By Kent Morgan
As we pointed out in our last post, when managing vacation rentals promoted on Airbnb and elsewhere, the devil is indeed in the details.
But there’s more to the art and science of vacation rentals than optimizing tactical elements like listings, pricing, cleanliness, customer service, and use of the latest technology.
There’s the strategic side. For example, determining if it’ll be cost-effective to make a major furniture investment in a Palms Place Hotel and Spa vacation rental in Las Vegas. Or whether that next vacation rental property purchase should be in the Mondrian South Beach condo hotel on Miami Beach or in Fort Lauderdale’s Conrad hotel.
Most owners of second homes and investment properties who go into vacation rentals lack the skill to make the right strategic moves entirely on their own. That’s’ where a full-service vacation rental property management service comes in.
When deciding on the Big Stuff, your property management company should be a key resource. After all, they’ve repeatedly seen what produces the best return on property investment for owners. Strategic advice is a value-added service you should expect from your manager.
Find out more about acting strategically and optimizing all major elements of vacation rentals, on Airbnb and everywhere else. Download Capitalizing on the Vacation Rental Boom: 8 Keys to Success.
Written by
Kent Morgan
Kent Morgan is the founder and president of One Fine BnB, a short-term rental management company running hundreds of vacation rentals from its Austin home base, with properties in several U.S. markets and internationally. The portfolio ranges from single condos to homes well over $2 million, which are managed on a dedicated luxury service tier. A San Diego native, he founded his first STR management company in New York in 2011 and has lived in most of the markets he's since grown into — NYC, the Florida beaches, Nashville, Las Vegas, Palm Desert, and Southern California. His companies have been early testers and development partners for major OTAs and short-term rental platforms.
