Why should I use a vacation property management company?
Here are the Top 10 Reasons
1. Guests Will Love it!
Property management companies almost always hire a professional cleaning service to clean the property, have linens professionally laundered, and go the extra mile to make sure everything is perfect for the next guests. Renting through a Property Management company helps make the stay more like being at a top rated hotel, as opposed to just picking up keys to an owner’s property. Guests may be a bit leery of renting someone’s home…
2. Get Full Service Property Management
Managing short-term vacation rentals can be a very tedious business, even if you only have only one property. Most reputable vacation property management companies offer full-service property management. They have the bandwidth to take care of everything from reservations, marketing the property, permits & licenses, checkins & checkouts, middle of the night emergencies as well as perks like concierge services.
3. They Know the Ropes!
Property management companies are usually very familiar with the area’s local codes, zoning regulations and licensing regulations related to short-term vacation rentals. In addition, they can help you make sure your vacation rental business is set up properly to maximize your return on investment.
4. Regular Accurate Reports
Property management companies usually have vacation rental software that has accurate accounting systems for each and every owner. If they don’t – DO NOT HIRE THEM. You need to be sure that your reservation funds are being managed properly. They can make sure that all taxes and fees are being paid, along with cleaning, laundry, supplies and maintenance charges.
5. They will keep your Property Maintained
It would be nice if all that was required was to clean the place between stays. We all know that’s not what happens. There are ALWAYS little (or Big!) maintenance and repair issues that arise. They can be minor issues that arise like a running toilet or burned out light bulbs. They may also be more serious like non-operational air conditioning units (a really BIG deal in the tropics!) or burst pipes. Vacation rental property management companies have a strong network of service providers to respond quickly to issues. Because they manage many real properties, their service providers tend to JUMP for the property manager when there is a need.
6. Increase the Value of Your Investment
This one is related to #5. Preventative maintenance is key. You can be Reactive to maintenance issues, but it is much better to be Proactive. A written maintenance plan, along with detailed maintenance documentation and regular inspections will help keep little maintenance issues from becoming big ones, especially at the most inopportune times! Management companies can also recommend property upgrades and modifications, and explain their impact on the rental income you may expect.
7. Less Hassle
Who really wants to get calls about middle of the night emergencies, have to haggle with people wanting to pay less than advertised rates, deal with guests who damage your property, marketers, scammers, horrible service providers, wait for contractors and repair people to arrive at your property, tons of paperwork, etc.… Enough said!
8. Enjoy Your Freedom!
I’m sure you’ve heard the saying “Time is Money”. What is your time worth? Could you better invest your time elsewhere than servicing your property? Maybe you’d prefer to spend your time with friends or family, and doing the things you really enjoy doing.
9. Get the Hook Up
Where is the best place to obtain hotel quality linens at wholesale prices? Who has the best prices on really good mattresses? How about appliances? Patio furniture? Interior accessories? You get the Idea.
10. Professional Marketing to Maximize Occupancy and Income
You could certainly market your property yourself. Odds are won’t have access to the same marketing tools or insight that a dedicated property manager has. They will not only manage it well, but will also actively market your property across multiple listing platforms. They will also have many more guest inquiries, so if one of their properties is full they can recommend your property as an alternative. A pro-active marketing approach ensures your occupancy rates are high, and at the same time the overall reputation of your rental continues to improve. Using a professional property manager may also provide you with access to markets you might not have considered, thereby increasing your overall success.
April 21, 2018
April 12, 2018