HOW TO HIRE THE RIGHT VACATION RENTAL PROPERTY MANAGEMENT COMPANY
Make more money renting out your 2nd home with zero stress and effort
HIRING THE RIGHT VACATION RENTAL PROPERTY MANAGER
Life is stressful right now. Everyone wants to get away from all the chaos safely. While hotels and resorts are suffering, vacation rentals are in high demand. If you own a second home or investment property, the future is looking bright. However, successfully managing a vacation rental is easier said than done. To get real results and avoid pitfalls, you should consider partnering with a qualified vacation rental management service. Before choosing a company, it’s important to ask good questions.
WHAT IS VACATION RENTAL PERFORMANCE IN THE AREA? Â
There is a lot of competition for vacation management companies. Therefore, you can afford to be picky. Find someone with a good sense of the market. The manager should be able to quote the going rates and talk about local trends. Do your research in advance. If the manager does not provide reasonable answers or seems unsure, then keep looking. With so many vacation home rental companies available, you should never settle.
WHAT ARE THE CONTRACT TERMS AND FEES?
No one likes dealing with the nitty-gritty, but all vacation rental management companies have a contract and fees. You have to talk about that. In fact, during the vetting process, the contract can be a way to distinguish vacation management companies from one another. Most management fees are between 25 and 50 percent of your rental income. Ask about the fine print. Is the contract for a set period of time? When are payments due? What clauses exist in cases of poor performance or lackluster service? These are the things you need to know.
WHAT SERVICES ARE INCLUDED IN THE CONTRACT?
Paying more for vacation home rental companies is not always bad if you are getting premium services. Some standard services involve handling bookings, cleaning the property and rent collection. However, good companies offer more. Ask about marketing and in-person visits. How well does the company observe local market trends for price adjustments? Will the company provide service for guests on demand? These are the perks you want to know about now.
BOOKINGS & PROPERTY
HOW IS MARKETING MANAGED?
Marketing is absolutely critical. Be wary of vacation rental management companies that only list properties on their website. If you want your property to be lucrative, you need it listed on major rental sites like VRBO, HomeAway and Airbnb. The listing should include professional photography and targeted advertising to promote features that gel with the core demographic. Also, ask about search engine ranking. What is the company's policy on soliciting reviews from satisfied guests? These small details can have a huge impact on your bottom line.
HOW OFTEN IS MY PROPERTY CHECKED?
The downside of operating a rental is that damage is possible. This is your property, which is why you should make sure the manager has it inspected after every guest. During an inspection, damage should be assessed and fixed. The manager should provide photos of the damage for your review. The cost of repairs should be covered by the guest's deposit. Many companies also offer a property protection policy as part of their standard contract.
HOW ARE BOOKINGS HANDLED?
It really all comes down to booking. If you are going to make money, you need people to book your rental. If the manager is only available weekdays during business hours, then you will be missing out on a lot of potential calls. Calls should be returned within 15 minutes in order to secure a booking. Some management companies have online booking capabilities. By allowing guests to book online with a credit card, there is service available around the clock. The key is flexibility. Your management company should offer as many booking options as possible in order to yield superior results.
CAN I SPEAK WITH CURRENT CLIENTS?
Hiring a rental management company is a big decision. Therefore, check references first. Ask companies to refer you to other clients. If the manager does not want to provide such references, that is a red flag. If the manager has had success with other clients, then providing references should be no big deal.
Boost Your Profits and Minimize Your Stress
Your vacation rental is a valuable asset, but you need to leverage it properly. Fortunately, the bnb way is here for you. We provide comprehensive service with competitive rates to make sure your property is poised for success. Contact us today if you're interested taking your vacation rental to the next level.
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