How to pick a management company for your STR properties

Welcome to Boostly Podcast Episode 437. This is a recap of my Facebook live where I talked about how to pick a management company for your STR properties.

Here’s the audio for this episode:

Here’s the video for this episode:

Timestamp

00:00 Start
00:10 What is a management company?
00:40 Get a management company with good contacts
01:20 My recommendations
02:40 If you are a management company

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Transcript from the Episode

Today’s little bit of advice is if you are working with a management company, this is something that you need to be doing to make sure that they are bang for the buck.

What is a management company?

So a management company, for those who don’t know, those that will work with maybe landlords or hosts that want some help when it comes to taking care of the property, maybe you want a more a bit of a hands-off. 

And you know that there are lots of management companies out there, Sykes are probably the biggest sort of one in the UK. But you can have more localized one, you can have more nationalized ones. But doesn’t matter whether you’re working with big guys or a little guys, this is something that I think everybody should be doing is that you should be looking to work with a management company that has got good contacts. 

Get a management company with good contacts

What I mean by good contacts, good contacts could be anything from business guests to repeat guests having a nice big database. And they should be doing lots of outbound calling outbound email and outbound messaging. And that’s what I want to talk about today in the Boostly podcast.

I recently stayed in a property, and they were using a management company. And I was saying about a couple of things that they could be doing, when it comes to making that property even more bookable in the future. And they said yeah, that’s all well and good, I’m gonna pass it on.

My recommendations

Now, if you’re going to pass this information on, here’s what I would really recommend everybody start to be doing. Number one, what I want for you to do is I want for you to be looking at the bookings that are coming in, and they can your management company will share it with you.

Now, as a friend of mine, who has got a couple of properties, and he’s using a management company, and there was a two week booking came in. And the first thing that we did is we saw the guest name because it was shared with us. And what we did is we did a little Google search and the email address popped up. So we looked at email address, and we found out that this person was actually part of a Traveling Theatre Company.

And, you know, what I would be doing next is I’ll be sending that to the management company and saying, Hey, this guest is somebody who’s come in Traveling Theatre Company, do you have any contacts, how can we get away in here and add, you know, even though if you want a hands off approach, if you are working on management company, as still would be making sure that your property is going to be as booked as possible, the end of the day works the best for you.

So those little things that you could be doing, for example, with a fair company, the management company can popularly Mellon a call in they can use the name of the guest. And they can introduce their services and introduce your your properties in your apartments. Because at the end of the day, the more that you can be doing these little things, the more but it will help you get those direct bookings.

If you are a management company

So when it comes to management companies, when if you are a management company, what I will be looking to do is I’ll be looking to do as much outbound work as possible, speaking and liaising with your guests at the start of a stay at the end of this day, even at the point of booking because what will happen is and what will transpire is that the more that you can communicate with your guest speak with your guest and work with your management company, then it’s going to help you in a medium and long term.

So what I would love to know is if you’re watching this number one, are you a management company? Drop a little comment hashtag management in the comments. If you are somebody that used the management company, just put #landlord or owner just let us know and let us know your feedback. What does it for you to work with a management company? Why do you like working for a management company? What do you offer? What do you offer that’s different? I’d love to know so if you listen to the audio jump onto the YouTube I in this video and let’s start discussion.

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