As many property owners are entering the short-term rental business to earn a good deal of side income from investment, serviced accommodation management companies are becoming increasingly popular worldwide.
Are you a landlord considering stepping into this lucrative new industry but are feeling pretty discouraged by the great deal of work a rental property is going to be?
Serviced accommodation management companies can help you start your short-term rental business without any hassle.
As you are not familiar with this niche and don’t have much experience in letting business, don’t know where to start and have little time to spend on your short-term rental business, you might be in two minds whether to set up your own vacation rental or not.
Due to the availability of a wide range of vacation rental management services, having a vacation rental up and running is as easy as ABC.
They take the hands-on management responsibility off your shoulders entirely or partially and make life more enjoyable for you.
What Is a Serviced Accommodation Management Company?
A short-term rental management company is a team of qualified rental managers and hospitality experts who help you manage your vacation rental.
They can help you set up your vacation rental, promote it to its target guests and maximise your rental income.
A short-term rental management company offers fully flexible tailored services based on the particular needs of each rental business.
It can take care of all aspects of property management from daily operations like housekeeping and maintenance to interior design, guest communications, marketing and revenue management.
The Main Roles a Serviced Accommodation Management Company Can Play
1. Managing Your Listings
Listing your rental on multiple online booking platforms like Airbnb, Expedia, and booking.com that bring the highest exposure to your property is a vacation rental management company’s first duty in marketing your vacation rental.
A serviced accommodation management company offers photography services to take high-res photos of your vacation rental. It uploads professionally taken photos to display your rental best and writes a well-written listing description that can push visitors to book with you.
These hosting companies keep searching for new OTAs and listing your vacation rentals on new platforms. They constantly edit your listings, update your list of amenities and set competitive prices to enhance your rental’s visibility and OTA ranking.
2. Managing Your Operations
Operations management ranges from housekeeping, repairs, and routine maintenance, to renovation and interior design.
A quality vacation rental management service can take care of all aspects of your property’s operations by getting help from attentive specialised housekeeping and maintenance staff.
These companies make your vacation home ready to rent and keep it immaculate by performing professional cleaning and linen changeovers and performing regular inspections to find problems and fix them straight away.
Serviced accommodation management companies do whatever necessary to make sure your property is in its best condition, your guests feel at home, have a remarkable stay and will leave you stellar reviews.
3. Managing Your Bookings
The booking process has several stages, all of which entail a lot of guest communications. A vacation rental management company can save you a great deal of time and effort by taking the hassle out of managing your bookings.
Short-term rental management services manage all the guest communications, handle guest complaints, and are reachable for all the guest’s requests during their stay.
They handle the check-in/out processes, the key handovers, meeting and greeting guests upon arrival and coordinating the concierge and front desk staff.
A vacation rental management company’s job is also screening your guests and accepting or declining bookings. They employ their hosting experience and knowledge to screen out the guest who might breach your house rules and damage your property.
Moreover, vacation rental management companies constantly provide a personalised guest experience and encourage guests to leave positive reviews.
4. Maximising Your Occupancy Rate and Revenue
A proficient vacation rental management company can market your property to reach its target audience.
They will find new OTAs that can provide your property with the highest exposure it can get and secure your bookings throughout the year.
One of the other prominent roles of a serviced accommodation management company is to maximise your ROI by smartly optimising your vacation rentals’ pricing. They must also make some serious efforts to enhance direct bookings to cut OTA commissions and maximise the return on your investment.
5. Reporting to Investors
Professional serviced accommodation management companies are fully acquainted with the procedures of working with investors and their guests. As a result, they can provide you with detailed, easy-to-understand financial and accounting reports, including expenses, income, and profits.
Serviced accommodation management companies provide tailored services that meet your objectives and preferences. They report to you regularly to keep you informed of all the details of your rental business. They allow you to determine how involved you want to be with property management.
Serviced accommodation management involves full-time professional hands-on management and an unending list of responsibilities from operations management and guest communications to managing occupancy and marketing tasks.
However, serviced accommodation management companies offer services that a specific vacation rental needs and can save property managers from numerous headaches.
As a result, these responsibilities will no longer scare off the property owners from entering the short-term rental business.
Vacation rental owners can keep on top of their property management and focus on expanding their business by hiring a decent serviced accommodation management company just at the cost of sharing a small portion of their income.
The small commission you pay to serviced accommodation management companies can make a significant return in the long run, with more bookings, maximised profit margins and less damage to your property.