174. Find out why Virtual management is the future of property management

Mar 14, 2023

Discover the revolutionary shift towards virtual management in the real estate sector. Learn how technology enhances efficiency and boosts investment returns. Hear cautionary tales from property owners who mismanage their rentals. Explore practical tips for mastering property management and the importance of building strong relationships. Plus, get insights on maximizing income while minimizing expenses with expert guidance.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

ANECDOTE

Tim’s Virtual Management Experience

Tim Hubbard successfully manages his short-term rentals from thousands of miles away in South America.
This illustrates that effective property management can be done virtually regardless of location.

INSIGHT

Tech Enables Massive Management

Technology and software now enable management of massive real estate portfolios.
Companies like Blackstone rely heavily on these tools to manage nearly $600 billion in properties.

ADVICE

Virtual Management Saves Costs

Consider virtual management to save costs and reduce complexity of managing a short-term rental.
Virtual management lets you leverage expert teams remotely without hiring your own full staff.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

An exciting thing is happening in the real estate industry; the technology sector has finally entered and embraced this age-old industry.

Today we have improved processes and efficiencies across the board and, for many, higher investment returns. Companies like Blackstone for example, have acquired nearly $600 billion in real estate world wide. That just wasn't possible to manage in the recent past. This week I will be discussing why I beleive virtual management is the future of all property management.

I've been scaling slowly but have certainly learned a lot over the years. After managing over 25,000 guests with my team and I don’t want you to make the same mistakes I’ve made. It’s important to always remember there are two sides to every story. So from the less exciting side, today’s story reads… “Short term rental owner fails to manage his property professionally, or hire the right manager, and now has another job has to go back to his day-job because his expenses have exceeded income”

So what do you do? Option #1: You can catch all the latest youtube videos, blogs, and podcast episodes pulling out every tip and trick you’ve learned. This works for a lot of us (and recommended if you have the time) but a lot of us don’t have the time. Option #2: Explore virtual management options where you can use the expertise of established companies (or co-hosts) to manage your properties professionally and many times at a discounted rate compared to traditional STR managers.

Option #3: You turn to your local property manager knowing they have a firm grasp on the local market but the 25% commission digs even deeper into your pocketbook.

Whatever way we go we need to be careful with who we entrust to help us with our properties and if we are managing them ourselves we need to make sure we don’t skip any steps–the same steps professionals dedicate their careers to staying on top of. My pick? Option #2. Let’s talk about what exactly virtual management is, why I think it’s the future for most STR owners, and what you need to know if you are interested in having your property virtually managed (or are planning on doing it for someone else). Stay tuned as I break down for you:

Why Virtual management is the future
Virtual management Vs. Traditional Property Management
Why choosing the right partner can make or break your rental performance
Are the big box management companies, like Evolve, right for you?
How much does virtual management cost
Are you interested in managing other people's properties?
What the onboarding process looks like (listener Q&A)

If you are interested in partnering with me and my company “Midtown Stays” you can find out more info here and I will personally reach out to you via zoom to find out more and chat. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)

You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!