127. How to End a Property/Manager Relationship That’s Out of Alignment

Last week we talked about how to find a property manager that’s a good fit for you. But what if you’re on the management side, you take a job and, down the line, you realize the property doesn’t align well with your brand? 

Whether you're co-hosting, you’re looking to bring a property into your portfolio, or you’re stop-and-go on getting started, we’re going to help you listen to that inner voice.

First, what goes through your mind when you’re looking at a property and you have that conflicted feeling?

• You’re looking at the property and your gut is sending you all these warning signs, but your brain is trying to dismiss them as illogical.
• You walk in expecting to say “yes” because this is what you’ve been working towards. This leads to a bias in favor of “yes.”
• As an entrepreneur, you are looking for the opportunity to grow at any cost and find hidden opportunities – possibly seeing them where there aren’t any.

So you’ve walked into a property deal that may not be the best fit, but you’re trying to make the most of it. And then… the consequences start to add up. You realize you’re spending 80% of your time on a property (or properties) that are only generating 20% of your revenue. And the reviews come in, and you keep seeing these negative comments that are based on things you can’t change or control about the property. Let’s be honest: if you’re having friends stay a property, it’s not going to be this one.

Once you’ve recognized that the property is not on-brand for you, it’s time for the breakup. There’s really no easy way to do this, but, once you’ve gone through the whole thought process, you know what to say. We’ve personally handled this through email with an invitation to call us at the end to discuss further. That way, we could explain our entire reasoning in one properly thought out email.

This process can be hard, which only further emphasizes the importance of listening to your gut. But mistakes are going to happen, or things are going to come up that you hadn’t noticed before. Saying “no” to a property that isn’t doing it for you or your brand is only going to open up more opportunities for better things in the future.

Resources:

• Visit thanksforvisiting.me/workshop to watch our Hosting Business Mastery Method workshop!
• #STRShareSunday: @wildpinescabin