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
    • 09:54 – 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:

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

Resources Mentioned:

Credits:

Show Notes provided by Mallard Creatives