More than 60 million Americans stay in vacation rentals each year. There's a huge opportunity for making extra money by owning a vacation property, but it can also be extremely difficult to manage with so much to keep track of.
Mismanagement of this kind of property can end up costing you money instead of making an income. The best thing you can do is hire a vacation rental management company to handle all the details for you.
Delegating to these professionals is a great way to ensure you're making the most you can. It's a good idea to have some clear communication before you begin. Follow this guide for everything you should discuss with your property manager!
Figure Out a Pricing Model
When you start talking to a vacation rental management team, you need to know what their pricing model is so you can be prepared to pay them.
Some companies have a set monthly price for their services. This will vary with the exact responsibilities they have at your rental property. You'll want to know exactly what that price will be each month.
Others choose to take a percentage of the income you make each month. So the exact number will vary and won't be subject to the services offered. Either way, it's important to know how you're going to be billed.
Discuss the Marketing Plan for Bringing in Guests
A key component to making sure you have guests on your property is marketing the space. Without a good marketing strategy, you won't make very much because your spot will stay empty. A property manager should be able to help you develop this kind of plan.
It's important to discuss how they plan to promote your real estate investment. You can work together to find the best way to bring in guests using your experience and their expertise.
Outline Management Services
Once you've decided to work with a team, you'll want to have a clear outline of their responsibilities.
In some ways, you can customize what you have this team do for you. Most people have their management team handle the money side. Collecting rent and all the other accounting tasks. They typically take over all guest communication as well.
You can also decide if you'd like them to take over the cleaning responsibilities as well. This is important since you'll likely need more than just typical house cleaning, and you want your space to be ready for new guests quickly.
Understanding exactly what they are going to handle (and how much that costs) is key to success.
Working with a Vacation Rental Management Company
Many people buy vacation properties and then quickly feel in over their heads. There's so much that goes into handling this kind of project. That's where a vacation rental management company comes in clutch.
Our team has helped many owners keep their vacation rentals full and ready for guests. Instead of doing all the work on your own, you can sit back and relax while we handle the details. Let's talk about our team managing your property today!