Why are traditional property management arrangements not ideal for short term rental properties?
Typically investors utilize a traditional property management company. However, when an investor is allowing a traditional property management company to manage their short term rentals, there are several problems which inevitably occur and the property owner is not being properly served by a traditional property management arrangement.
when issues arise, property management companies will typically opt to deal with the pricier full-service third party vendors in an attempt to be able to deal with one vendor for all of their properties and to allow them to handle more clients without hiring additional in house personnel because they only deal with “white glove” service 3rd parties which makes their job easier.
However, these third-party vendors are too slow for the STR environment and the 8 to 10 percent of gross rental revenue charged in the traditional property management arrangement ends up largely being wasted funds because the traditional property manager is not geared to quickly perform the actions required when running short term rental units.
Why is the maintenance program the ideal fit for short term rental properties?
We provide owners with an upkeep and maintenance program the detects and fixes problems that avoid long-term deferred maintenance. Each time a tenant changes on a standard rental or each turnover on a short term rental, a checklist is followed to ensure that any problems are identified and can be handled.St
How does Academy combine maintenance inspections and remediation with turnovers?
The contractors that we hire to the tenant turnovers are trained to go through a checklist that is specifically crafted for your property. Someone has to go to the short term rental unit to clean it when a tenant checks out. Instead of wasting that opportunity, we are using that same visit to perform two other functions: a thorough inspection, and any needed remediation (the toilet is plugged, the baseboard needs to be painted, the tenant grabbed the towel bar to balance themselves and broke it, the faucet is now leaky, etc.).
A traditional property maintenance company is going to outsource the cleaning to a cleaning company, which is not geared to following checklists or doing inspections and certainly is not geared to fix toilets, faucets, paint, etc.
We get our staff trained on all of these things and because we are not outsourcing it to a cleaning company and the staff are working and being paid directly by us, we are able to control the process. The staff are doing a checklisted inspection process and remediation on ALL of the STRs they work on each week.
