The Golden Ratio of Property Management

Why You’re Spending Too Much Time on Your Properties

There’s a simple formula in maths and art called the ‘Golden Ratio’, a famous mathematical and design phenomenon that leads to pleasing, harmonious proportions. De Divina Proportione has been said to have inspired buildings such as the parthenon in Athens to works of art such as Salvador Dali’s The Sacrament of the Last Supper.

To define it: In mathematics, two quantities are in the golden ratio if their ratio is the same as the ratio of their sum to the larger of the two quantities.

So, what if you could use a rule to know how to design and structure your work as a property manager?

It may sound bizarre but there is a simple and clear rule to use when budgeting your property management time. The ‘Golden Ratio’ between properties and guests.

The Sacrament of the Last Supper

Think back to when you first started in the industry. How much time and care did you put into your property and your photos before your first listing? Could you imagine spending that level of care and attention on your property now?

As your business grows, the time and attention you spend on your properties is naturally curtailed. Your commodity is not your properties, but the experience your guests have in your property. Despite this, most property managers are still devoting too much of their attention on their properties, and not their guests.

Finding the perfect balance between your properties and your guests is difficult, so we’ve come up with a ratio to help you find the optimum way to manage your time between your properties and your guests.

Golden Ratio, Golden Proportion. Eps 10 vector illustration

Our golden ratio is pleasantly simple: Spend twice as long on your guests as you do on your properties. That’s it.

The first step is understanding that your guests are the true valuable asset of your business, not the bricks and mortar of your properties. Your properties are static and manageable whereas your guests are unpredictable and require your attention at various stages of the trip. Spending more time on your guests gives you more chance to create a memorable, human experience that will lead to your business being remembered.

Spend more time communicating and interacting than decorating and organising. Spend more time reacting to your guest’s trip and experience and less time trying to make your property match every type of guest before they even arrive.

What can you do with this time to make your guests the focal point of your attention?

Find out why they are travelling and see what you can do to enhance their trip. This is the secret behind the guest experience. By knowing what sort of experience your guests are looking for while they stay with you, you’re better equipped to provide it.

Spend more time on customer discovery. Use your time to discover and build customer profiles that give a better understanding of your guest prefers to communicate, how they booked their trip and what made your business stand out to them.

Have the budget to go above and beyond. A guest experience fund allows you to delight your guests with something unexpected or rectify any problems that may have happened. Something unexpected and beyond of the call of duty will always stick in the minds of your guests longer than any property feature.

However, spending more time on your guests does not mean that your property standards can slip below your usual level.

How can you keep your high standards when it comes to your properties with only 30% of your time?

Checklists for all of your staff. If every member of staff knows exactly what they have to check and do at every stage of guest’s stay, you can be sure your properties are always consistent and well maintained.

Set a checklist that is sent with every task, give your staff clear directions of the standards you expect then just receive notifications that everything is done. You don’t need to waste time checking and following up.

Automated tasks. With no need to worry about sending your staff messages your properties will run like clockwork. Every booking will come with the same set package of tasks and things to do. Automate your messages to cleaners, fridge stockers, and check-in staff to be sent as soon as a booking is confirmed.

Scheduled Reviews. Have set times to visit and review your properties for maintenance, extra cleaning and seasonal photographs. You should never forget your properties entirely, but having a set schedule means you can plan and organise your time well in advance.

Click here to discover how Vreasy can make you even more guest focused.

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