Who do I rely on to manage my villa or apartment? On what basis do I choose the ideal candidate? These are certainly some of those questions that normally take time and effort to an Owner who, being unable / unwilling to manage it in person, wants to rely on a professional in the sector.
But what are the parameters and elements to consider to make a “good choice”?
Well … to analyze the situation well, let’s start from some preliminary considerations of the relationship that should be established between the Property Manager (the one who knows in depth the Vacation Rental / Short-term Rentals market) and the Owner of the property.
Owner vs Property Manager
The owner’s interests are to have:
transparency in the management of guests
tranquility with administrative and bureaucratic obligations
target customers who appreciate your home and treat it as he would treat it.
While the interests of the Property Manager are to have:
managing a property with good sales potential
excellent promotional material
a strong relationship of trust with the Owner
It takes two to tango
Tangueros en Buenos Aires
You have to be two good dancers to dance tango well, the Argentines rightly say, and in the same way the Property Manager and the Owner must dance in unison to make the property perform at its best on the market.
If the interests of both sides are satisfied, the work will certainly be a success.
The ideal Property Manager
Having said that, you can start to answer the initial question “Who do I rely on to manage my villa?” defining what to evaluate when choosing a Property Manager.
Let’s see them by points:
Knowledge of the Vacation Rental market / Short-term rentals: what are the best commercial channels to activate, what are the administrative and legal rules, how prices move during the various periods of the year, what the different target customers require
Marketing skills for defining a strategy to develop the profitability of the specific villa: for us at Sardinia Co-Hosting this point is the Property Success Plan, a document in which we represent to the Owner our Sales & Marketing idea for his villa and with whom we share their needs and opportunities
Professional team: the results of a property on this market depend on many factors, each of which can be connected to a different professionalism, such as strategic vision, pricing, photographic and video representation, ability in managing operational aspects, local networking. Without these elements, internal or external, the property will be only one of the thousands present on the sales portals. It is the team of professionals that the Property Manager manages to make the difference.
Reliability and authority: tourism in all its forms is a set of relationships between many operators in the supply chain, being recognized as reliable and authoritative is an extremely important element. For us, being the creators and organizers of the Extra National Exhibition of Extra-Hotel Tourism, now in its fourth edition, represents a fundamental business card. Being a member of a trade association such as Property Managers Italy is another aspect that makes the difference.
The Ideal Owner
But also the Property Manager must evaluate the “right” Owner in order for the relationship to be correctly balanced.
And the assessment must, in my opinion, be based on the following elements:
Trust: the Owner must trust the suggestions of those who know the business, there cannot be two of them to manage
Medium-term vision: the results of various actions have a result in two / three seasons, because these are the times of the market. to think that you have immediate results and high profitability is often a dream
Ready to continuously invest a part of the gain in improving the structure: continuous modernization of the furnishings, new services, new photos or communication material are decisions that the Owner must take into consideration in order to have a continuously performing structure on an increasingly competitive market.
The Magic of Tango
When the “right” owner meets the “right” property manager, the magic arises that allows a property, often underestimated in terms of profitability, image and furnishings, to transform from a frog to a splendid swan and make both parties happy.
This is the fascinating side of the job.
Until next time