Your Guide to becoming a Short-term Property Manager
Finding the right career path you wish to take can be tricky at times. Most of us would venture to a job we see fit to ourselves but in reality – it’s not. And you’ll know it. Eventually.
But if for some reason, you have a growing interest in managing properties and coordinating with people, then starting your property management career would require you to plan ahead and invest some good knowledge in yourself. A good number of people are choosing to rent places over buying titled properties and the need for decent property managers is quite a demand.
Once you finally decide to take on the challenge, expect a compelling, challenging, and a profitable course ahead of you.
What to expect
In this article, you will have a detailed explanation of:
- What is a short-term property manager?
- Where do you start?
- What is the workaround setting?
- Keeping up with the best practices
What is a Short-term Property Manager?
For starters, s/he is responsible for the day-to-day management of a property when the landlord or owner is unable to perform the task or finds no time in doing the job at hand.
Property managers usually focus only on rental properties and do not issue buy and sell concept since it is the realtor or real estate agent’s jurisdiction already. That is to respect each expertise’s domain and to balance the demand for both professions.
Where do you start?
As mentioned above, you need to plan ahead and have a handful of determination on your part. Diving right into the job without adequate knowledge is a major turn off to your prospective clients. Maximizing available resources you can consume is a great start in this career path.
We first need to learn the basics. How rental property works on your specific area, if there are restrictions, and factors to consider as you go through the process.
- Know the legal requirements. Legality strengthens your credibility as a property manager. Legal requirements vary from each state and securing them will give you or your company an authority that you’re trustworthy enough to handle multiple properties with the right team. You may need to secure:
- General Business License. Have your business registered with your local government first.
- Short-term Rental License. You’ll likely need this for short-term renting. This ensures that your rental property meets the health and safety requirements, it is compliant with zoning restrictions, and that neighboring properties have received a notification.
- Maximize learning opportunities. Learn, learn, and learn some more. It’s a life-long process and if going back to school is not an option, then you can always take advantage of online classes to boost your skills and increase your knowledge.
And if online classes don’t suit your taste, the internet is there for you if you have concerns in mind. Connect to the right people. Read articles that you can use in the future. Search relevant companies who have the same interest as yours. The possibilities are endless if you focus on what matters and what’s convenient on your end.
- Invest in yourself. In this industry, impression, and credibility makes a difference. As an aspiring property manager, you might need to work on these sets of skills to convert your hot leads into long-term clients.
- Excellent communication skills
- Proficient management skills
- Customer-centric service
- Basic marketing skills
- Preferably knows budget management
What is the workaround setting?
Property managers do have a lot on their plate. A lot. That is because managing properties isn’t something you can do twice a week, thrice a month – it’s an everyday transaction between the owners and incoming guests.
Let’s say you have now potential clients, you can now plan the structure of your business plan. You’ll be in charge of who will be:
- Cleaning after every stay.
- Plumbing assistance
- Electrical maintenance
- Other emergency support
You’re essentially building up a team. Almost all of them can be on-call since they can work part-time if they have existing jobs already or you could ask your clients directly if they have appointed someone to clean or maintain their property whom they trust.
That way, you can coordinate with these people whenever an unwanted emergency arises most especially urgent late-night calls from guests.
Next is the services your clients will get from your company. At Prowess Property Management, we specialize in short term rentals and has clients across Canada. Some of our services include:
- List, advertise, & optimize listings in different short term rental platforms and major hotel booking sites.
- We will handle all inquiries, consultations, and bookings.
- 24/7 guest assistance.
- No booking no management fee.
- We will coordinate check-in and check-out and more.
These are just a few lists of services that property management companies offer. Take note that the more services you offer, the higher the cost it will be for potential homeowners so be wise and be reasonable with the fees you impose.
After you draft your business plan and jutted down your services, you can now incorporate digital marketing to boost your visibility online. What does this entail?
Gaining traffic online with digital marketing is equally important as how your company is generating clients through word of mouth. Start creating catchy captions, capture visually appealing photos of the properties, take advantage of SEO. Aside from listing properties from different websites such as Airbnb, VRBO, CanadaStays, etc., you can also take advantage of creating a separate website for the properties.
Keeping up with the best practices
We can’t stress this enough. In order to progress, property managers need to address every problem with up to date solutions. Read property management blogs and keep learning new methods. Consult with fellow property managers to stay in the loop with the current trends and approaches.
We don’t want you to just be a mere property manager. The more you know, the bigger chance you’ll succeed in this field.
Now that you have the essential information you need to be a short-term property manager, it’s just a matter of getting started. Prepare your notes, plan ahead, and who knows, you might become the next successful property manager in the state.
For property management services, don’t hesitate and give us a call at 1-888-538-7769 or e-mail your queries at email@example.com.