Skip to main content

We've been successfully managing our own 5 properties for several years and have decided to expand into full service property management for other owners. 

As we prepare to take on our first couple managed properties, we're working through the logistics of setting up the best systems/structure from day one. 

I assume some of you have made this transition or are seasoned property managers, so any insights, experiences, or "wish I had known that earlier" advice would be very appreciated.

 

Here are some specific general questions we’ve been pondering:

  • Should we maintain our existing Airbnb/Vrbo accounts and simply update the business entity on the account to our new LLC for management, or should we create separate accounts for managed properties for other owners?
  • If we decide to use our existing accounts, are there any implications of continuing to use our personal name on the hosting account as opposed to our brand name?
  • What's the optimal way to update existing platform accounts from one LLC to another without disrupting operations?
  • What should we typically expect to receive from the previous management company during the transition to our management? (For example, how any existing bookings for upcoming months are handled, or should be handled)
  • Do most property managers use separate bank accounts for each property, or is there a more efficient approach for managing multiple properties funds?
  • Any recommendations for banking/accounting structures that work optimally for property management

Hey Arthur, love that you’re taking on the expansion.

Thought this article did a good job rounding out some of the input I’ve gathered on this front, which doesn’t address all of your questions, but it does address some of the money ones. 
 

In my own front, I have some questions about how you’re managing the logistics of turns across your properties, while ensuring 5-star quality. As a five 5-star super host (nearing 200 reviews) I struggle to scale past my one property. In talking to other hosts, I’ve noticed this same issue.  I’m working on streamlining a potential solution and would greatly value your input if you’d be open to a quick zoom call (helps me capture notes) to discuss your experience on this front. 


Hi ​@arthur congratulations on expanding your business! We have a ton of resources on our website to help you navigate the accounting aspects of managing short-term rental properties. Specifically, I’d invite you to check out this article on trust accounting as well as our free trust accounting course for property managers! 

 

Also, have you read “Vacation Rental Secrets” by D. Brooke Pfautz? He compiled advice from dozens of property managers to come up with the top 10 mistakes. It’s a quick read and might provide the valuable wisdom you’re looking for!

 

Best of luck.


Hey ​@arthur, check this past convo too, might be useful: