Pillar 1: How Our Expert Teams Help Owners Succeed
The Importance of Expert Teams
In our overview of the 4 Pillars of Property Preservation, we took a broad lens to examine how each of these pillars uphold LocalVR’s foundation to preserve long-term property value for the homeowners we serve while maximizing revenue on their real estate investments.
Today, we’ll take a closer look into how the first pillar, our expert teams, help us to achieve that end. LocalVR is nothing without the teams that we’ve built to aid homeowners in every aspect of property management, and due to our low turnover, we are able to not only get to know each homeowner’s specific goals and expectations, but also to ensure our partnership’s long-term success.
How Low Turnover Benefits Homeowners
Employee retention is one of the most important aspects of the first pillar of property preservation. Because we retain our employees for the long haul, our teams are able to get to know homeowners on a personal level, making their goals and expectations for their properties crystal-clear through the benefit of long-term experience. Each time a long-term employee leaves a property management firm, time and money must go into retraining and re-educating their replacement, and specific knowledge learned while on the job that is not found in any training manual will be lost, with no way to get it back.
This is why a low turnover rate benefits both our company culture as well the homeowners that we serve. For us, it helps to avoid the issue of retraining new employees on the specific knowledge and experience needed for the position. For homeowners, there is less frustration and time wasted on letting each new employee know the specific goals, expectations, and nuances of their property.
How We Do It: Retaining Our Teams for the Long Haul
There are a few ways that LocalVR ensures employee retention. The first is that we pay above market rate, which gives our teams an incentive to keep coming into work each day as they are paid well for the work that they do. We also have an excellent company culture built on the foundation of teamwork–no one ever feels like they are left on their own to handle a job that’s too big for them.
Another way that we retain our employees is that each position has clearly-defined roles and responsibilities. When someone is hired, they are not pushed into a role and left to fend for themselves, and there is always a coherent path that they can take in order to be promoted to the next level.
Lastly, unlike many companies, employees are given trust and are empowered to make decisions on their own for the better of both homeowners and LocalVR itself. When something important needs to be taken care of, they are not caught in a web of red tape–they are able to make the decisions they need to in order to remedy the issues at hand in a timely manner.
What Goes Into Making a Successful LocalVR Team
Because of our low turnover and excellent company culture, our teams work well in tandem with one another. There is a great incentive to work as a team when everyone knows their role, and we take advantage of that principle to benefit our homeowners and enhance our company culture.
Employees who are trained in clearly defined ways are more likely to be reliable and hard-working, as they know what role they play in the larger scheme of things and there are no surprises about what they will be doing each day. With LocalVR’s expert teams at your side, no goal is out of sight–we are all working together for the betterment of each other and the clients who have entrusted their properties to us.
A Short Breakdown of Our Expert Teams
Local Ground Team - The frontline for issues that may arise in any of our properties, located just moments away to handle emergencies, inspections, and routine maintenance.
Guest Services Team - The liaison to the guests that stay in our properties, these experts answer guest messages, provide feedback on guest reviews, help vet each and every guest before they are able to stay on the property, and deal with any issues that arise during guest stays.
Revenue Management Team - Oversees our proprietary pricing technology and ensures that property owners are happy with the amount of revenue coming in each month.
Client Relations Team - Answers calls or messages from clients at just about any time of the day or night, no matter what type of question or issue may arise.
Marketing Team - A cornerstone to our success, these experts know how to make a listing stand out on vacation rental sites like AirBnB, VRBO, TripAdvisor, and Expedia to help our owners to earn more revenue.
Listing Success Team - Ensures your property’s listings are performing strongly on booking platforms and that guests are leaving those coveted 5-star reviews.
Software Team - Striving to develop the most cutting edge technology to save our owners time and money.
Finance Team - Audits your financial statements and helps with your finance and tax related questions.
Onboarding Team - Project manages your properties onboards to our systems covering you from conducting an inspection to making sure you're compliant with local regulations.
LocalVR is More Than Just a Property Management Company
Many property management companies do the bare minimum for their clients, hoping for a slice of the short-term rental revenue without putting in the work necessary to make both themselves and their clients successful in the long-term. But at LocalVR, we are proud to do things differently, and that starts with the expert teams we’ve built. Next time, we’ll take a look into the second pillar, which examines how our systems and operations work together to help us uphold our promise of maximizing revenue while ensuring your property holds its value for years to come.
To learn more about the LocalVR difference, take a look at our local vacation rental management for more information on how we help homeowners like you achieve their passive income dreams.