Things to Consider before Hiring a Vacation Home Management Company
Aug 1, 2019 | By: Soar Vacation Rental Services
Most people would agree that the worst part about owning and renting out their vacation home is the day to day management of it. Listing and managing their home on sites such as Airbnb, Vrbo and/or Booking.com is time consuming and that is only the start. Then comes the guest correspondence, not only during the day but during the evening, as well. Vetting the guests, managing payments, refunds, collecting and paying hotel occupancy taxes, can be stressful. Then there is maintaining the property, managing the cleaning team and ensuring every rental goes off without a hitch. Over time, your vacation home transforms from a dream to a burden, however, this doesn’t have to be the case. When you work with a top notch, vacation rental property management company, they will handle all of the stressful steps for you. It’s extremely important to find the right company, one that will meet your needs and represent you well. Keep reading to learn about the most important factors to consider when selecting a management company.
Some property management companies operate locally, whereas others serve people on a national or global scale. Local property managers have a better understanding of their market and will be nearby if you or your guests need something. Large, national companies usually have more resources available to devote to marketing, but you may receive much less personalized attention than you would at a smaller, local company.
The services provided by the management company is another major consideration. Some management companies only offer marketing services, which involves managing the online listings of your property. Others provide full-service management, which includes everything from creating the listings to cleaning and maintenance. Think about exactly what you want to get out of your vacation home management company and try to find one that offers all the services you need. If you do not live close by and cannot oversee your property, a full-service company may work best.
Next, you will want to consider the fee structure used by the management company. Nowadays, vacation home management fees can range anywhere from ten percent to 50 percent of your gross vacation rental revenue. Typically, you get what you pay for, and companies that take a larger percentage usually provide higher levels of service, attention, and care. Often, management companies that charge lower prices also have more hidden fees, costing you more than you may initially realize or, they provide less. When talking to the property manager, ask them exactly what is included in their fees, and how their fees are structured.
Methods of Screening Guests
You don’t want just anybody to rent out your vacation home. Screening your guests ahead of time is one of the best ways to ensure your home stays in excellent condition and to minimize unnecessary wear and tear. If the management company doesn’t use a thorough vetting process, your home may deteriorate rapidly. Talk to them about their screening process, their minimum age for guests, their maximum party size, and other vetting techniques.
Cleaning and Inspection Techniques
To keep your guests happy and attract new ones, cleanliness is key. Naturally, you want to hire a property management company that prioritizes cleaning and consistency in their service standards. During the consultation, ask them how they hire and train their staff. You should also determine if they have supervisors to inspect the home after the cleaning and before the new guests check in. Make sure their cleaning techniques meet or exceed your standards.