Changing STR Management Guidance

[Michael Stefan]

Our current management team is not working out. They also have complete control over access with airbnb/vrbo, etc as well as 'own' the reviews. If we were to change management (likely) all reviews would be lost, and we are also approaching our high season (summer, Midwest) thus we are trying to not jeopardize our bottom line during our peak season. My wife and I are most concerned with what steps need to be in place or things to be mindful of before pulling the plug from one management team to another in an effort to best streamline and reduce the opportunity cost that'll be lost during this transition. We will be moving approximately 20-25 STR's all located in the same city if that gives any better context ranging from 1-4 unit properties.

[Doug Spence]

@Michael Stefan I don't personally do STR's in Milwaukee, but some buddies of mine started a STR management company and they have an impressive operation going. Happy to connect you to them - maybe they could give some advice even if they can't manage your properties.

[Brooklyn McCarty]

I’d search for market specific fb groups & see what management options there are, you can get feedback this way too.

[Marcus Auerbach]

I would phase it, move half of your portfolio and see who performs better over the next 6 months before you decide to move the rest. 

Not good to have all your eggs in one basket anyway. Redundancy should be part of every business strategy. That's why we have two (main) lenders, two handyman, two plumbers etc 

[Andrew Steffens]

I agree that you should phase it.  Find a solid local PM (probably between 40-120 units) and start with 5 or so units and if all goes well keep pushing phasing them in.  It will be painful in the short term, but should provide fruitful in the long term.

[Jeremy Rosen]

Hi @Michael Stefan, sorry to hear about your STR manager. What is holding you back from managing yourself, at least some of them? I'd be happy to share my automation process and pricing strategy. If pricing is the issue with your current manager, perhaps it would be wise to understand the STR data in your market to help you communicate with your current manager. One of the areas I specialize in is pricing strategy and understanding data with PriceLabs. Let me know if you'd like to connect.

[Chris Erdman]

Quote from @Michael Stefan:

Our current management team is not working out. They also have complete control over access with airbnb/vrbo, etc as well as 'own' the reviews. If we were to change management (likely) all reviews would be lost, and we are also approaching our high season (summer, Midwest) thus we are trying to not jeopardize our bottom line during our peak season. My wife and I are most concerned with what steps need to be in place or things to be mindful of before pulling the plug from one management team to another in an effort to best streamline and reduce the opportunity cost that'll be lost during this transition. We will be moving approximately 20-25 STR's all located in the same city if that gives any better context ranging from 1-4 unit properties.

Hi Michael, my wife and I own two STR's. One in Kenosha and One in Florida. We manage the Kenosha Cabin ourselves. In the Florida property, we have a local individual that co-hosts/manages for us. We are looking to expand our management portfolio locally. We have an outstanding track record with our Kenosha Cabin with over 45 five-star reviews in the 14 months we have been operating and and overall five star rating on Airbnb and VRBO. We would love the opportunity to meet with you to discuss how we can help you if you are still in the market for a new management company.

Professionally,

Chris E.