• Shannon St. Val quit her job in finance to pursue a career in real estate.
• She is now the founder and owner of a short-term vacation rental company.
• This article is part of “Trends to Invest in Your Career,” a series about current career opportunities.

Shannon St. Val is the founder and owner of Elevate Apartmentsa short-term vacation rental company based in New York. She quit her job in finance to manage short-term rental properties and shares how she got started, how she makes money, and the challenges of the industry.

This essay is based on a conversation with Shannon St. Val. It has been edited for length and clarity.

My career in property management hasn’t been a straight line. I have degrees in finance and real estate and graduated in 2008 when the subprime crisis hit. I thought I would work in commercial real estate, but then all the real estate jobs disappeared and I started working in finance.

I worked at Klynveld Peat Marwick Goerdeler (KPMG) in the consulting department and specialized in financial transactions for major banks and broker-dealers, in particular investment management firms.

I knew I didn’t want to work in finance for too long because the corporate culture was very intense, so in 2016, I quit my job to be my own boss. I used a lot of my finance and consulting skills and started my own short-term property management company.

At first I started managing some properties for myself, but then when COVID hit I had to pivot and expand. I decided to take on clients outside of New York instead of just managing my own. It was my dream to get back into real estate with property management.

How I find customers

Many of my first clients came through word of mouth. I had friends, especially people in the financial industry, who owned homes in Martha’s Vineyard or the Hamptons and asked, “Hey, you manage real estate. I have a house. Can you manage mine?” Some people advertise on social media, but I got my clients through referrals. If you do good business, people will recommend you to their network.

Some property managers just starting out have had success with cold pitching, which involves reaching out to short-term rental owners and saying, “I know you may have a manager, but I’m willing to work for a lower price for the first year.” Then, if you meet their expectations, you can raise the price.

Some companies can do outbound email or outbound marketing for you, bombarding local homeowners or anyone who has recently purchased a new home in that vacation area with advertisements for your services.

This is how I earn my living with property management

There are two ways to make money managing short-term properties. The first is to partner with vacation rental owners and charge a commission on the nightly rate. I’ve seen commissions as low as 10% and as high as 30%, but the industry standard is usually 15% to 20%.

I also manage a building. It’s a master lease, which means I pay a flat rate and collect the rent for each unit as a short-term vacation rental. Some homeowners just want their flat rate rent and don’t want to get involved, so I do a short-term rental. You have to be a little more sophisticated about it because if you don’t have a budget and don’t know the expected revenue, you can price it wrong and lose a lot of money. With this model, we want to get at least a 25 to 30 percent return to give us a buffer in slower months.

My typical day

Your typical work day will depend on how many properties you manage. We currently manage around 30 properties and have a team that handles guest relations. I work around eight or nine hours a day, but the job is really 24/7. You need to be available in case of an emergency.

My typical schedule includes a lot of meetings. We always meet with the cleaning team to discuss maintenance and cleaning issues. We discuss this once a week with one of the cleaning companies we work with. In the middle of the day we work on rate reports for owners, update listings and read through guest reviews.

We also schedule property checks and inspections at least once or twice a month, depending on the property. This requires a lot of coordination, so you’ll need to get used to talking on the phone frequently instead of texting or Slacking.

The challenges and rewards of property management

Managing properties is time-consuming, especially for short-term rentals. You need to have guest support on hand 24/7 and things like cleaners and maintenance staff need to be coordinated for each property. Logistics are significantly more difficult when managing vacation rentals compared to traditional property management.

The most rewarding part of the job is helping my clients or owners see the untapped value in their homes and helping them make more money than they ever expected. I get so much joy when I can double their income. I also love receiving a five-star review or feedback that we were extra thoughtful, paid attention to details, provided great customer service, or resolved an issue quickly.

Advice for the transition to property management

You must be very organized, have structured processes, and be able to communicate well with various stakeholders, including suppliers, owners, and guests. My corporate background helped me a lot because it was very structured and I had project management and logistics knowledge. I have a certification from the Project Management Institute, but a degree or certification is optional.

To break into the industry, I recommend working for a vacation rental company first before going out on your own. Use the time to learn some of their best practices before moving forward. Check out national companies like Vacasa or Host Genius, which typically hire in different markets.

You could also work at a smaller company like mine, where you just ask, “Hey, do you have a job opening?” There’s always something to do and management companies are always looking for good support. Another way to break into the workforce is to attend a regional or national vacation rental management conference to network. Look for a conference in your area and you’ll meet many managers in one setting.

What I would have liked to have known before starting

Property management can be very rewarding, but I didn’t realize how important it is to communicate a lot. I also didn’t realize how difficult it would be to manage so many stakeholders. There are usually between four and seven different people involved in each property. I have the owner, the lawn care guy, the garbage man, the regular maintenance guy, the house cleaner, and then guest relations.

Sometimes it can be overwhelming to keep track of who is who, so if you want to manage a larger portfolio, you need really good processes and a good team to keep track of everything. You also need to be extremely organized, provide good customer service, and have great attention to detail.