Comparent’s 2024 Summer Market Leader Awards for Property Management Companies
Key Takeaways for Property Managers:
- Comparent has introduced its 2024 Summer Market Leader Awards to recognize the top 1% of vacation rental management companies in the U.S.
- This inaugural award acknowledges the dedication, innovation, and service excellence demonstrated by fewer than 50 property management companies out of over 5,000 across the country.
- Companies need to meet specific foundational qualifiers to earn recognition in the Comparent 2024 Summer Market Leader Awards. These include a comprehensive profile outlining their services, market presence, and unique offerings.
- Companies must maintain at least a 4.0-star rating on two or more major platforms like Airbnb or Vrbo, along with a minimum of five homeowner reviews.
- Transparency in performance data is also an important qualifier. Companies are expected to openly share key metrics such as occupancy rates and daily rates, reflecting their commitment to data-driven management.
- Plus, companies need to manage at least 10 properties in a specific market to show they have a strong local presence and the ability to operate effectively.
- The completely methodology outlined by Comparent can be viewed here.
About Comparent:
Comparent is a directory that helps vacation rental homeowners search for and compare vetted property management companies in their local markets. It collects performance data and reviews of these property management companies, enabling homeowners to make more informed decisions when choosing a property management company for their rentals.
Snigdha’s View:
- Comparent is the brainchild of D. Brooke Pfautz, who also founded Vintory, a platform that helps vacation rental managers grow their property portfolios.
- Comparent recognized 40 standout companies in its 2024 Summer Market Leader Awards, with the top 3 being Myrtle Beach Destination, Juniper Holiday + Homes, and Luxury Rentals of Hilton Head. These companies have all achieved perfect 5-star ratings from property owners, reflecting their excellence in management and service.
- In addition to high owner satisfaction, guest ratings for these top companies are also impressive, ranging from 4.93 to 4.87.
- Comparent’s scoring system, which considers both guest and owner feedback, has placed these companies at the top of the list, with scores ranging from 99.40 to 98.70.
- Such a ranking system can be incredibly beneficial for both property managers and property owners. For property managers, being recognized in these awards can enhance their reputation, making them more attractive to potential clients and giving them a competitive edge in the market. It also provides them with valuable feedback from both guests and property owners, while homeowners get to choose the best property management companies.
- In a recent LinkedIn post, Brooke Pfautz reassured companies that didn’t win this quarter’s award by encouraging them to prepare for the upcoming Fall Awards. This is a great reminder for property management companies to stay proactive as they have a fresh chance later this year to showcase their excellence.
Hospitable’s Latest Tools To Empower Self-Managers
Key Takeaways for Property Managers:
- Hospitable, a platform focused on vacation rental management, has introduced a series of new features to help self-managers improve their operations and scale their businesses.
- These features are intended to support self-managers in transitioning to managing properties for others. This follows the recent launch of Hospitable Connect, a tool that allows smaller hosts and managers to access advanced tech tools without the need for a full PMS integration.
- Hospitable has rolled out these new features with their ‘Mogul’ plan, designed to give self-managers access to tools usually used by the bigger players in property management.
- The new ‘Mogul’ plan gives independent property managers access to advanced tools, enabling them to compete with larger companies without needing extensive experience or a big team.
- Features include automated reports, better guest screening, customizable rental agreements, and flexible payment options, all designed to simplify property management and enhance professionalism.
About Hospitable:
Hospitable is a tool that simplifies short-term rental management by automating tasks like guest communication, scheduling, and managing listings on platforms such as Airbnb, Booking.com, and Vrbo.
It claims to handle up to 90% of guest interactions, including responding to inquiries and posting reviews. Hospitable offers features for creating direct booking websites and integrates with Google Vacation Rentals for more booking opportunities.
Snigdha’s View:
- For self-managers without much experience, juggling all the tasks involved in running short-term rentals can be challenging. They often struggle with tasks such as keeping up with guest communications, handling bookings, and ensuring everything is for each stay. Managing finances, including tracking payments and expenses, can also be complex. Also, legal responsibilities, such as creating rental agreements, can feel overwhelming.
- On the other hand, large-scale property managers have teams, the right tools, and years of experience to handle the complexities of running multiple rentals, something that can be challenging for individual self-managers to achieve.
- Hospitable already offers the ‘Host’ and ‘Professional’ plans, but the ‘Mogul’ plan introduces a few additional features. These include direct integration with accounting software, the ability to manage owner reports within the platform, and full control over your branding on your website and emails.
- These features are exclusive to the ‘Mogul’ plan, which is priced at $99 per month. Like the other plans, the ‘Mogul’ plan also offers a 14-day free trial, no setup fees, no annual contract, and the option to cancel anytime if it doesn’t meet your needs.
Sonder Joins Marriott in Effort to Reinvigorate Its Business
Key Takeaways for Property Managers:
- Sonder, known for its design-focused accommodations, has announced a partnership with Marriott International.
- By the end of 2024, over 9,000 Sonder units are expected to join Marriott’s portfolio under a new collection called “Sonder by Marriott Bonvoy,” with an additional 1,500 units anticipated to be added later.
- This partnership looks like a step for Sonder to expand into the long-term accommodation market, catering to guests looking for extended stays.
- Through this collaboration, Sonder’s properties will be integrated with Marriott’s booking platforms, such as Marriott.com and the Marriott Bonvoy mobile app.
- Sonder’s properties will be included in Marriott’s global sales network and the Marriott Bonvoy travel program, which has over 210 million members. While full digital integration is planned for 2025, they aim to have guests booking Sonder stays through Marriott’s channels by the end of 2024.
- Once everything is in place with Marriott, Sonder anticipates a potential boost in revenue. Marriott’s global reach and marketing capabilities are expected to drive more bookings for Sonder’s properties, potentially increasing their revenue per available room (RevPAR).
- This partnership could help Sonder improve its financial performance and strengthen its position in the competitive hospitality market, especially given Marriott International’s significant presence.
About Sonder:
Sonder is a global brand that offers premium apartments and boutique hotels designed for modern travelers. They provide design-focused accommodations with tech-enabled services, all accessible through their app. Sonder properties are located in over 40 markets across ten countries and three continents.
About Marriott International:
Marriott International is a global hotel company with a diverse range of brands, spanning from luxury properties to more budget-friendly options. With over 30 brands and nearly 8,900 properties in 141 countries, Marriott caters to the varying needs of travelers around the world.
Snigdha’s View:
- Sonder has been navigating a challenging period, prompting its leadership to make tough but necessary decisions to stabilize the company.
- It faced a major decline in its stock value in 2023, with over 80% of its shares losing value during the year.
- In response to financial difficulties, the company underwent a challenging restructuring, leading to layoffs in both corporate and frontline roles.
- Their recent partnership with Marriott appears to be a strategic move aimed at turning things around and positioning the company more securely in the market. Given the current circumstances, it’s clear that every move counts as they work to regain their footing.
- Recently, Sonder secured a $14.7 million investment from a group of investors and their existing lenders, with an additional $28.6 million pledged, contingent upon completing overdue SEC paperwork and meeting other standard conditions.
- Sonder operates differently from a typical vacation rental company. Instead of dealing with individual property owners, they work directly with real estate operators, which influences how they manage their operations.
- With their integration into the Marriott Bonvoy network, Sonder may be able to tap into a broader audience, particularly those interested in long-term city stays. While this could be a smart move to help them stabilize and grow, the full impact remains to be seen.
- Joining Marriott’s Bonvoy network, which already includes Homes & Villas by Marriott Bonvoy, allows Marriott’s portfolio to balance urban stays with luxury vacation homes.
- For Sonder, this partnership could be crucial in their efforts to strengthen their financial position and improve operations.
