Choosing the right management is critical to your property’s success. A skilled management company doesn’t just keep your property clean and handle guest communications – they maximize your revenue, enhance the guest experience, and handle all the details so you can focus on the things that really matter. Here’s a list of things to look for when choosing a management company.
1. Key criteria to look for
- Guest Communication: Does the company offer communication 24/7? Is their communications team in house and familiar with your property?
- Maintenance: Do they handle all maintenance? Do they have relationships with trades people to ensure you’re getting a fair price?
- Local or Remote: Is the company local to the area? Are they available to attend the property if the guest needs assistance or in an emergency?
- Revenue Optimization: Does the company have specialized expertise in revenue management and dynamic pricing? In addition, pricing specialists maximise return and occupancy by comparing neighbouring properties.
2. Evaluate Experience and Track Record
- Company Background: Look for companies with a proven track record. Find out how many properties they manage and how long they’ve been in business.
- Guest and Owner Reviews: Check online reviews from clients and ask to speak to a current client. Look at guest feedback from the properties they manage – this can be a great indicator of how they handle guest satisfaction.
- Local Expertise: Companies that know the local market well often deliver better results, as they understand seasonal trends and guest expectations in the area.
3. Check Their Technology Stack
- Pricing and Revenue Management: Companies with advanced revenue management tools or dynamic pricing software can optimise your earnings by adjusting nightly rates based on demand, local events, and market trends. In addition, having a pricing specialist within the company to tweak dynamic pricing and maximise occupancy and rates.
- Booking Platform Integration: Look for companies that use software compatible with major booking sites. This ensures smooth calendar synchronization and minimizes the risk of double-bookings.
- Owner Portal: Management companies should offer portals where you can check bookings, revenue, and performance metrics at any time.
4. Examine Their Marketing Strategy
Marketing is a crucial part of maximising occupancy and attracting the right guests. When choosing a management company, find out how they plan to promote your property.
- Professional Photography: High-quality photos are essential. A good company will use professional photographers to showcase your property.
- Listing Optimization: Check listing descriptions and amenities to increase booking rates.
- Multichannel Marketing: Ensure they list your property across multiple platforms (Airbnb, VRBO, Booking.com, etc.) to expand your reach.
- Insurance and Corporate relationships: Some companies have relationships with insurance and corporate companies attract guests directly. These are often longer bookings and more lucrative as insurance companies are less price sensitive.
5. Evaluate Housekeeping and Maintenance Standards
Cleanliness and maintenance are the top factors influencing guest satisfaction. Choose a management company with a strong focus on these areas.
- Housekeeping Staff: Check if they have a dedicated in-house team or if they rely on external contractors. A in house team can provide significantly better results and more consistency. Resulting in better reviews and therefore more bookings.
- Maintenance Response Time: How quickly do they address maintenance requests? Fast response times can prevent minor issues from turning into costly repairs.
- Stock and Supplies: Will they restock essentials such as toiletries, coffee, and basic kitchen supplies?
6. Communication and Transparency
Open and transparent communication is critical when working with a management company.
- Regular Updates: Do they provide regular performance reports and financial statements? This helps you keep track of revenue and expenses.
- Accessibility: Will you have a dedicated account manager? How quickly do they respond to your queries? Knowing this upfront can help avoid communication issues later.
- Transparency in Costs: Some companies offer all-inclusive packages, while others have variable fees. Ensure you know exactly what you’re paying for.
7. Ask for References
Speaking with current clients can give you valuable insight into the company’s strengths and weaknesses.
- Long-Term Satisfaction: Ask references if they are happy with the company’s services, what issues they’ve encountered, and if they feel the company delivers value for money.
- Guest Feedback: Check whether guests consistently provide positive reviews about their stays. Guest experiences are a strong reflection of a management company’s capabilities.
Final Thoughts
Choosing the right Airbnb management company can take your rental property from a side hustle to a successful investment. At BnB Butler – a local Airbnb Melbourne management company, we partner with you to ensure your property reaches its full potential. No detail is overlooked. From our inhouse cleaning team, 24/7 guest support, owner portal with complete transparency, dynamic pricing and listing optimisation we aim to provide an exceptional service to our clients.
