How To Run A Short Term Rental Property Management Company

[@realsuccessinvestments]

as an investor myself totes to you for educating everyone on these topics!

[@melissaortega9896]

Awesome tips! Have your notes ready when watching this video!

[@michealsmith6621]

Thanks for this video! Great job as always and really great input to running this type of business.

[@sortymejia1364]

Great content. Thank you for sharing your knowledgeable

[@fernandodreamvacations-rentals]

Thank you

[@eccreativemedia]

Been waiting for this video!! Great job

[@jdanger89]

Great freaking video - can't wait to explore more of your content!!!

[@fernandodreamvacations-rentals]

Thank you sir

[@yanickdjembact]

Hi Fernando! Thanks for taking time to share very informative session. We wanted to find which type of PMS system would you recommend for beginners and how to create Manuel procedures for staging for staffs Thank you Yanick From Cape Town

[@fernandodreamvacations-rentals]

Hostfully is one that I recommend for beginners but there are many and a few that will allow you to use their system for free for one unit. In terms of creating a manual, that is more complicated and a question that is to long to answer on this platform. If you buy me a coffee buy going to Instagram and clicking on the buy me a coffee link I’ll send you an email with some information on how to create a manual.

[@douggeorge5045]

Can you recommend a good PMS system and the cost? Do you do any actual coaching/mentoring? We are literally thinking about starting Jan 1st in CO.

[@fernandodreamvacations-rentals]

Hostfully and hostify are two good ones and they are the least expensive. Cost will depend on how many properties you have. And yes we offer mentorship and consultation. Send me an email at [e-mail]

[@MckaylaHelms]

I am a new PMIC in SC but have 8 years in 'partial management', basically cleaning, provide linens, guest contact, organize and provide maintenance, on-the-ground (local) contact...I just got the management licence and started my management company with my first 2 accounts. I'm doing so much research and there is so much out there- my question is what is the best but most cost effective system for such a new and small company. I see growth but because of my other business I am not interested in growth so fast that our standards or quality of management suffers...thank you I hope you see this

[@BachCleaningServices]

Do you have this video laid out in a document somewhere. This content is genius but it would be helpful to have this in a bulleted format

[@fernandodreamvacations-rentals]

Thank you for the feedback. I will add it to the notes soon.

[@alancole6912]

Just subscribed, thanks for the info!! Just starting out and looking for a good PMS system. Who do you use in your business?

[@fernandodreamvacations-rentals]

Thank you for the question. I use Hostfully but the best PMS is the one that you will use to its fullest capacity. We had a much better system before that was designed specifically for us and that cost me a lot of money. The problem, it took to long to train people on how to use it. Hostfully, although not as robust, is easy to use and it takes my training staff only days to train a new property manager on how to use it verse weeks.

[@alancole6912]

Thank you very much!!@@fernandodreamvacations-rentals

[@michaelholcomb2171]

What ERP are you using to help run staff and internal systems? Not pms but more for communicating with teams, handling maintenance, etc. Thanks!

[@fernandodreamvacations-rentals]

We use oracle cloud

[@leesillemon6749]

Great information. Thanks

[@fernandodreamvacations-rentals]

Thank you

[@oksanageiler8672]

Can you share some ideas on how to keep the bookkeeping?

[@fernandodreamvacations-rentals]

Your PMS so handle that or it should integrate with your bookkeeping software.

[@twinpawer]

Hi Fernando. Great job, i just discovered your content and I love it. I operate a small property management company, and some of the properties are on a profit sharing model with the owners (commission). Do you recommend any PMS which also handles the accounting side of this profit sharing model? Or any specific software for this?

[@fernandodreamvacations-rentals]

Certainly! I will be answering this question in my Week In Review video tomorrow but here a few suggestions for Property Management Systems (PMS) that can help streamline your operations and accounting: 1. Guesty: Guesty is a comprehensive PMS that offers tools for managing bookings, listings, and accounting. It also provides profit-sharing features, allowing you to split revenue among property owners easily. 2. Hostfully: Hostfully offers property management and accounting solutions designed specifically for vacation rental managers. It includes tools for revenue distribution and reporting to simplify profit sharing. 3. OwnerRez: OwnerRez is a PMS with a focus on owner relationships. It provides features for revenue tracking and sharing, as well as customizable owner statements and reports. 4. MyVR: MyVR is a PMS designed for short-term rental owners and property managers. It includes accounting features for tracking income and expenses, as well as profit sharing tools for collaborating with property owners. 5. iGMS (formerly AirGMS): iGMS is a property management software that specializes in Airbnb and Vrbo rentals. It offers revenue tracking and distribution features, making it suitable for profit-sharing arrangements Before choosing a PMS, consider your specific needs, the number of properties you manage, and the complexity of your profit-sharing arrangements. It's also essential to ensure that the PMS integrates well with your accounting software to maintain accurate financial records.

[@twinpawer]

@@fernandodreamvacations-rentals thanks a lot, looking forward for your week in review and thanks for your reply, much appreciated.

[@HostingBham]

Hi do you offer any mentoring or coaching for running a successful property management business? Love all you consistent advice and would love to work with you!!

[@fernandodreamvacations-rentals]

Hi!!! Thank you for following my content. “Buy me a coffee” and let’s talk. www.buymeacoffee.com/fernandoatPVR

[@HostingBham]

@@fernandodreamvacations-rentals absolutely sure thing do you like hot coffee or iced lol. Talk soon!

[@haleighpresnell9345]

Thanks for the awesome tips! I took notes on everything. Which PMS do you use?

[@fernandodreamvacations-rentals]

It’s a customized system but there are a lot of general ones that are very good. I recommend that you get on some on-boarding calls with a few of them so you can see which one might suit you best.

[@glenn7721]

Could you show an example of what a guidebook looks like?

[@fernandodreamvacations-rentals]

Sorry for the delay. Google DACKinc.

[@dynamitedingo7720]

Great video, you have a new subscriber

[@fernandodreamvacations-rentals]

Thank you

[@luispaoli2531]

Great work! looking forward to these weekly videos!!

[@michaelarnold4354]

That was amazing. Thank you.

[@fernandodreamvacations-rentals]

Thank you

[@danique-instyle]

What do you use for your digital guidebook? In Airbnb they have a digital guidebook for like restaurants and sightseeing but the other information that you mentioned for how to use the dishwasher and the wash machine etc. things within the household of the property is important. So what guidebook do you use

[@fernandodreamvacations-rentals]

I use a company called DACKinc

[@danique-instyle]

@@fernandodreamvacations-rentals thank you! Gonna check them out!

[@capoeiraguy_official]

You mentioned "dynamic pricing system". How do I do that?

[@fernandodreamvacations-rentals]

There are numerous ways to do it yourself but the easiest way is by getting a pricing software, like pricelab or beyond pricing.

[@connorfog8683]

How do you recommend advertising/recommending guests buy optional insurance coverage?

[@fernandodreamvacations-rentals]

You give them the option of a refundable deposit or the insurance. Most will buy the insurance since the deposit is larger. For example our deposits range from $500-1000

[@ciaoamerica71]

Like your content, maybe upgrade your mic/audio though.

[@fernandodreamvacations-rentals]

Thanks will do

[@s.hylton6884]

Oh my goodness! WOW, this is what I've been doing all year but I created it in Excel and have it on my phone because of the Microsoft 365 app. I created it from lots of prayer, frustration, trial and error, Blinkist (thanks to Dawn), and lots of realizing a lot of things she says about house clutter and inventory applies to to-do lists too. Anyway, it works AMAZING and I thought maybe someday I'd develop it enough to share with people, but I guess the folks at "To Do List" beat me to it. Lol 😅

[@glenn7721]

I now have my credentials for running a STR management company. Now how do I find clients willing to hire me to manage their property? I have told a few people that I know and they said they would let other know but the word isn't getting to the right ears.

[@fernandodreamvacations-rentals]

Congrats! Now you have to hustle. Clients don’t just appear.

[@glenn7721]

@@fernandodreamvacations-rentals No kidding. How do I attract them?

[@fernandodreamvacations-rentals]

@@glenn7721 hire me let’s get to work!

[@wordsbykam1665]

What do you suggest ? When do you think we should start with PMs System?

[@fernandodreamvacations-rentals]

If you can afford it, I would start with a PMS from the very beginning.

[@davidruhlman2591]

Is there licensing needed to legally run a short term management company? I know long term rental property management companies typically need to have a broker's license to operate legally in their state. Do you know any states that don't require this for short term rental property management?

[@fernandodreamvacations-rentals]

There are many states that don’t require licensing.

[@davidruhlman2591]

@@fernandodreamvacations-rentals Which states are those?

[@fernandodreamvacations-rentals]

@@davidruhlman2591 Maine, Idaho, Maryland, etc. As stated there is a lot and some states have limited requirements in which short term rentals don’t fall under the property management requirements. I recommend you do a simple google search to find out what the requirements are in your area of interest.

[@davidruhlman2591]

@@fernandodreamvacations-rentals Thanks for the feedback, as you can imagine a simple google search gives 1000 conflicting answers in regards to managing long term rentals and short term rentals. Not many clear answers on the topic from google searches unfortunately.

[@fernandodreamvacations-rentals]

@@davidruhlman2591 where do you want to operate?

[@danique-instyle]

What does SOP stand for?

[@fernandodreamvacations-rentals]

Standard ordering procedures

[@wordsbykam1665]

What is your fav PMS system.?

[@fernandodreamvacations-rentals]

Hostfully is my favorite

[@everythingphae9192]

👏👏👏👏

[@danique-instyle]

What does SOP stand for?

[@fernandodreamvacations-rentals]

Standard Operating Procedure