Mastering Short-Term Rentals: Finding the Best Property Manager

Fiscally Fabulous® Podcast

Imagine you’ve just acquired a stunning property in a lively vacation hotspot. The thought of turning it into a short-term rental is thrilling—visions of delighted guests and a steady stream of income fill your mind. But then, reality kicks in. The constant need to communicate with guests, tackle maintenance issues, and keep the property in top-notch condition can quickly become overwhelming. This is where a professional short-term rental manager can make all the difference.

Today, we are so fortunate to have Jimmy Sweitzer, Owner of BnB Ace, to talk about everything you need to know about short-term rental management. From finding the best short-term rental manager, increasing your revenue, to leveraging technology in property management. Don’t miss this exciting episode of the Fiscally Fabulous® Lifestyle with your host, Dr. Teresa R. Martin!

Quotes:

• "A true investor puts in one or two things: capital or time. But in the real estate world, you shouldn't have to put in both for the best investment outcomes." – Jimmy Sweitzer
• "Setting clear goals is crucial. Without having a clear direction, it's hard to measure the success of your manager and whether they're helping you achieve your investment objectives." – Jimmy Sweitzer
• "The quality of a manager can make a significant difference in the headaches you have or the revenue you bring in. Treat finding a manager like you're interviewing for a C-level position in a Fortune 500 company." – Jimmy Sweitzer

Key Takeaways:

• Hiring a professional short-term rental manager can significantly increase your revenue and free up your time, even if you're an experienced property owner. When evaluating a potential manager, set clear goals, check their licensing and credentials, and compare their fees and services to find the best fit.

• Embracing technology and automation can streamline operations. However, it's crucial to find a manager who can handle multiple tools and systems effectively. Successful investors are willing to invest both time and money into their properties rather than trying to handle everything themselves.

• Be prepared for changes in the short-term rental market, such as increased competition and evolving regulations. Having a plan to adapt and grow your business is essential.

Highlights/Timeline:

[00:05] – What is a short-term rental manager?

[04:17] – What does a STRM does on a daily, weekly, or monthly basis?

[06:37] – For property owners, why should they consider hiring an STRM?

[09:10] – How should property owners rate their current STRM if they already have one?

[12:56] – What steps should property owners take to ensure they find the right local manager for their property?

[17:05] – What key questions should we ask and what fees should we consider when selecting an STRM?

[21:47] – What are some red flags property owners should be aware of when choosing an STRM?

[24:18] – Jimmy shares a success story of a property owner who benefited from hiring a short-term rental manager

[29:18] – What common mistakes do property owners make when trying to manage their short-term rentals themselves?

[32:18] – How do you see the short-term rental market evolving in the next few years, and what should property owners be prepared for?

[34:23] – Jimmy discusses the role of technology in managing short-term rentals and how it benefits property owners

[38:16] – What is Jimmy’s advice to someone just starting out in the short-term rental business and considering hiring a short-term rental manager?

Conclusion:

Hiring a short-term rental manager can transform a potentially overwhelming task into a smooth, profitable operation. With rental managers providing valuable insights and services, property owners can enjoy the benefits of their investments without the associated stress. Whether you’re just starting out or looking to optimize your existing rental, considering professional management could be the key to your success.

Resources:

Learn more about Jimmy Sweitzer on:

LinkedIn: https://www.linkedin.com/in/jimmy-sweitzer-14043786/

Website: https://www.bnbace.com/investor-1?fpr=reianyc

Learn more about Dr. Teresa R. Martin on:

LinkedIn: https://www.linkedin.com/in/teresarmartin/

Website: https://enjoyyourlegacy.com/