Industry Insights

Creative Risk-Minimizing Solutions Every Property Management Company Needs

October 01, 2020 |
Creative Risk-Minimizing Solutions Every Property Management Company Needs

This is a guest post by the Marketing Team at booking protection platform SUPERHOG

There is no doubt short-term rental hosts are putting more of a focus on the cleanliness of their properties, considering guests’ heightened sensitivity over health and safety due to COVID-19. The risk of the virus, coupled with others typically associated with rentals (such as parties being thrown) have caused some skepticism in regards to the ecosystem as a whole.  

So, how can property management companies minimize risk when hosting guests in the COVID-19 era?

Invest In Top-Notch Insurance

For a lot of people, their property is their most valuable asset. It’s therefore crucial that property management companies find the best insurance solutions for their clients and themselves.  

There are plenty of options out there, so make sure you shop around for the best one that suits your business needs. No matter how many positive guest experiences you’ve had, a pricey claim caused by one rowdy visitor will quickly have you wondering why you didn’t properly research all options available to you. 

Incorporate Keyless Entry Systems

Amid concerns over human interaction, keyless entry technology can greatly minimize risk of exposure between guests and hosts by eliminating the need for any face-to-face meetings via a traditional key drop. 

In addition, digital keyless entry systems work by generating an access code prior to check-in that is unique for each reservation. This means that property managers have peace of mind knowing exactly who is in their home at all times, and they don’t have to worry about guests losing the keys or making a copy to give to others. By automatically changing the code after each reservation, property managers will reduce the risk of guests staying past their allotted dates or returning to potentially steal from the property.

Know Who You’re Renting To & Don’t Be Afraid To Take A Security Deposit

When using an online booking platform, make sure that the guests you choose to host have a complete profile. No reviews and no profile photos should raise some alarm bells. 

Luckily there are solutions to this industry-wide problem, such as the ones SUPERHOG has created, including guest screening and risk evaluation to prevent parties, fraud, chargebacks, crime and potential damage. 

And although taking a deposit can deter potential guests, as a property manager, you’ll have extra security that will help in the long run if you do spot any signs of damage after a stay.

Understand Administration Risk

If you’re managing multiple properties, then it’s key that you have an effective system in place to keep track of the important information and documents associated with each listing, from those detailing any maintenance that has been done, claims that are being processed and payment deadlines that might be missed. 

There are plenty of options out there, so shop around for the one you find the easiest to use. 

Be Clear About House Rules

As a property management company, you should actively encourage all of your hosts to provide you with a clear and concise set of house rules, including those about pets and parties. 

In addition, make sure that if a property has old or outdated appliances that thorough instructions are given to guests. A fire caused by not turning off an oven properly is costly and frustrating, especially when it could have been easily avoided in the first place.

In addition, property management companies can use noise sensors to monitor noise levels and shut down a party before it gets out of hand.

Set Up Security Cameras

Fitting properties with security cameras externally is another easy way that property management companies can mitigate potential damage. Before installing anything, make sure that you check local regulations about security cameras, and you must inform guests that the property has them.

Take The Steps To Minimize Your Risk 

From potential property damage, fraudulent charges, unruly guests, and now COVID-19, property management companies must take the necessary steps to minimize risk when hosting guests, and luckily there are a myriad of technology solutions that can help. 

 SUPERHOG provides property management companies with tools to verify and authenticate guests across all booking platforms, accept bookings faster and protect against accidents and damage. 

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