5 Keys to Running a Successful Property Management Company

Whether you currently operate a property management company and are seeking ways to run your business more efficiently or are considering the possibility of starting a vacation rental business, there are several strategies that can help maximize your success! Here are 5 keys to running a successful property management company:

1. Create a Business Model

One of the most important aspects of running a property management company is having a clearly designed business model to define the range of services that you’ll be providing. There are three primary types of property management businesses, which include full-service companies, marketing-only companies and operation-only companies. Once you have chosen how your business will operate, you’ll need to think about organizing specific operational workflows, which includes everything from housekeeping processes to building a website!

2. Forecast Your Income and Expenses

Another one of the keys to running a successful property management company is creating a forecast for your income and expenses, so you can get a general idea of your profit margin. Some of the items to consider when factoring the income for a vacation rental include the average length of stay, the average daily rate for similar rental properties in the area, and seasonal factors that may increase or decrease rates. Some of the typical ongoing expenses include utilities, maintenance and repairs, insurance, property taxes and cleaning supplies.

3. Have a Solid Advertising and Marketing Plan 

You want to have your property booked with guests on a consistent basis, so have a solid advertising and marketing plan to bring potential guests through the door! You’ll need to constantly market your vacation rental to create a steady stream of bookings and maximize income, so consider top marketing websites like Airbnb, Vrbo, Expedia and Booking.com. A successful listing for your vacation property rental includes writing a clear description, adding photos, offering desirable features and amenities, and setting the right expectations.

4. Implement a Powerful Customer Service Strategy

A huge aspect of running a successful property management company is having a powerful customer service strategy! Owning and operating a vacation rental property is very similar to being in the hospitality business, so you’ll want to make sure your guests are happy with their stay. Therefore, some of your tasks may include communicating with guests before they arrive, being available to answer questions, creating a guidebook for local destinations and encouraging positive reviews. 

5. Have a Successful Cleaning Team

Since your housekeeping staff is responsible for the appearance, cleanliness and overall presentation of your property, it is essential to have a successful cleaning team! You not only need to ensure that your team completes a thorough cleaning, but can meet the scheduling requirements of the role. It is important to focus on communication as well, so that you can provide real-time updates to your cleaning team about special notes, early check-ins and any other relevant information.

Now that you know the keys to running a successful property management company, you can thrive at vacation rental property management! To make your life even easier, learn how our professional housekeeping app can help manage the chaos of your day-to-day operations!