Short-term or vacation property rental management is rapidly becoming one of the most exciting sectors of the property management business. With more rental dates available each month and travelers who prefer staying at charming homes instead of being crowded into a small, generic hotel room when they travel, the market has shifted. If you are in property management, you need to add this sector or pillar to your portfolio mix. If you are looking at getting into the vacation business, there is no better time and no better place than do it than with a Property Management Inc. (PMI) franchise. PMI has the technology, support, and training you can use to start profiting from this business now. Here are ten reasons why you should start a PMI franchise in the vacation industry:
- Make more money. You can earn 20-45% of the nightly rate.
If you rent out a property for $1,000 for a rental stay (2-3 days or more) that is a few hundred dollars you get to keep 20-45% of that (depending on the regional area) for managing the property. With 30-31 nights that can be rented out in a month, a vacation key can earn you ten times as one residential door. You may have been getting requests to manage vacation properties for years, but because you haven’t done it before, you may be hesitant about venturing into a new area and figuring out how to capitalize on this hot new trend. With a PMI franchise, you’ll learn how to make a quick start the right way. That will allow you to help guests stay at one of your vacation rental properties and they could become a future client in your property management business. You could sell or manage a property for them or meet a member of the association board which you could manage in the future. It is a great way to impress clients and then increase your business with additional revenue streams. Your work to successfully manage a client’s asset can lead to referrals and opportunities across other property management areas.
- Every guest is a potential client who may cross over into another pillar.
When a guest stays at one of your short-term rental properties, they could become a future client in your property management business. You could sell or manage a property for them or meet a member of the association board which you could manage in the future. It is a great way to impress clients and then increase your business with additional revenue streams. Your work to successfully manage a client’s asset can lead to referrals and opportunities across other property management areas.
- Short-term vacation rentals are more popular than hotel stays.
With all that has happened with COVID-19 recently, hotel bookings are down in a big way, yet short-term rentals are rebounding quickly. In fact, many short-term rentals have found that guests are booking for longer periods of time. At the beginning of the coronavirus quarantine, many short-term bookings were up significantly with guests from the city escaping to a rental property to spend quarantine with their family to avoid infection. That trend is continuing. According to VRMB (Vacation Rental Marketing Blog), the vacation rental industry will have more bookings than the hotel industry combined by the end of 2020. The average number of AirBnB units is said to be doubling year over year, where hotel supply has only increased by 1%. The industry is booming and you can be a part of that growth with the training, support, technology, and systems that PMI has established. In addition, PMI’s technology partners share the latest and greatest tools with PMI franchisees so they can start utilizing them to improve their processes before many smaller property managers are even aware that such tools exist.
- Powerful technology and software platform help you manage experience for guests, cleaning, and maintenance.
When a guest stays at one of your vacation properties, powerful systems and software have already been developed to make the process more streamlined. Guests will receive a keyless entry code prior to arriving at the property. When the time of their rental is over, the code changes for your cleaning crew to arrive to change linens and clean/prepare the property for the next rental. There can be a lot to manage when renting a property. Why figure out what works the hard way? Join PMI and get the support and training you need to join this pillar, discover how to provide the kind of hospitality that guests expect today, and make more money by managing these properties.
- Provide a service that property owners and investors desperately want and need.
Owners and investors want their properties to be professionally and effectively run. They are constantly on the lookout for the best partners to help them maximize the number of bookings they get each month. With the proprietary systems and technology that PMI will help you employ, you’ll be able to help owners get more bookings and have better reviews for their rentals without them having to do any or all of the work.
There is a new and better way to manage vacation properties today, and that is found in owning a PMI franchise. Even successful property managers are converting their business to the PMI model because of the power behind its nationwide brand that has helped them make their existing businesses even more profitable, especially when they add the short-term pillar. Join PMI and increase your revenues and bookings for short-term rentals now.
- Gain a powerful advantage in your market.
The short-term market is relatively new and is constantly changing. Even if you get started now, it will take you months (possibly years) to get to the point where you would be in a place where you could start on day one with a PMI franchise. Join PMI before another sharp property manager acts on the opportunity to market and manage short-term properties in your area. By acting now, you’ll get access to corporate help AND a rapidly, growing legion of franchisees that will support and help you implement what works now in the vacation industry.
- Maximize visibility of properties you manage and automate updates when bookings are made.
PMI’s software syndicates your property listings so you can maximize the visibility of those listings to people who are looking for a place to stay at more than 100 online travel agencies (OTA) including AirBnB, Home Away, and VRBO. Putting your listing on each of the most popular sites can cost you extra hours of work each month that you could spend managing new properties. With PMI’s software, you’ll be able to make one posting and have it show up where vacation planners can see it and book it in international currencies. More importantly, when a booking happens on one site, it will automatically update your listing on all of the other sites so that you don’t have double bookings for the same property.
- Use current and updated strategies as the vacation business changes.
The vacation business is a rapidly evolving business. Change happens every day. Over the past several months with the challenge of COVID-19, PMI has been there for its franchisees to help them know how to adapt to the changes happening in real time. With PMI, you’ll ensure that you will stay on top of what works. You’ll stay current and be implementing the best strategies before most other vacation property managers even know they exist.
- Manage your business better without neglecting important details.
Vacation property management has many moving parts. It can be easy to get overwhelmed and neglect important details with accounting and maintenance. As a result, property managers who jump into this business without knowing how to run it quickly find that they also end up neglecting growing their business. Don’t make that mistake. Join the leaders and top property managers everywhere who are making the shift to a PMI franchise. You can make your business more manageable and more rewarding.
- Fun! Putting smiles on faces is your daily job.
Right now, vacation properties are the hottest asset class in the world. A movement has begun. You can be the one that puts smiles on your property owner’s and tenant’s faces with proven systems that work. PMI looks forward to helping you get into the vacation pillar, making more money in it, establishing long-term friendships, and putting smiles on faces all over the world.
If you would like to be a part of the rapidly growing category of short-term property management, schedule an appointment to talk with one of our franchise developers here: https://calendly.com/pmifranchising
