Interview w/ George You: Rental Property Management

Source: http://blog.revestor.com/2016/10/20/interview-w-george-you-rental-property-management/

In this episode, Bill talks to George You, owner of several successful property management companies that have offerings in both the short-term and long-term markets across several areas including Big Bear, Mission Beach, and Cabo San Lucas. Listen as George shares his strategy for keeping both investors and customers happy, and how he has mastered the art of spotting properties ripe with potential.

 

Time Stamped Show Notes:

00:09 – Bill introduces George
00:53 – Bill and George met in the Entrepreneur’s Organization
01:13 – George’s vacation rentals are in Big Bear, Mission Beach, and Cabo
01:20 – George works a lot with investors

01:30 – “We make sure we can get the income they’re expecting on their properties”

01:42 – Most of George’s long-term rental properties are in San Diego

01:49 – They have 40-50 long-term rental properties and 80 short-term properties

02:19 – George charges a management fee of 5-10% depending on the number of units on the long-term rental side
03:05 – The advantage of having a property management company for a long-term rental property

03:15 – No hassle
03:25 – Be able to look at market rents constantly

03:50 – Short-term rental property management fee ranges from 20-30%
04:33 – 3 phases to get a good review from guests

04:35 – Booking stage, arrival stage, and post-booking stage
04:42 – George automates everything so guests can have a pleasant stay
04:57 – George started an amenity program

05:13 – Guests can enjoy one free amenity per guest per stay

06:00 – Booking online is through their software or different channel partners

06:15 – 50% of the guests book online and 50% still call to book

06:30 – What would you say to an investor who thinks that the charge is too much for them?

06:43 – Most investors don’t have a software where they can push a property out to all channel partners

08:12 – Investors can actually save money by going through a property management company
09:26 – George’s software recommendations for those who want to manage their own property

09:28 – MyVR.com, Guesty, Lodgify and Streamline VRS

09:54 – For investors to be successful in short-term rentals, the biggest thing is to research and talk to people who have been in the field
10:43 – How to find the best ROI

10:54 – Find a property that has the potential to stand-out from the usual
11:54 – “The more occupancy, the higher rents you can get”

12:26 – George has designers that can recommend for furnishings or be available for design consultation
12:48 – Coordinate the colors of furnishing to enhance the ambiance of the place
14:15 – Short-term versus long-term?—it depends on the property
14:36 – In Mission Beach, George has 80 vacation rentals, 60 in Big Bear, and about 100 in Cabo
15:02 – George will accept properties close to Mission Beach

15:20 – Charge is 20% on short-term rentals

15:37 – Team size
15:50 – Get in touch with George through his email
16:03 – “We offer investors customized proforma and guarantee what we’ll be able to do for them”
16:27 – Revestor.com is a pre-due diligence tool for users to run the numbers and kick the tires
16:47 – How do you handle a bad review?

16:53 – Handle it publicly. Respond and be real
17:10 – Handle it directly with the person. Reach out and ask what you can do next time to help take care of them

18:10 – “Do your research, talk to the professionals and learn the business”

3 Key Points:

Over correct the problem and take care of the people.
Figure out a way where you can add value to the property.
Never discount your price; just add value and bonuses.

Resources Mentioned:

myvr.com, Guesty, Lodgify and Streamline VRS – Vacation rental softwares
GeorgeYou@gmail.com – George’s email address
com – Bill’s website where you can find short-term and long-term rental rate of properties

Credits:

Show Notes provided by Mallard Creatives

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