Managing a vacation rental property with success can be a time-consuming business. If we think about cleaning an entire apartment, communicating with guests, doing laundry and handing over keys, it all adds up to quite a lot of things to take care of. Administrating all these aspects for one or two properties is achievable but it still requires a certain amount of time. In addition, if the number of managed properties were to grow, it would most probably become too much for one person to run it all. In order to avoid finding oneself submerged with things to do one should therefore arm themself with some kind of operative assistance. This support can be found by delegating property management, partially or integrally, to a professional co-host to save time and, on the long run, generate more revenue.
So, how can a professional co-host help to grow your vacation rental business?
MORE PROPERTY FOR THE SAME EFFORT
If the business plan forecasts an increase in the number of managed properties, maybe with the ambition to substitute a traditional job as an employee, then the best solution is to rely on a professional Co-Host.
When we decide to entrust a co-host to help us administrate a property these must be able to guarantee at least one of the following services:
- Updating Calendar and applying Pricing Strategies
- Cleaning Services
- Property Maintenance
- Guest Communications
- Managing Arrivals
- Optimizing Listings
- Online Management
If you are looking for a Property Manager,there are dedicated websites that propose professional co-hosts, such as Cohostmarket.com, which offer the great service of connecting the right people where and when needed in total confiance. Cohostmarket manually verifies all users guaranteeing trust and safety to the short term rental community. Every co-host is then evaluated through a written review system in a star-based score.
Their website allows you to hire a Co-Host to assist you in many aspects of your property management system: cleanings, messaging and calling guests, restocking supplies, taking care of landscape and more.
If you are looking to take a break and relax for some time, you can also connect with full time property managers.
If you have ever ran a property destined for vacation rental, then you will surely know the amount of stress that comes with it. Even when the day to day flow runs smoothly, managing the property seven days a week sooner or later it starts to take its toll.
A common problem to all those who manage more than one property for short-term rentals is that they end up burning themselves out. When the number of properties reaches a certain point, and the project becomes too big for one person to manage, this tends to lose control of it. Most of the time they will not even realize it is happening until they start getting poor reviews and fewer bookings.
Employing a professional co-host can therefore help take some of the weight off one’s shoulders like delegating communications with guests, a task that requires attention 24/7. Understandably, if one were to find themselves already to the limit, the quality of communication would drop significantly. Your friendly helpful tone would become less helpful and fed up so why not relying on someone to help?
All guests want to be treated as if they are special, so if you are going it alone and on the brink of burn out, it might be time to hire a co-host.
Being supported by an experienced property manager could become very handy, specially to avoid problems that, in the worst case, could traduce themselves in an economical damage. Experts in co-hosting have seen and heard it all when it comes to short-term rentals so they are a powerful resource and a great point of reference.
Having a co-host that has access to a pricing algorithm software, for example, could be a great advantage since they can help you create pricing strategies and multiply earnings on the medium-long run. Same logic applies in terms of optimization of the listing to place them as high as possible in a search results page. If the listing is well positioned, and maybe even backed up with a winning pricing strategy, it will surely see a substantial increase in terms of reservations, hence in earnings.
BREAKING THE LANGUAGE BARRIER
Hiring a co-host who masters more than one language could certainly make a difference in terms of receiving foreign reservations.
Chinese and Spanish are two of the four most spoken languages in the world so hiring someone that can speak at least one of these two, for example, would be a great advantage. Furthermore, this way you could easily bypass the dubious automatic translators and have them chat with guests in their native language. Your visitors would feel right at home and will more likely leave a rave review when their stay is over.
Having reviews in different languages is important also because they guarantee a better listing position when a potential client processes an availability search and reviews are in their own language. For example – A review from a Chinese guest, written in Mandarin, will show up first when potential guests look for an accommodation from China. Therefore, a positive review from a Chinese guest will most likely attract more Chinese visitors.
This snowball effect will consequently have an immensely positive effect in terms of received reservations from foreigners and help the short-term rental business grow even faster.
IS HIRING A CO-HOST WORTH IT?
The cost to hire a professional co-host may vary a great deal depending on the size of the property this is asked to manage and what it is asked them to do. Co-hosts will generally charge a fixed percentage over bookings, but they may also charge a flat fee per turnover.
The cost to hire a co-host to fully manage a property, for example, goes anywhere from 20% to 30% of the income of the booking. On top of this, extras like linen hire and cleaners can be added to the initial fee.
So, is it worth it? Yes, definitely! Because..
On average a property that is managed by a professional co-host will make 150% more than those who do it alone and without experience. This is largely due to having knowledge on how to fully optimize a listing and their expertise in applying effective pricing strategies, but also due to their accumulated experience in general.
In addition, hosts will also save over fifty hours each week to be spent on growing their business even further or to be enjoyed as free time.
Sounds like a pretty good deal, right?