5 min read
by Francisca Ribeiro, Marketing & Communication
Published June 22, 2023
| PROPERTY MANAGEMENT | TIPS | OPTIMISATION | REVENUE |
Being a property manager might be time-consuming. The key to success, like in any other industry, is finding the right balance between optimising your time and maximising your revenue.
Your guests' experience should always be a priority. However, this should not come with a lower revenue. To help you understand how to better optimise your profit as a property manager, we curated a list of the best actions to take since day one.
Like in any other business, the satisfaction of your guests is a must. After all, they chose your accommodation because they thought it would provide them with the best experience during their stay. This way, you must do anything to ensure they enjoy their stay.
Make sure that the photos and descriptions accurately reflect what you offer, give a warm welcome, offer a bottle of wine or a box of chocolate and provide them with a guide to the best restaurants and bars in town. Happy guests will leave great reviews, recommend your accommodation to people they know and maybe even return.
Like any other house, the short-term rental ones also need a repair every once in a while. From plumbers to electricians, you will need them all. Engaging in an agreement with trustworthy local companies which offer this kind of service might be a good idea to maximise your revenue. This way, the next time you have guests over and something breaks, there will be an available solution immediately.
The same goes for services you can offer your guests. As aforementioned, they like to feel welcomed and think that you’ve thought of them and of potential problems they might find during their stay.
For instance, sometimes their arrival and check-in times are incompatible, meaning they have to carry their luggage around the city until they can drop it off, creating a lot of discomforts. LUGGit is the perfect partner in this case. We will collect, store and deliver your clients’ luggage so they can be free to explore a new city, bag and stress-free. You can partner with LUGGit, free of charge, to offer this solution and earn a commission for each service booked by your clients.
Managing several short-term rental properties can be hand-full. From sorting the communication with the guests to sorting through the necessities of a day's work, it requires a few hours every day. There is a simple solution for this problem: property management software (PMS).
With the help of a great PMS, you’ll focus on the truly essential tasks at hand. Property management software will allow you to look into your business with other eyes, seeing which properties are more successful and which need a little bit more attention. The software will also look into analytics and financial reporting and help you understand when the time to grow and acquire more units is.
A fair fee structure is the most important factor when maintaining clients. However, property management fees and the best prices practices change at a fast pace. To get the most out of your business you should routinely examine your fee structure and how it compares to the real estate market.
The point here is not to charge your guests too much but, instead, to examine if what you are making is proportionate to the service you offer and the value you bring to the table.
Potential guests, when met with a flexible host, are more likely to book. There are ways in which you can become more flexible and improve your revenue.
You should keep an eye out for changes in the season. During the high season, aim at the week-long bookings, if possible, and change the terms in case this strategy does not work. The same goes for low season, where you should make your calendar as flexible as possible, allowing for arrivals and departures any day of the week. As aforementioned, remember to keep an eye on the fees charged according to the season.
We hope to have helped you to improve your property management skills and that these tips might be helpful in the long haul.
Don’t forget to get in touch with LUGGit to become a partner and offer a better experience to your guests!