If you have a vacation rental property - especially one you don't live close to - you're probably looking for ways to make the process easier. Managing a vacation rental property can be time-consuming and challenging when you live nearby. That gets much worse when you don't.
Working with a vacation rental property management company is a good way to go, but many people don't fully understand what this means. To help clear it up, take a look at commonly asked questions and their answers below.
What Does a Vacation Rental Property Management Company Do?
The answer: pretty much anything you can't or don't want to do. They can take care of everything from the booking and payments to the housekeeping and maintenance - even those 2 a.m. calls when a pipe bursts.
They can also manage your marketing and bookkeeping. You can be completely hands-off - just sitting back and enjoying the profits. Or you can be more hands-on, depending on your preferences.
Is It Worth the Cost?
Chances are pretty high that you purchased a vacation rental property to make money - a very nice goal. Of course, you want to save as much of it as you can. For many people, that means doing pretty much everything on their own.
While this is certainly an option, the problem is that most people don't have the time to dedicate to their vacation rental. Often, it sits there empty - not making money. And if customer issues aren't handled quickly, it leads to bad reviews, which leads to fewer bookings.
So is hiring a vacation rental management company worth it? Yes, as they not only market your property and keep it booked but also ensure that every stay leads to a positive review. In short, they can make you much more money than you spend on the service.
Is There Something They Can Do That I Can't?
Not necessarily. If you want to dedicate the time and energy to your vacation rental, you can probably get the same results - probably. Vacation rental management companies have a great deal of experience, though, and networking connections that can give them a major boost. You could build those connections on your own, of course, with time and patience.
However, if you're looking for passive income, then DIY vacation property management is not the solution. It's almost always more beneficial to let the experts manage it for a fee and for you to enjoy the profits.
How Do I Find the Best Company for My Needs?
If you're going to put your time and energy in anywhere, this would be it. Do some research to find companies that service the area your property is in. Check reviews from current and former clients. Look at customer reviews for properties they have managed.
And when you find one or more that you think you like, give them a call to ask questions and get a feel for their business practices. Check their social media pages and compare their pricing structure to others in the area. With effort and diligence, you can find the perfect company for your needs.