While it may appear that a cohost role is similar to or overlaps with a property manager role, there are differences between them. A property manager and a cohost differ in scope, authority, and relationship with the property owner. Cohosts can manage their properties without the OwnerRez PM premium feature, but using it offers many benefits such as tracking commissions and expenses.
Essentially, a cohost supports property owners with the operational aspects of managing short-term vacation rentals, with the owner maintaining primary decision-making authority. Cohosting duties may include managing guest communication, such as responding to inquiries, sending check-in and check-out instructions, addressing guest concerns during their stay, being available locally to manage emergencies, coordinating cleaning and maintenance, performing inspections, scheduling services, restocking essentials to keep the property guest-ready, ensuring a seamless guest experience. Additionally, cohosts may optimize property listings by crafting compelling descriptions, taking professional photos, and adjusting pricing based on market trends. Cohosts often operate under informal agreements, may not require licensing, charge lower commissions and fees, and are best suited for property owners who wish to remain involved in their property's operations but need help with logistics.
Alternatively, a Property Manager’s duties encompass the comprehensive oversight and operation of a rental property, ensuring it runs smoothly and profitably. They are responsible for marketing the property, including creating listings, setting competitive pricing, and managing advertising across various platforms. Property managers handle all aspects of tenant or guest relations, such as screening tenants, managing bookings, addressing inquiries, and resolving disputes or issues during stays. They coordinate routine maintenance, cleaning, and emergency repairs, ensuring the property remains in excellent condition. Additionally, property managers oversee financial aspects like collecting payments, managing budgets, paying bills, and providing detailed income and expense reports to property owners. They also ensure compliance with local regulations, including taxes, permits, and rental laws. By taking full responsibility for the property’s operations, a property manager offers a turnkey "hands-off" solution for owners who prefer a hands-off approach.
The autonomy and flexibility of these roles also vary. Property managers handle all aspects of the rental business, from legal compliance to direct bookings, making them ideal for owners who live far away or lack the time to be involved. Cohosts, however, are platform-focused and provide a collaborative solution, assisting with specific tasks within short-term rental platforms like Airbnb or Vrbo.
Ultimately, property management is better for owners seeking a turnkey solution, while cohosting is ideal for those wanting to stay hands-on with support for day-to-day operations. Both options cater to different owner needs and business models, depending on the level of involvement and responsibility required.
If you're considering starting a cohosting business, your primary focus will be on collaboration and platform-specific tasks. However, if you're open to managing everything and assuming legal/financial responsibilities, transitioning to property management could be more lucrative and expansive.