The greatest indicator of success for any business involves hiring the right people. You’ve already taken a step in the right direction by deciding to seek out a short term rental property management company.
A good short term rental property management company can maximize your revenue while minimizing your effort. Like all hiring efforts though, it requires asking the right questions to make sure it’s a good fit.
To help with the process, we’ve put together these four must-ask questions when hiring a short term rental property management company.
1. What services do you provide?
Start with the basics. Find out exactly what services will be covered by this company. Property management companies (especially for short term rentals) offer a variety of different services depending on your needs or their capabilities.
Traditional property management companies are known for finding tenants, collecting rents, and responding to maintenance issues. Short term rental property management companies offer all those services and then some. Similar to a hotel, you can expect a short term rental property management company to provide laundry, cleaning, and concierge services to guests on a daily basis.
A top notch company may offer different packages for different needs. If you plan to be present during your guests’ stay, then you might need different services than someone who doesn’t live in the unit. Think about exactly what you need from a company, and align that with what they can provide.
2. What regulations should I be aware of?
Short term renting is still relatively new, and the laws around it have been shifting for some time. A good short term rental property management company will be on top of all this. They should be able to explain all regulations in a clear way and let you know immediately if you’re eligible to rent.
Use this question to see how familiar the company is with the changing laws, but do your own research first. You can check out our breakdown of regulations for Berkeley and San Francisco to see eligibility requirements.
If the company can provide a knowledgeable and concise answer to this question, then you know you’ve found a good one.
3. What prices can I expect?
Of course, pricing is a top concern when seeking a short term rental property management company. This question should cover a few different perspectives though:
- How much does the company charge?
- How much can I expect to make?
- What other expenses should I be aware of?
The goal here shouldn’t be to simply find the cheapest company (you get what you pay for is usually correct). Rather, these questions should give you insight into the way the company works and how well they know the industry.
Again, a good short term rental property management company won’t just give you a blanket number. Rather, they’ll explain exactly what you’re paying for, how seasonality affects pricing, and other expenses you might not be aware of.
If you don’t get a response inclusive of all these perspectives, chances are the company does not have much experience or understanding of short term rentals. There’s much more volatility in the short term rental market, and you’ll want a seasoned guide to help you navigate it.
4. Can I hear customer stories?
As with any potential candidate, you’ll want to ask for references. When it comes to short term rental property management companies, try to find customers that are as close to your situation as possible.
Concerned about living with guests? Talk to a customer who is also sharing their space. Curious to learn more about offering your place while traveling? Find a client who does this regularly. The company should have a large enough rolodex to find clients who have similar concerns.
Beyond speaking to references directly, use this as an opportunity to hear how the company speaks about their own customers. They should be able to clearly present customer stories in a problem-solution format. It should be easy to see how they’ve added value to people in your situation previously.
Ready to hire a short term rental property management company?
Contact Guesthop to hear our answers to these four questions, and any other inquiries you may have! We’ve been a host management company in the Bay Area for 6 years now. We know everything there is to know about hosting on Airbnb, city regulations, and local pricing.
Email us today to start making passive income from your property!