Self-Managing vs. Hiring a Property Manager: Pros and Cons
I save $140k a year in property management fees with this $72 tech stack…
When it comes to scaling up your short-term rental business, property management fees can be a deal-breaker. Those hefty 20% charges from property managers can eat away at your profits faster than you can say "vacation rental." But fear not, fellow real estate enthusiasts, for I have discovered a game-changing $72 tech stack that slashes those expenses while making your life easier. Let's dive into the secrets of saving big in the world of short-term rentals.
Setting Up Your Listings for Success
First things first, setting up your listings is paramount. Think of it as your property's online dating profile—make it irresistible! To achieve this, consider hiring a professional photographer to capture the essence of your property. Showcase around 20-30 high-quality photos; going overboard can overwhelm potential guests.
Crafting captivating listing copy is equally crucial
If writing isn't your strong suit, embrace technology. Use AI tools or outsource this task. A favorite of mine is @andrewbobiq on Fiverr. Be sure to sprinkle relevant keywords throughout your listing, aligning with popular search terms like "Cabins," "Design," or "Off-the-grid."
The $72 Tech Stack That Transforms Everything
Now, let's get to the heart of the matter—my $72 tech stack that's changing the game. It consists of three essential components: Property Management Software (PMS), a price optimizer, and a message optimizer.
- Guesty ($50/m): Think of Guesty as the conductor of your property management orchestra. It consolidates all your listings from various Online Travel Agencies (OTAs) into one convenient platform. It even keeps your cleaners on schedule. Guesty serves as the hub for other tools to seamlessly integrate.
- Pricelabs ($12/m): Pricelabs is your secret pricing strategist. Just like airlines adjust seat prices based on demand, Pricelabs "day trades" your listing prices. This means you'll always maximize your revenue without lifting a finger.
- HostAI ($10/m): Host.AI takes guest communication to the next level. It automates a whopping 90% of your guest messages, leaving only the most critical ones for you to handle. And here's the twist—I created this tool and recently made it available to the public via PMS integrations. Stay tuned for a deep dive into how HostAI works its magic.
The Unsung Hero: Your Cleaner
While tech is fantastic, the unsung hero of your operation is your cleaner. They are the boots on the ground responsible for guests' first impressions, and we all know how crucial those are. The most stunning Airbnb property is rendered useless if it's not cleaned to perfection.
To find a top-notch cleaner, here are some tips:
- Scout on a Sunday: Drive around your sub-market on a Sunday at 11 am. If you spot a cleaner doing a fantastic job at a neighboring property, that's a golden opportunity.
- Online Platforms: Utilize platforms like Yelp, Craigslist, or Facebook to find local cleaning services. You can also explore Turno, an Uber-like platform specially designed for booking short-term rental cleaners.
In conclusion...
he secret to saving a whopping $140,000 annually in property management fees lies in this clever $72 tech stack and a stellar cleaning crew. With the right tools and a little elbow grease, your short-term rental empire is ready to flourish. Say goodbye to those pesky property management fees, and hello to higher profits and smoother operations.
Happy hosting!
