Great homeowners are the foundation of every vacation rental management business, and each year, attracting them becomes more of a challenge. As OTAs increasingly offer many benefits of a property manager, the task of owner acquisition grows harder every year. 

The common question “What can you do that I can’t do myself on Airbnb, HomeAway, or VRBO?” is becoming tougher to answer because there are so many options for homeowners to manage their own rentals—even from a distance. 

So, unless an owner is firmly committed to this path, managers need to become creative in convincing owners that choosing a property manager is the best decision for their rental business.  

The first step is to appreciate that this is not a one-size-fits-all process. Owners have different goals, needs, motivations, and levels of interest/involvement. A simple web page with a list of features, an information sheet, and a single follow-up call might have been enough to capture a new owner in the past, but now we need a comprehensive strategy that considers a multitude of personas and how to reach them. 

Owners come to a rental agency via a couple of paths. Some are completely new to rental and need guidance and education on the process. They aren’t confident enough to carve their own way as an RBO, although that may be a goal for them.

Others may have been managing their own rentals for a while and are ready for a third party to cut the stress and time-eating aspects of the business. They have experience with the operational side of the business and want to hand it over to someone else to manage. 

A third group is the investors/owners who have thoroughly researched the market to look for the best location to purchase. They know what they want to achieve in terms of income and are looking to a property manager to bring that in. 

Identifying different types of owners and uncovering their pain points and creating persona-based strategies for acquiring them will help property managers define the types of information they need to develop and how to approach each one individually. 

These examples are some of the types of owner personas a management company might deal with, the relationships that work with them, and some ideas of the free information that would appeal to them. Different locations and regions tend to attract more of one type than another, so for those entering the business, it’s worthwhile to spend a good amount of time on research.  

 

Absent Investor/Owner  

Jeff is a millennial investor who has been attracted to short-term property rentals through seminars he’s attended. He knows there is significant growth potential in the market through what he has heard about Airbnb, and he has researched locations thoroughly. He wants to be completely hands off with the operational side of property management, but he’s interested in traffic to the listing, conversion rates, channels that are in use, and cash-flow forecasting. His goals are to buy additional properties and to build up a portfolio of units that rent consistently well, so he is interested in regular performance reports. 

The relationship with Jeff is businesslike. He understands terms such as cash flow and dynamic pricing, and he wants frequent reports that show how his place is doing, where it is being advertised, and how seasonal rate changes impact his cash flow. 

What Jeff Wants from a PM Company 

Jeff wants efficiency, regular communication with an account executive, and updates on the performance of his properties. Although he’s hands off with the operational side of the business and doesn’t deal directly with his guests, he pays close attention to reviews and feedback.  

The most effective lead magnets in attracting this persona would be 

• Financial forecasting tools
• A Guide to Preparing a Home for the Millennial Market

 

Owner/User Family Home  

Bill and Sheila inherited their vacation home and want it to remain in the family for future generations to enjoy. They see rental as a way to keep the home while allowing them to use it for family vacations once or twice a year. Because they’ve known the home for decades and their kids were brought up vacationing there, they value some of the traditional aspects that may not be desirable to their guest demographic. They know little about the rental market beyond what they’ve heard from neighbors, and although they know some updating is necessary, they are reluctant to make too many changes. Their primary concern is that guests will look after the property and not use it for parties and teen get-togethers. 

The relationship with Bill and Sheila is nurturing. They want to feel confident that their home is being cared for and that guests respect it. It’s also important that they appreciate the changing nature of the guest demographic to help them understand the hospitality perspective of today’s rental industry.  

What Bill and Sheila Want from a PM Company 

Bill and Sheila need help building confidence that this is a good step for them, and they need to learn about their role as owners in the travel industry. They value a personal connection with an owner liaison/account manager who can explain in detail what they will need to do.  

The most effective lead magnets in attracting this persona would be 

• A Guide to the Top 10 Features Families Look for in a Vacation Home
• What to Expect When Renting Your Home (video series). 

 

Involved, On-Target Owners 

Joe and Mike have experienced many vacation homes around the world, and they want to buy their own. They may want to retire there eventually, but they see the home as an income generator in the meantime. They are busy with their own business, so they want an agent to manage marketing and reservations. But they want to be involved in the management of the property, including changeovers and maintenance. If the property is vacant at any time, they might want to use it, but their primary goal is for the property to pay for itself. They want to learn everything about the business and are open to all ideas for maximizing income.  

What Joe and Mike Want from a PM Company 

The relationship with Joe and Mike is more of a partnership given their desire to be involved in the operation of the rental. They want to share their ideas and get feedback on any improvements they make.  

The most effective lead magnets in attracting this persona would be 

• How to Create a WOW Response and Get 5-Star Reviews
• Checklist for Creating a Gourmet Kitchen for Your Guests

While creating these positive personas can help in a quest for great owners, it’s also a sound idea to look for the negative aspects that act as red flags. The potential of a successful property can be held back by an owner who is not fully invested in hospitality, has little concept of the cost of doing business, focuses on minor damage, or has listed with different agencies in the past. Here’s an example. 

 

The RAM Owner 

Gary has registered with several local agencies in the past and can list all the reasons he was unhappy with each one. He’s had some incidents of overcrowding, so he installed a security camera on the front door so he can check on arrivals and is very detailed in how often and how diligently he examines the footage. He’s looking for a property manager who takes a significant security deposit because, in his recent experience, his claims have not been fully met. He employs his own cleaning team, who report to him every week with their opinions on each rental group and whether they were suitable for the property. 

The best recommendation for this type of owner is to run a mile. 

Joking aside, this business is not for everyone, and some homeowners are looking for income without bearing the responsibility that comes with it. Understanding the different personas allows us to select the ones who are motivated to succeed and will work with their property manager in a relationship-based way. 

 

About Heather Bayer

Heather Bayer is co-founder of The Vacation Rental Formula and host of the Vacation Rental Success podcast. She is also CEO of CottageLINK Rental Management, a property management company based in Ontario, Canada. She will be speaking at the VRMA National Conference in Orlando and at VRSS18 in San Antonio in May.