How to Choose a Short Term Apartment Rental Agency Partner

When you're looking for a short-term apartment rental agency, it's important to do your research. There are a number of factors to consider when making your decision, and it can be difficult to cut through the noise. Here are some tips for choosing the right short-term apartment rental agency partner for your business.

There is no substitute for experience

First and foremost, you need to consider the amount of time a potential partner has been operating in the flexible stay multifamily or student housing markets. Looking at their website you should be able to see case studies or some traction and results that have been generated for clients. Notable stats, achievements, and locations in which they operate is also a pretty good clue as to how big and experienced a potential partner really is.

The Service

Next, consider the services that the short-term apartment rental agency offers. That would partially depend on what your current setup is and whether or not you would like to partially be involved in the process or you would opt in for an entirely "white glove" service in which the proptech provider takes care of everything - from onboarding and marketing your units to communication with guests, cleaning, setup as well as revenue management. Be sure to ask enough questions about the multifamily software or PMS (Property management software) setup the vendor is using to manage multifamily units. A few other good questions that come in handy are - How is the revenue management software for apartments they are using or like Staykeepers, do they have a proprietary system that they are employing.

The Management Fee

Finally, you need to take into consideration the price of the service. Management fees would range depending on the type of service you are comfortable committing to initially. Be careful and read the fine print as there are property management software providers out there that promise the world however when it comes to it, there are all kinds of hidden fees and expenses that aren't brought up in the initial conversations whilst selecting providers.

At Staykeepers, we recommend potential multifamily or student housing partners to start with a small pilot - a small number of units in a particular building to manage either on a remote basis (where the multifamily partner does some of the work) or completely hands-off service and re-evaluate the results after a couple of months.

With Staykeepers we are confident in our service, to the point where there are no commitments in terms of contract length or "lock up periods", we can show very high level of flexibility to accommodate any changes, and in the course of the pilot, and there is complete transparency in terms of both service and financial performance.

By considering all of these factors, you can narrow down your options and find the short term apartment rental agency that's right for you. Do your research and take your time to find the right partner for your business.

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