Why Hire a Holiday Accommodation Management Company

Following the recent crash in housing development, the market for vacation rentals experienced an unprecedented boost. This has opened doors to exciting investment opportunities to create new streams of income from Airbnb rentals and even generate wealth through property appreciation. Making the best out of the current economic climate, it can be highly profitable to invest in new rental properties emerging in coastal areas. These assets are more likely to enjoy year-round rental demand. Additionally, the rapidly increasing population in these areas enable the properties to appreciate surpassing the previous National average.

To make the best of such vacation rental opportunities the key trick to success is hiring a Holiday Accommodation Management in Port Douglas. It is wise to take advantage of a team of experienced professionals who can take care of responsibilities such as marketing, guest interaction, property cleaning and managing the property seamlessly. Despite the obvious benefits, there are still property owners who insist on managing the entire property on their own. Given the chance, they would learn that the benefits of hiring property managers significantly outweigh the cost.

Continue reading to know more.

What is Holiday Accommodation Management?

Holiday accommodation management involves overseeing every administrative and hospitality function of vacation rental property or holiday home. This role is comprised of several responsibilities like cleaning, handling bookings, maintaining the property and reaching out to potential guests.

A holiday accommodation property manager supervises all routine operations to deliver an exceptional customer experience. However, vacation rental management is often mistaken for regular property management whereas the two are significantly different. Even though vacation rental management functions at a far smaller time frame than regular property management, the majority of it is spent on guest acquisition and marketing.

People who book vacation rentals, do so on the holidays and not for regular use. This stands in contrast to regular properties which are leased temporarily for residential purposes.

How Does It Work?

The objective of holiday accommodation management is quite straightforward. Those who own properties like an apartment, cottages, villas or houses can have them rented out to vacationers and travelers.

Guests on vacations are most likely to spend a few days or a week at max in such properties. They can also choose to extend their stay if they so, please. During that time, the property manager would take care of all responsibilities related to maintaining and promoting the property while ensuring the guest's experience is made memorable.

The best aspect of holiday accommodation management is that it can be outsourced to an agency relieving the owner of the property from having to oversee the rentals.

Responsibilities of a Property Manager of a Vacation Rental

A property manager does not need to own their property to become one. All they require is adequate experience and expertise to be hired as one. Following are some of the important responsibilities of a property manager;

• Maintaining communication with the guests and answering all inquiries
• Managing all reservations and cancellations.
• Setting and adjusting the cost of renting.
• Receiving all payments for bookings.
• Overseeing guest check-in and checkouts.
• Restocking supplies after guests leave.
• Adhering to routine cleaning schedules.
• Marketing the property online.

Reasons to Hire a Holiday Accommodation Management Company

Hiring holiday rental management services can be a convenient way to monetize rental properties and earn significant profits. Aspiring vacation rental owners need to know the advantages of professional holiday accommodation management as elaborated by the following;  

Boosted Property Exposure

The most obvious reason to hire a dedicated rental property manager is to increase the number of people who are aware of the property's availability. Such managers invest a significant amount of their time promoting the property they are hosting on social media sites, local and AirBnB listings and through a variety of different outlets. Since the majority of bookings take place online, property managers need to find new and innovative ways to expand the rental's digital presence.

Maximize Profitability

It has been observed by property managers in the major cities of the world that the properties that follow a variable pricing model make the most profits. Such models include charging a premium when demand for bookings is high and offering discounts when they are low. Following this principle, several properties during peak vacation seasons have been observed to increase their rental price. This enables property owners to maximize their profits while ensuring their assets receive constant bookings.   

Emergency Support

No matter how precautious one tries to be, vacation rentals are not exempt from naturally occurring accidents and disasters. Mishaps like floods, damaged appliances, gas leaks and so on can take place unexpectedly, not giving the property owner any time to react. Having hired a property management team would ensure that the manager is on call when disaster strikes. This provides the owner more flexibility and freedom while guaranteeing that the property is well looked after.  

Better Online Reviews

Other than maintaining a chain of online promotions to maintain exposure, a vacation rental needs to be able to constantly generate positive reviews. 60% of property renters base their decisions on property reviews. They assess features, amenities, benefits and experiences related to renting the property. The vacation rental manager takes measures to ensure that the aspects are well taken care of so that the majority of guests would leave a favorable review.

Routine Maintenance & Cleaning

Every rental property needs to be able to keep its guests satisfied. This would not be possible if a property is not adequately maintained. The manager on-site would need to have the property cleaned between each stay. This would ensure that the value of the property stays up attracting more guests in the future. This is why hiring a property management firm is so advantageous as they take care of every aspect of cleaning and maintenance from the get-go, including changing the light bulbs and making repairs wherever necessary.

Improved Guest Service

The key to getting guests to repeat or expand their bookings is through maintaining constant communication with the guests during their stay. The slightest delay in responding to messages can end up creating frustration for the guests inevitably leading to a bad review. This problem is averted when there is a dedicated team of professionals present at the property who take up the role of fulfilling these everyday communications with the client. The property owner will not need to check their phone as the managers on site will handle all issues and complaints put forth by the guests.     

Greater Potential for Growth

There is a limit to how much pressure a single property owner can handle. Hiring a holiday accommodation management company can enable property owners to maximize their growth potential. They can move on to purchasing and renting out other properties and leave the management and guest experience to the professionals.    

In retrospect, it can be concluded that hiring a holiday accommodation management company is ever more advantageous than managing a property on one's own. It must be kept in mind however that vacation rental management is significantly different than Local Real Estate Agent in Port Douglas. Choose your management team carefully!