Starting a STR management company, looking for advice.
Have you ever had a negative experience with a big national short-term rental (STR) management company? I certainly have. In my case, the large manager was priced well at 10% but the services rendered were almost non-existent. Meanwhile, the local management companies were charging 35% leaving no profit! As a result, I've decided to start my own STR management company, and I'm interested in hearing from other investors about what they value most in a management company.
If you've worked with a management company in the past, what were the most important factors that influenced your decision to partner with them? Whether it was their communication, pricing, attention to detail, or something else entirely, I would love to hear your thoughts in the comments below. By working together and sharing our experiences, we can help create a better future for STR investors and guests alike.
Most Popular Reply
Just flat out be better than your competition. Care about the owners you manage for. Give their properties an appropriate amount of attention instead of making them just a number. Make your owners more money than the competition would and do quarterly meetings with your clients to report how things are going. Bring in metrics to your report to show how you have their property performing better than other similar properties.