we’ve discovered a operation of spot features which maximize impermanent interest, boost rental rates, and widen occupancy successful astir each market. Internally known arsenic ‘The Big Three,’ the operation of ‘pets, water, fire’ is the insider secret,” suggests Wes Walker, CEO of Popersum. 

“Pet affable properties routinely make 20% (and sometimes more) than non favored properties. A h2o feature, specified arsenic a blistery tub oregon modern pool, earthy h2o view, oregon adjacent an elaborate fountain besides captures online attraction and generates higher bookings and rates. Finally, occurrence arsenic successful a photographic fireplace oregon a occurrence diagnostic adjacent seating, extends astir seasonality and produces higher interest. By combining The Big Three, competing with the accepted ‘location, location, location’ properties is not lone possible, but often an outperforming combination.”

19. Forecasting a conducting thorough inspections 

“Effective abrogation rental absorption encompasses much than conscionable maintaining the property. We’ve embraced a forward-thinking approach, consistently conducting inspections to preemptively tackle immoderate looming issues. Coupled with technological tools, specified arsenic predictive analytics, we’ve been capable to forecast high-demand periods, ensuring optimal occupancy and unwavering quality. This broad strategy has solidified our estimation arsenic a reliable prime successful Austin,” recommends STR Management.

20. Nurturing a versatile team

“As is existent with immoderate business, your employees are captious to your success. We are a comparatively small abrogation rental absorption institution truthful erstwhile hiring our reservationists and managers, we look for radical who are consenting and capable to beryllium a jack-of-all-trades and grounds the flexibility and smarts to leap successful connected immoderate is needed and to expect the unexpected,” recommends Beach-N-Bay Getaways.

21. Adopting a bundle absorption level erstwhile you expand

“The superior absorption for spot managers should beryllium connected delivering fantabulous experiences for guests and homeowners. However, the complexities of managing monthly statements, booking inquiries, and pricing strategies tin often divert attraction from this captious role. As portfolios grow, pursuing excellence becomes adjacent much challenging, and impermanent reviews whitethorn slip,” shares Gather Vacation Rentals.

“At Gather, we’ve confronted these challenges firsthand. Our solution extends beyond a specified acceptable of tools; it’s a broad concern designed to streamline assorted facets of spot management. This includes simplifying fiscal reporting done an integrated accounting system, efficiently handling inquiries, creating optimal pricing strategies backed by real-time data, and enhancing selling efforts done targeted campaigns. Moreover, we connection hazard and portfolio absorption insights, supply concern improvement resources to substance growth, and enactment a robust tech stack that aligns with the evolving needs of the industry.”

The station Behind the Scenes: Success Stories from Vacation Rental Property Managers, Including the Industry’s 21 Most Common Challenges and Solutions appeared archetypal connected Redfin | Real Estate Tips for Home Buying, Selling & More.