A New Way to Manage Short-term Rentals in Virginia Beach
Updated: Aug 31, 2022
Thinking of self-managing your short-term rental to maximize your profits, but don’t want the burden of being on call or available on site 24/7? Here’s why Koti may be the perfect rental management solution for you.
Operating a short-term rental property is a great way to make a passive income. But the industry’s evolving. It used to be common practice to let a big traditional property management company handle everything from securing bookings to choosing maintenance contractors to cleaning the vacation rental - now owners are increasingly wanting to control some of the management functions themselves.
As the price of full-time property management in Virginia Beach and other cities rises, owners are increasingly using third-party booking tools to begin self-managing their rentals. But this may also mean they take on the burden of maintaining the short-term rental property and responding to all guest questions and emergencies themselves.
Is there another way? Why yes, there is!
A Different Kind of Property Management Solution in Virginia Beach
So how can you maximize your short-term rental profits without turning your passive income into another full-time responsibility? Enter Koti: an alternative solution for property management in Hampton Roads.
Our new sister company, Koti, offers a hybrid solution so property owners like you can self-manage vacation rental properties from anywhere in the world while maintaining a critical on-site presence. Instead of giving up a cut of each hard-earned rent to a traditional property management company (in addition to their heavy start-up fees), you can run your business and only pay for the services you need. Koti’s flat-rate subscription service includes a 24/7 guest phone line, on-site emergency response, maintenance contractor coordination, and making sure your property stays compliant with local regulations.
You can crest the mountains of Colorado or kick back on the shores of Fiji with full confidence that you have local experts back in Virginia Beach able to represent you on-site whenever needed. Here are a few reasons short-term rental owners are choosing Koti:
Pocket More Short-Term Rental Revenue
In the past, property owners who didn’t have the flexibility to respond to an on-site emergency day or night had to leave the management of their property in the hands of increasingly expensive rental management companies. These companies usually take over the marketing, booking, guest support, and property oversight duties completely.
However, comprehensive professional property management comes at a price. Traditional property management companies in Virginia Beach and elsewhere charge commission on the rents collected - typically 15-20% of each booking - on top of other fees such as marketing and onboarding fees, as well as additional charges for maintenance and repairs.
Just because you own a short-term rental property in a prime real estate location like Virginia Beach or Norfolk doesn’t mean you have to sacrifice a huge percentage of your rental income to a property management company. Koti allows you to choose a low monthly flat-fee plan for only the on-site services you need, meaning you control the income you make and aren’t spending money on services you can do yourself.
Live Your Life Without Jeopardizing Guest Satisfaction
Another big consideration while managing a short-term rental: making sure your guests are satisfied. Companies in Virginia Beach managing multiple rental homes may or may not have time to respond in a pleasant or timely manner. As a self-manager, you can give guests your personal cell phone number for when they have questions and emergencies - but of course, that can have its drawbacks.
If you’re shouldering all the on-site management yourself, be prepared to scramble for a nighttime plumber when a guest calls you at 3am about a leak. If your HVAC guy is all booked up for two days, it’s up to you to pacify a renter who is -quite literally - hot around the collar in Sandbridge while you track down someone who can help. And if you want to live out of state or even go on a long vacation, will you really be able to handle an emergency quickly and efficiently?
With an alternative short-term rental management solution like Koti, you can handle your property bookings from anywhere while also providing your guests with access to a 24/7 support line (that you don’t have to answer) as well as on-site response as needed. Koti is the local touchpoint your renters need to have a great experience - for a fraction of the cost of traditional property management.
Maximize Your Short-Term Rental Occupancy (and Profit!)
If you are relying on a full-service manager in Virginia Beach or Norfolk to market your rental and secure your bookings, you may not be maximizing your property’s potential. With increasing competition from third-party booking sites and other rental software, it’s getting more difficult for larger management companies to give each potential guest individualized attention.
As a self-manager, you can give your business the marketing attention it deserves. There are so many great solutions out there today to help you manage your own short-term rental listings that you may be able to do so more effectively than a big property management company. You can optimize your rates, tweak your listings, and make sure inquiries get a fast response. That personal customer service can make a huge difference to travelers looking to book, giving your touch an edge over an impersonal company.
(Another consideration: a great booking experience where guests connect with you gives them confidence in their choice and increases the chance they’ll leave you a glowing review!)
Protect Your Biggest Asset
Self-managing your property also gives you control over how repairs and maintenance are handled at your vacation rental. You can make sure the third-party contractors you trust most are the ones responding to emergency maintenance issues and handling your precious investment. You can clean it how you want, do all the inspections you want, and keep your eyes on your asset.
Because Koti is a hybrid solution to support self-managing rental owners, you can choose who and how maintenance is handled. In addition to offering on-site emergency response, Koti will coordinate maintenance and repair jobs with the contractors you assign to your property at no extra cost. You can add move-in and move-out inspections or general cleaning coordination services to your package, or you can keep handling those on your own.
Want to try out Koti’s on-site property management services to see how they save you time and money? Get a free one-month trial!
The Bottom Line
Koti is changing the game for rental property owners in Hampton Roads. By giving you the freedom to self-manage your vacation rental and providing on-site and on-call services, you’ll be able to maximize your return from anywhere, knowing your investment is in great hands.
If you own a short-term rental property in Virginia Beach or Norfolk and are looking for a different management solution, explore what Koti has to offer.