A Guide to Property Management in Whistler
Unlock the potential of your Whistler property with cutting-edge property management tailored to your needs.
In this blog, we delve into the critical aspects of choosing the right property management company, a decision pivotal to the success of your investment. Whether you’re a seasoned investor or new to the market, our guide on property management in Whistler illuminates the key factors to consider, from understanding local market dynamics to evaluating service offerings and management expertise. Our insights aim to empower you with the knowledge needed to make informed choices, ensuring your Whistler property not only thrives but also provides a rewarding return on investment.
Key Considerations Before Your Hire A Property Manager in Whistler:
- Transparency & Helpful Guides: Whether you use our services or not, we want to provide helpful resources to allow you to make an informed decision.
- Technology Importance: Emphasis on the use of modern Property Management Software (PMS) by Lifty Life, in contrast to outdated technologies used by many in Whistler.
- Homeowner Usage Flexibility: Lifty Life’s approach allows unlimited homeowner usage, unlike many companies that restrict usage to maximize rental income.
- 24/7/365 Guest Communication: Lifty Life offers round-the-clock communication, a step up from the limited hours offered by many property managers.
- Digital Guest Experience: Lifty Life provides a digital boarding pass for guests, including WiFi details and local guides, unlike outdated physical brochures.
- Dynamic Pricing Strategy: Advanced pricing methods based on various factors, moving away from static pricing models used by traditional managers.
- Marketing Expertise: Lifty Life’s unique branding and professional photography for each property, overseen by a skilled marketing team, contrast with generic marketing strategies.
- Service Offering Diversity: Lifty Life offers tiered services (White Glove, Full Service, Shared Hosting) tailored to different homeowner needs.
- Flexible Contract Terms: No rigid annual or multi-year contracts at Lifty Life, offering homeowners the ability to cancel or pause services as needed.
- Partnership Approach: Lifty Life views its relationship with homeowners as a flexible partnership, adaptable to changing business needs.
Transparent and Useful Resources to Get Started
Many property management companies often lack transparency and fail to provide adequate resources on their websites or during initial interactions. This lack of openness and information can leave homeowners feeling uncertain and uninformed, making it challenging to make decisions about property management. The scarcity of resources and guidance from these companies means homeowners must often seek information from multiple sources, which can be both time-consuming and overwhelming.
In contrast, Lifty Life prides itself on its transparent approach and commitment to providing homeowners with extensive information and resources. Recognizing the importance of informed decision-making, Lifty Life ensures that potential and existing homeowners have access to a wealth of resources, whether they ultimately choose to partner with Lifty Life or another manager. This transparency is a fundamental aspect of Lifty Life’s service ethos, aimed at building trust and confidence with homeowners.
Key resources offered by Lifty Life for FREE include:
- Revenue Estimates: Providing Airbnb unit revenue estimates in Whistler to help owners gauge potential earnings. (See our Airbnb Estimator)
- Custom Revenue Reports: Offering FREE detailed revenue reports for homeowners needing better estimates. (Request a Custom Revenue Report)
- Investment Guides: Publishing guides on their website for investors considering purchasing property in Whistler.
- Amenity Checklists: Supplying checklists to ensure properties are well-equipped and meet guest expectations. (See our checklist)
- Insurance Provider Recommendations: Offering guidance on choosing the right insurance provider for vacation rentals. (See our recommendation)
- Realtor Recommendations: Providing recommendations for realtors, assisting in the buying or selling process in Whistler. (Contact our Realtor Recommendation)
- A 10 Step Onboarding Guide: We provide easy step by step instructions on the onboarding process with a bunch of frequently asked questions. (See our 10-step guide)
These resources demonstrate Lifty Life’s commitment to supporting homeowners at every stage, from considering an investment to optimizing an existing property, ensuring they are well-equipped with the necessary information and insights.
The Technology Your Property Manager Uses Matters
One major aspect homeowners should be aware of when choosing a property management company in Whistler is the technology used by these companies. A significant number of property managers in the area rely on outdated Property Management Software (PMS), which can lead to inefficiencies in managing bookings, financials, and maintenance schedules. This older technology often lacks the capability to provide real-time updates, streamlined communication, and easy access to important data, potentially impacting the overall management efficiency and profitability of your property.
In contrast, Lifty Life differentiates itself by utilizing cutting-edge, cloud-based Property Management Software. This modern PMS not only enhances the efficiency and effectiveness of managing your property but also offers a high degree of transparency and control to homeowners. With Lifty Life’s technology, homeowners can easily access real-time booking schedules, and understand the financial performance of their property. This approach not only ensures smoother operations but also empowers homeowners with direct insights and involvement in their property’s management, marking a significant advancement over the outdated systems used by many in the industry.
Ask About Homeowner Usage
A common practice among many property management companies in Whistler is to restrict homeowner usage of their properties. This approach is often taken to maximize rental availability and income, as more available days for guests translate to potentially higher revenue. However, this restriction can be a significant drawback for property owners who wish to enjoy their own homes during peak seasons or at times of personal significance. This limitation on personal use can make homeowners feel like they’re compromising their own enjoyment for the sake of rental income, leading to a less satisfying ownership experience.
In stark contrast, Lifty Life adopts a more owner-centric approach. Recognizing that it is, indeed, your property, Lifty Life allows for unlimited owner usage. This policy is based on the understanding that homeowners should have the freedom to enjoy their property whenever they choose, as long as it doesn’t conflict with existing guest reservations. This flexibility ensures that while your property continues to generate rental income, you are not barred from accessing and enjoying your own home. If you want to rent it out 100% of the time that is perfectly fine, if you choose to use it 50% of the time that is completely fine with us.
Guest Communication Is Super Important
When it comes to vacation rentals, effective guest communication is crucial, yet many property management companies in Whistler limit their guest messaging service to standard business hours, typically from 8:00 AM to 8:00 PM. This restriction can be a significant inconvenience for guests, especially those arriving from different time zones or needing assistance outside these hours. Limited communication windows can lead to delayed responses to guest inquiries or issues, potentially impacting their overall experience and satisfaction with the property.
Contrastingly, Lifty Life recognizes the importance of being available for guests at all times and thus operates a 24/7/365 guest communication service. This around-the-clock availability ensures that guests can receive prompt assistance and support at any hour, enhancing their experience and ensuring their needs are met promptly, regardless of the time or day. This commitment to continuous communication not only elevates the guest experience but also positions Lifty Life as a provider of superior service in the Whistler property management market, demonstrating their dedication to both guest satisfaction and efficient property management.
Guest Experience Needs to Become More Digital
Travellers are becoming more and more digital in their expectations and most property managers are not keeping up. The guest experience is indeed a pivotal aspect of the vacation rental business, where even the smallest details can significantly impact the overall satisfaction of guests. In this industry, it’s not just about providing a clean and well-maintained property, but also about anticipating and addressing guest needs proactively. Many property managers in Whistler tend to rely on physical brochures or booklets placed in the property, which include information like WiFi details, fireplace operation instructions, and local recommendations. However, these physical guides often become outdated quickly, leading to inaccuracies and providing information that may no longer be relevant or helpful to guests.
Lifty Life takes a modern and more effective approach to enhancing the guest experience. Instead of traditional printed brochures, they provide guests with a digital boarding pass. This innovative tool includes not only essential details like WiFi instructions and check-in processes but also offers digital guidebooks on local activities and attractions, detailed instructions for using various amenities like the fireplace, and even personalized recommendations tailored to the size of the group and the purpose of their travel. This digital approach ensures that all information provided is current, easily accessible, and can be customized to enhance each guest’s stay. Lifty Life’s commitment to a providing a top-tier digital guest experience sets them apart from other property managers, offering a modern, convenient, and tailored experience that greatly enhances guest satisfaction.
The Pricing Strategy Plays a Big Role in Your Profitability
The approach to pricing in the property management sector has seen a significant evolution, yet many traditional property managers still rely on outdated methods. A common practice among these “old school” managers is to use static pricing models, often managed through Excel sheets. These models typically set fixed prices based on seasonality, failing to account for the dynamic nature of the rental market. This static approach can lead to missed opportunities for maximizing rental income, as it doesn’t adjust prices in response to real-time market demand, special events, or other influencing factors.
In stark contrast, Lifty Life employs a sophisticated dynamic pricing strategy that adapts to various factors such as demand fluctuations, day of the week, seasonal changes, pet accommodations, guest numbers, and the booking platform used. This approach is akin to the complex algorithms used in airline pricing, where rates are continually adjusted to optimize occupancy and revenue every minute of everyday. Furthermore, Lifty Life’s pricing strategy is significantly enhanced by the expertise of CEO Connor Griffiths, who brings a wealth of experience in pricing and revenue management from overseeing tens of thousands of hotel listings globally – many of which were in Whistler. This combination of advanced automated systems and expert manual oversight ensures that Lifty Life’s properties are priced optimally, maximizing revenue potential for homeowners. This modern, data-driven approach to pricing is a clear departure from the traditional methods and represents a significant advantage for those partnering with Lifty Life.
For those interested, we also offer a revenue management service. This allows Airbnb Hosts to tap into our revenue management strategies without having to hire us as the property manager.
Most Property Managers Don’t Understand Marketing
The marketing approach of many property management companies often lacks the necessary expertise and creativity to effectively showcase and market individual properties. These companies tend to view properties generically, categorizing them based on basic attributes like size and location (e.g., “just a 1 bedroom 1 bathroom condo”). This commodity-based perspective fails to capture the unique characteristics and appeal of each property, leading to a less effective marketing strategy that might not attract the ideal guests or achieve the best possible rental income.
Lifty Life, however, adopts a distinctly different approach. Understanding that every property is unique and has its own story, they focus on crafting a unique brand for each property under their management. This process involves hiring professional photographers to capture the essence of the property, highlighting its unique features and character, and showcasing it as the special space that it is. This attention to detail in presenting each property sets Lifty Life apart in the vacation rental industry.
Furthermore, Lifty Life’s marketing efforts are bolstered by the expertise of their Chief Marketing Officer, Keiran Griffiths, who leads a 15-person boutique marketing agency. Widely recognized as one of the best SEO agencies in Canada. This agency’s understanding of how to effectively market and advertise properties ensures that Lifty Life’s listings attract the right guests at the right price. Their strategic planning and innovative marketing techniques allow them to effectively promote properties that other managers might overlook or undervalue, such as a “simple condo in Creekside.”
Almost All Property Managers Have One Service Offering – Take it or leave it.
The property management landscape in Whistler is often characterized by a rigid, one-size-fits-all approach to pricing and service provision. Many property management companies adhere to a standard model, offering a uniform level of service to all homeowners regardless of their individual needs or the unique characteristics of their properties. This inflexible approach can be a significant limitation for homeowners who have varying expectations and requirements for their properties.
Lifty Life, however, acknowledges and embraces the diversity of properties and homeowner preferences. Understanding that each property and owner is unique, they offer a range of service levels to cater to different needs and expectations:
- White Glove Service (35% commission): This is the premium, hands-off service for homeowners. Lifty Life manages everything from cleaning and guest communication to enhancing the overall guest experience. They go above and beyond to ensure guests have an exceptional stay, making this option ideal for homeowners who prefer a completely worry-free approach.
- Full Service (25% commission): This is Lifty Life’s most popular service level, offering comprehensive management including cleaning, communication, and a digital guest experience. It is designed for homeowners who want a high level of service but at a more economical rate compared to the White Glove service.
- Shared Hosting Service (20% commission): Tailored for homeowners who wish to maintain some level of involvement, this option is perfect for those who prefer to handle certain aspects like cleaning or day-to-day operations themselves. It offers a flexible arrangement that allows homeowners to be as involved as they choose while we still manage the guest communication and the 3:00am phone calls.
- Revenue Management Service (5% commission): Our newest service offering is tailored for Airbnb hosts that are interested in having us manage their pricing. Ask yourself; “can a pricing expert do 5% better than me?” if yes, then our service is essentially free
This tiered service structure allows Lifty Life to meet the specific needs and preferences of different homeowners, ensuring that each property is managed in a way that aligns with the owner’s expectations and the property’s unique characteristics. This flexible and tailored approach sets Lifty Life apart in the Whistler property management market, offering personalized solutions rather than a one-size-fits-all model.
Don’t Sign An Annual Contract or Multi-Year Agreement
The contract terms offered by many property management companies in Whistler tend to be quite restrictive, often locking homeowners into year-long or multi-year agreements. These contracts can be inflexible and difficult to exit without incurring penalties or cancellation fees. This approach, while providing stability for the management company, can be constraining for homeowners who might need to adapt their strategies or change management services based on evolving circumstances.
Lifty Life adopts a markedly different philosophy in its contractual agreements with homeowners. They perceive the relationship with homeowners as a partnership, one that is based on mutual benefit and flexibility. Understanding that situations can change, Lifty Life allows homeowners to cancel, pause, or put their service on hold at any time. The only requirement is that they responsibly wrap up existing reservations to avoid inconveniencing guests. This approach eliminates the burden of cancellation fees and the rigidity of locked-in contracts, offering a simple agreement that continues as long as it serves the interests of both parties.
This flexible approach aligns with the dynamic nature of business relationships, acknowledging that adaptability and responsiveness to change are crucial. By eschewing rigid contracts, Lifty Life fosters a more cooperative and trusting relationship with homeowners, providing them with the freedom and flexibility to make decisions that are best for their properties and personal circumstances. This business model reflects a modern, homeowner-centric approach to property management, prioritizing adaptability and mutual satisfaction over stringent contractual obligations.
