| Priority |
Criteria |
Self-Management |
Hiring a Property Manager (PM) |
Did you know? |
| High |
Rental Law & Regulatory Compliance |
Requires staying well-informed and current not only with municipal regulations, but also with the rules of the co-ownership syndicate, zoning bylaws, and other relevant governmental policies. |
Property management involves overseeing multiple properties while remaining up-to-date with regulatory changes. This includes monitoring municipal and governmental updates, managing communications with relevant authorities, and coordinating with co-ownership administrations; alleviating these responsibilities from homeowners. |
Each municipality enforces its own regulations governing short-term rentals, often with specific eligibility criteria. Navigating these varying rules can be complex, an area where professional property management adds value by ensuring compliance and streamlining the approval process. |
| High |
Professional Cleaning, to Rental Industry Standard |
Handling cleaning in-house is a possibility, although cleaning standards can vary significantly. Maintaining a level of cleanliness comparable to hotel standards is essential. This involves not only general tidiness but also tasks such as restocking guest supplies and maintaining amenities like hot tubs and pools. Effectively cleaning a short-term rental often requires a more comprehensive approach than standard residential cleaning practices. |
Property management companies offer professional cleaning services with established standards and trained staff. This can ensure a consistent level of cleanliness comparable to hotel standards, including thorough cleaning, restocking of supplies, and maintenance of amenities, potentially saving owners time and effort while ensuring guest satisfaction. |
Did you know that in Canada, some property management companies are starting to incorporate eco-friendly cleaning practices and offer "green stays" as a selling point? This caters to the growing segment of environmentally conscious travelers who appreciate sustainable practices in their accommodations. |
| High |
Maintenance & Home Repairs |
Owners manage all rental operations, and must coordinate with maintenance experts and third party providers. |
Property management companies have established teams and trusted local contacts to handle maintenance and repairs efficiently. With years of experience, strong community ties, and a recognized presence, they leverage long-standing relationships to ensure timely and reliable service. |
Preventive maintenance saves money, but it requires proper knowledge. DIY (do it yourself) attempts can become costly if done incorrectly. |
| High |
Guest Service, Commitment & Expectations |
Managing a rental can feel like a second job. It demands time, attention, and constant communication with guests to do it properly. |
Managing guest communications and day-to-day issues requires constant availability. A property manager takes on this responsibility entirely, acting as the primary point of contact and ensuring a smooth experience for both guests and owners. |
They are tools, like PMS (property Managemt Sofware), dynamic Pricing and cleaning / maintenance messaging automation. These are a must-have if you want to manage your time better. |
| High |
Timeless Communication |
For self-managing short-term rental owners, effective guest communication demands timely responses to all inquiries, feedback, and issues, as platforms often grade responsiveness. This requires significant time and can increase owner stress, beyond simply providing pre-arrival details, being available during stays, and seeking post-departure feedback. |
For property managers, ensuring clear communication, providing detailed pre-arrival information, and responding promptly and professionally 24/7 during the stay are daily tasks. Post-stay, thanking guests and requesting feedback are essential. Using technology for efficiency and maintaining internal communication boost satisfaction and drive positive reviews. |
Did you know that properties managed by professionals who maintain prompt, 24/7 communication can achieve up to 20% higher occupancy rates and better reviews compared to self-managed properties 1? This is because guests value timely responses and professional service, which enhances their overall experience and satisfaction. |
| High |
Marketing Expertise & Pricing Optimization |
Achieving profitability and increased bookings in the short-term rental market demands marketing expertise, continuous market analysis, and dynamic price adjustments. Owners can accomplish this independently, provided they possess the necessary knowledge, background, and skills in marketing and technology. |
Property management companies often possess deep expertise in marketing and pricing optimization (now a core industry requirement); ained through years of managing multiple units across diverse markets and seasonal trends. |
Did you know two identical-looking properties can generate vastly different revenues? Leveraging digital marketing strategies and optimizing pricing is essential to maximize your ROI. |
| High |
Expectation & Professionalism |
As a self-managing owner, consistently meeting hospitality standards and maintaining professionalism is vital for positive guest experiences. This involves providing transparent and accurate listings, clear and prompt communication, consistent property quality and service delivery, respectful handling of issues, and a willingness to learn from feedback. |
For property managers, consistently meeting and exceeding hospitality standards with professionalism is essential. This involves robust staff training on guest communication, problem-solving, and service etiquette. Clear protocols for guest interactions ensure a consistent experience from booking to check-out. Setting service level expectations with owners and maintaining these standards across properties builds trust, leading to positive reviews, repeat business, and a strong reputation. |
Properties with high ratings for professionalism and communication often enjoy higher occupancy rates and can charge 15-20% more per night. Guests value reliable service and clear communication, making these factors key revenue drivers in the short-term rental market. |
| High |
Focus on Maximizing ROI |
To boost revenue, owners should dive into constant A/B testing to discover what strategies work best; price strategy, seasonality, market competition analysis, listing optimization, etc. There are LOT more components to increase ROI, which requires expertise, time, and investment from an owner. |
PM use their expertise in digital marketing and pricing to professionally manage strategies and operations that maximize bookings and ROI. |
Using dynamic pricing tools can increase your STR revenue by 40%. By staying competitive and adjusting your rates daily based on demand, you can boost occupancy and significantly enhance your ROI. |
| Medium |
Physical Presence |
There will always be situations that require someone on-site. If you're unavailable, it's essential to have reliable support, at minimum, a trusted handyman for emergencies and a dependable cleaner or maintenance person to keep things running smoothly. |
PM companies offer on-site emergency representation through their extensive network of available experts, including handymen, cleaners, pool/hot tub technicians, renovation specialists, designers, local managers, and supervisors. This built-in backup system, leveraging the ease of offering work across multiple properties, provides a significant advantage over individual owners facing staffing challenges. |
Many cities have specific regulations for STRs, including the requirement to have a local representative. Even when not mandatory, it's highly recommended. |
| Medium |
Stock Management |
For self-managing property owners, tracking inventory of essential items like toiletries and cleaning supplies is crucial. Establish a system not only to monitor usage and anticipate needs but also to efficiently order and receive deliveries, especially if you are unable to be there physically. This often requires having someone on- site to receive orders and properly store them. Proactive restocking ensures guest satisfaction and helps prevent negative reviews. |
Property management companies streamline stock management with standardized inventory lists, regular checks, and restocking by cleaning crews or maintenance staff. They negotiate bulk pricing for essentials and track usage based on booking schedules, ensuring consistent availability without the owner's direct involvement. |
Did you know that short-term rental guests often value ""well-stocked essentials"" more than elaborate decor? Running out of basics can lead to negative reviews, highlighting the importance of efficient stock management for a positive guest experience. |
| Medium |
Legal & Taxes Knowledge Required |
Familiarize yourself with local STR tax rules and income reporting requirements, they vary by location and are essential for compliance. |
Property management companies understand local tax regulations, which helps in avoiding property- related penalties. They also have access to resources and expertise in finance, accounting, and legal matters that a typical property owner might not possess. |
STR (short-term rental) income reporting is mandatory. For foreign owners, 25% may be withheld unless proper tax documentation is filed. Understanding this is crucial to avoid penalties or legal issues. |
| Medium |
Property Damage Handling & Other Expenses |
Emergencies are inevitable. It's important to have the knowledge to manage and monitor these additional costs effectively; it's also time-consuming, there is a process to follow up for claims, documents to provide, and it can take weeks to get resolved. |
PM companies have contingency plans for emergencies backed by experience, though extra costs may be considered for the property's optimal performance. |
Always set aside a damage reserve. Asking guests for before-and-after photos helps protect your investment. |
| Low |
Design, Staging, Decor |
Owners can choose to rent their property as is or update the decor to optimize rental appeal and ROI. Personal taste varies, and what an owner prefers might not attract renters. Professional staging and photography can make a significant difference. Companies specializing in staging know what works and can provide professional photography services, ensuring the property looks its best. |
Design, staging, and decor are crucial for maximizing a property's appeal and rental income. A property manager offers professional staging services, either in-house or through partnerships with local designers and furniture rental companies. This ensures properties attract higher- quality bookings, command premium rates, and result in better guest experiences and reviews. Property managers save owners time and effort by efficiently creating visually appealing and functional spaces tailored to the target market, leading to higher occupancy and ROI. |
According to Real Estate Staging Association (RESA), Professionally staged properties can sell for up to 20% more and spend 73% less time on the market, highlighting the significant impact of design, staging, and decor on a property's appeal and rental income. |
| Low |
Marketing Material & Collaterals |
For self-managing owners, creating marketing materials involves focusing on high-quality listing photos and compelling descriptions, supplemented by a digital (and optionally physical) welcome book and house manual containing essential property details, local recommendations, and practical instructions. Although there's an initial time investment, well-crafted materials offer long-term value. |
Property management companies invest time and effort into creating high-quality listing photos, engaging descriptions, and informative welcome materials like digital or physical welcome books and house manuals with property specifics and local recommendations. They maintain and update these materials consistently, ensuring effective guest attraction and a seamless experience. |
According to a MarketingSherpa study, 82% of internet users trust print marketing materials. These business cards, brochures, or other marketing materials have better review times and higher memory retrieval accuracy, helping to build trust among potential clients. |
| Best For |
Ideal for rental owners who have the time, network, and expertise to maximize revenue. |
Ideal for property owners with limited time who seek peace of mind in daily operations and want to maximize revenue through the expertise of a professional property manager. |
"Obstacles don't block the path. They are the path. Find a way through. If it was easy, everyone would do it."- Sean Rakidzich (Expert in Airbnb automation and real estate investment). |
