Quote from @Levi Koskan:
Howdy BP community, thank you in advance.
In addition to doing my own research, I'm also looking for STR Property Manager recommendations from this community. BP has provided so much value to me and my RE endeavors that a recommendation would go a long way in helping me find the right partner.
Why now?
I've been a house hacker the last 7 years. Started with LTR tenants, then bought my second house and I converted an ADU to an STR while I still lived there. Due to a growing family I've had to move into my LTR home recently. I've been managing the STR myself and I'm comfortable managing it myself but due to some of the unique aspects of the property, I feel that having a professional STR PM involved might lead to one of those situations where by me doing less I'll actually get more out of the property.
If anyone has experience with a well established STR PM that has the below assets, I'd love to hear about it!
The right kind of PM for me:
- Is established in the STR space and has a sizable team, including a handyman on staff.
- Can perform an audit of my property, it's unique attributes, and make data driven recommendations on optimal strategies to increase performance.
- With their portfolio, they have access to a property management software that will allow syndication to more channels then I can manage myself. Outside of Airbnb, VRBO and Booking.com, I'd like to be listed on TripAdvisor, on Google's Vacation Rental Search results (only available to approved PMs, not individuals like myself, and potentially flipkey, fullyfurnished, and craigslist.
- I'd prefer they be local to ATX but I don't see that as a hard requirement if they are highly reputable and have access to locals.
I'm a willing partner, I can commit to:
- Super clear and reasonable on expectations
- Being super responsive to requests. Be it unique guest requests or repair requests.
- Open to suggestions on property amenity improvements and listing management
- Available to review reports and communicate openly.
If anyone in this community has first hand experience with a PM that you think I should meet with, I'd REALLY appreciate the recommendation.
Again, thank you for the attention and help!
Hi! I totally understand wanting to hand off some responsibility, it can be a lot! My fiancé and I personally manage around 30 properties in Indianapolis, IN, but we only do local. I will say, here are a few helpful things to MAKE SURE the PM you choose has in place, so you can be as hands off as you want, and your rental will be managed well.
- Software, software, software! Make sure your PM has systems in place that make things automated and is able to maximize income. We personally use Guesty for general management and communication, PriceLabs for dynamic pricing, Breezeway for cleaner/maintenance tasks, and starting to build a direct booking site on Guesty. Systems/Software is so important to make an STR run properly!
- Make sure the PM has a solid, dependable cleaning team. That is imperative to managing STRs well. If the home is NOT cleaned thoroughly/properly, you will have repetitive problems through reviews, and that means less money.
- Make sure the PM's contracts are solid, and you fully understand their scope of responsibilities. IMO, a local PM is a NEED to make sure the STR is managed well and properly taken care of. Do your research!
Good luck! :)
