In property management, there's one constant that remains critical to your success: keeping your homeowners happy. At Key Data, we want to make this process a little bit easier, especially in rapidly-changing markets.
In the first part of our series, we discussed the importance of expanding your inventory to drive revenue. You can read more about expanding inventory here. Today, in the second installment, we're focusing on the backbone of your rental business—your homeowners.
Why Homeowners Matter More Than Ever
Happy homeowners are the foundation of a successful property management business. Since 2020, many homeowners have entered the short-term rental market, often enticed by record profits. However, the market has since shifted in some areas, and many owners are unsure why they are not experiencing the same level of success that they once were. This makes it more important than ever to keep homeowners informed, aligned, and satisfied with their investment decisions.
Strategies to Keep Your Homeowners Happy
By keeping homeowners informed and engaged, you not only retain your current inventory but also increase the likelihood of attracting new units through word-of-mouth and recommendations.
Utilize Custom Owner Reports
Keep communication open with your vacation rental homeowners by sending customized owner reports for their individual units. You can do this straight from your Key Data Dashboard and even automate these reports so that your homeowners never miss an update. By sending their performance reports on their most important KPIs, like Average Daily Rate, Occupancy, and RevPAR, they will be able to better understand their position in the market.
Using this data to inform conversations is a win-win because if their unit is outperforming the market, they get to see their positive performance. Meanwhile, if their unit is falling behind, you can use it as a chance to suggest necessary upgrades or ways to stand out. For example, if a 3 bedroom unit without a private pool is pacing behind other 3-bedroom units with a private pool, that can not only provide a realistic expectation for the homeowner and determine why they are not seeing the same profits, it can also open the conversation to improve the unit and potentially make more money for both you and the owner.
Whether an upgrade to unit means amenities or new, high-quality photos, using data to back your requests will help to put the performance in perspective for homeowners.
Ask For Feedback
Want to know exactly what homeowners want to hear? All you have to do is ask! When onboarding units, share your communication plan to set proper expectations. Then, try asking your owners what they would like to hear more or less of in your communication.
Do they want more performance updates? Do they want to know more about how they can maximize bookings? Do they want to hear about when is the best and worst time for owner holds? Simply opening the conversation can let you know if there’s a gap in your communication strategy. You can do this with a simple survey or individual conversations.
Happy homeowners talk and the more fans you have, the more units you'll attract to your program.
Ready To Learn More?
We're here to support you and want to help you maximize your business growth. If you have any questions about homeowner communication, accessing owner reports, or property management trends, reach out!
Use this link to submit your questions and schedule a meeting with a Key Data team member.
Stay tuned for the final part of our series, where we'll share strategies to increase profits.