If you own a holiday rental you probably know that management is almost a full-time job. This is why more and more property owners decide to work with management companies to take care of everything for them. But with the multiplication of companies that are entering this market and that propose and offer similar services, it is getting harder to chose one amongst the rest.
This article will list some of the most overlooked services that a property management company can, and must offer to its owners.
6 signs you should change your rental management company in Barcelona
1. Be on top of the law
This might sound like an obvious criterion to cover; however, as this growing industry brings a lot of newcomers, it has become more crucial than ever to make sure that they all respect the basic local laws and regulations regarding tourism. Most major European cities have implemented, among others, touristic taxes, or the need to register all the guests’ identity information to comply. Not obeying the law might result in the loss of the right to exploit one’s property for touristic uses.
Like in any relationship, it is vital for the property owner and the management company to build trust. To do that, full transparency on the performances of the apartment, reviews of the clients and a customised reservation calendar is necessary. It is, by the way, becoming an industry standard to provide a dashboard-like application that offers the property owner all the information regarding his/her apartment.
3. Acting as a consultancy & offering what is needed
Just like in any industry, the one-size-fits-all approach does not work. It is, therefore, the role of the management company to understand the needs and expectations of the owner, and based on that, to offer the service that best serves the owner’s needs. Companies dealing with dozens of apartments often have all the knowledge and experience to guide owners with what is best for them. Contracts can be personalised in many ways and they should be.
4. Embracing innovation
The tourism industry is anything but static and it has seen huge changes in the last 10 years with the appearance of OTA that turned the market around. Changes are also coming in the real world with, for example, smart locks to ease the check-ins, smart systems that allow energy savings, noise detectors to avoid disturbance to the neighbours, etc. Management companies now have to make a shift toward a more connected way to work if they want to keep growing and offering the best possible service.
5. Powerful yield management strategy
In major cities, it is often taken for granted that all MCs know how to make the most out of an apartment. But it would be an understatement to say that price management is not an expertise that can be standardised. Prices have to be adapted to seasonality, local and international events, imponderable, characteristics of the apartment, etc.
6. The ability to do a powerful on-boarding.
Many property owners still believe changing their management company is a complicated process to deal with, however, it can be dealt with pretty smoothly. Once again, each transition is unique and needs to be tailored to the apartment. Most of the time, it is also the ideal moment for upgrades in terms of decoration and maintenance in the apartment. It is, therefore, the role of the MCs to be able to deal with it, with a professional decorator, if necessary.
This list is, of course, non-exhaustive and could be continued, but we believe that it highlights some key aspects of managing holiday rentals that are often forgotten by the property owners and by the MCs.