How to be a great owner of a professionally managed property

When you choose a property manager, realize that you are entering into a relationship with someone who you are entrusting to care for an asset that will hopefully grow in value over time.  The best relationships are transparent, and spending some time spent on the front end to make sure both parties are a good fit will save discomfort down the road.

A few tips for choosing and maintaining a property management relationship:

1. Make sure that the property manager has expertise in the type of management that you want. Long term rentals are not the same as short term or midterm rentals.
2. Know your goals with the property – are you going to use the property or is it strictly a revenue producing asset?
3. If you use the property, clearly communicate your expectations of how often you anticipate using it and what condition you want it in when you arrive.
4. If you have parameters or ideas about occupancy and nightly rates, share and discuss before you sign a contract with the manager.
5. Outline your communication preferences both in regard to method and frequency.

A good property manager will have systems in place to maximize your revenue. However, the first year is usually the worst year for a few reasons: it takes a bit of time for a property to get enough visits and reviews to climb high enough in the search engines (if it’s a short-term rental); and it takes some trial and error to maximize the pricing strategy. Understanding the process, along with some patience, will be helpful. Be sure to ask questions but also realize some time is needed to establish the rental.

With a great property manager and positive working relationship, statistics show that the property manager will increase nightly revenue by 22%. That increase in revenue easily covers the management fee and will save the owner time and energy in navigating the management of the guests and the rental itself.

Interested in exploring a property management relationship with Range Properties? Get in touch, and we’ll share more about our approach and the benefits of working with us.