Regardless of the type of rental property you own, you may have wondered at some point whether hiring a professional Breckenridge, CO property manager is a worthwhile investment.
In contrast to long-term rentals, managing short-term rentals requires considerable time and attention. However, enlisting property managers to handle the demanding tasks often involves paying substantial commission fees.
If you are still unsure about the benefits an expert can bring to your short-term rental business, this blog will help you clear your doubts. Below, we outline five ways professional managers in Breckenridge, Colorado, will contribute to your success.
1. They help with setting up new properties.
Whether you’re embarking on your first Breckenridge rental property venture or expanding your portfolio with additional rentals, property managers have the expertise to guide you through the setup stage.
With them, you’ve covered when it comes to selecting the right furniture, hiring skilled photographers, and creating an honest and compelling description for your listing.
At Great Western Lodging, we understand what makes a rental rise above the noise of the competition. Thanks to years of experience, we have developed efficient strategies to guarantee great occupancy rates and secure those crucial five-star reviews soon after a new rental is listed.
This expertise is crucial for accelerating your success and maintaining consistency throughout your rental journey over the long run.
The gorgeous decor of Elk Ridge Townhome. Property managers in Breckenridge can help you with setting up a new rental, including furnishing it with sleek and stylish furniture.
2. They outperform in daily tasks.
A significant portion of a host’s responsibilities centers on day-to-day requirements, which can be both time-consuming and challenging.
Here are ways in which professional managers can assist with the daily demands:
Non-stop guest support.
Ensuring top-notch guest assistance is important for obtaining those essential five-star reviews.
Your interaction with guests begins well before their check-in. It starts when they inquire about booking your property online and extends beyond their check-out date.
In our role as property managers in Breckenridge, we handle more than one hundred guest interactions monthly for each vacation rental under our care.
Surprised? It’s a high number indeed! Yet, leveraging our expertise, we’ve created templates and established procedures to enhance efficiency and ensure the highest level of guest satisfaction.
Keeping good response times.
In this industry, rapidly addressing guest inquiries is crucial. Failure to do so often leads to guest frustration, which is then reflected in their reviews. Keep in mind that the ideal response time is five minutes or less for every inquiry you receive.
At Great Western Lodge, we follow this principle, and we maintain a 24/7 guest support team dedicated to promptly addressing all inquiries and requests. The outcome is almost always positive, and it is reflected in the frequent great reviews we receive for our outstanding guest support efforts.
Dealing with Urgent Issues.
A short-term rental sees a high turnover of guests. Therefore, it’s not rare that unexpected things can happen. When challenges arise, having someone prepared to assist is very important, and it’s even better if this person is already well-versed in what steps to take to resolve the situation.
This is where your property manager comes into play.
Our team is not only well-prepared to address any issues but also maintains a network of contacts that we can engage when necessary. This includes connections with the finest plumbers, handymen, and other professionals in our region.
Maintaining your vacation rental in good condition.
Because of the frequent turnover of guests, a short-term rental requires greater attention than a normal home. Good property management companies ensure the upkeep of your rental through a proactive approach, relying on regular maintenance schedules. They employ personnel for routine inspections as part of their strategy.
They find and hire a reliable cleaning staff who will handle smaller tasks such as checking inventory and replenishing supplies and amenities.
Finding suitable professionals for both scenarios can be challenging, but once again, property managers have it under control. They often partner with high-quality cleaning and maintenance firms, going above and beyond to ensure the optimal condition of your rental property.
3. They Handle More Complex Issues as Well.
Managing a vacation rental in Breckenridge entails more than just managing daily responsibilities; unexpected issues frequently emerge, including plumbing and electrical issues, HVAC problems, and internet connectivity issues, among others.
In such situations, a professional property manager can react immediately, which is good, because, in certain instances, a delay in addressing these matters could potentially result in legal complications.
Again, at Great Western Lodging, we employ effective and budget-friendly procedures to address more complicated issues.
Moreover, we have a valuable network of contacts — skilled professionals with whom we’ve established long-standing partnerships, and they give us the best deals on the market.
Finding high-quality contractors to solve last-minute problems is very challenging. Nonetheless, if needed, we also undertake the time-consuming responsibilities of sourcing, briefing, and negotiating with them.
In the grand scheme of things, we take a proactive approach by implementing preventive measures, including conducting thorough annual inspections to verify the condition of items like fire extinguishers and smoke detectors.
Main Street Station is kept in top-notch condition at all times. Property managers develop strategies to ensure your vacation rental is always at its best.
4. They handle admin and marketing tasks.
We think it's a misbelief to think of vacation rentals as a form of “passive income.” The truth is that this business comes with many responsibilities. Besides what we’ve discussed earlier, there’s also a substantial amount of administrative and marketing work involved.
While certain software tools can be very helpful, the ultimate responsibility for maintaining order lies either with you or your property manager.
Admin tasks include things like business development and marketing, among other things.
One of the most important tasks involves consistently assessing local demand and adjusting dynamic pricing strategies to ensure a consistently booked rental. This is how you can reach financial success.
Once more, pricing software such as Wheelhouse and Pricelabs are helpful, but nothing replaces a professional with the know-how of the complexities of the industry — that’s what will make all the difference!
As property managers in Breckenridge, CO, we make sure Starlit Cabin is consistently booked at the right price for the right guests.
5. They offset their costs and bring you more cash.
At this point, we hope it's pretty clear that property managers can really help with your vacation rental, but we know what you are thinking: all these benefits come with a price tag, right?
You’re not wrong. Having a property manager by your side in Colorado or anywhere else does involve a fee, which can sometimes be substantial.
Nevertheless, the key point is that property managers contribute to additional revenue, and the time they save you will not only offset their costs but also yield significantly higher profits.
Firstly, as we discussed above, they will save you from expensive contractor fees and cleaning costs. Secondly, property managers can boost your earnings by leveraging their admin and marketing expertise and applying dynamic pricing strategies.
All this translates to a great boost in your revenue.
Breckenridge property managers will save you time and effort — and they also put more money in your pocket.
In Breckenridge, property managers can help you with countless other facets of the vacation rental business.
With their expertise and help, rather than being burdened by the management tasks yourself, you’ll get more free time on your hands to deal with personal matters and to decide how you’ll use all the extra money you’ll be putting in your pocket.