If you have a vacation property, chances are you have two goals in mind. The first is to have somewhere to stay when you go on vacation. The second is to make money on the property when you’re not visiting.
This can be a lot to handle, though, when you don’t live nearby. The following are some top reasons you should consider letting a vacation rental property management company take care of it for you.
Keeps Your Property Booked
Making money means keeping someone in your rental. You can do this yourself, of course, but it can be much easier to let a professional company handle it. Not only do they have access to tools and resources that people outside of the industry might not know about, but they also have marketing experience. They know how to get your property in front of vacationers to keep it full as often as possible.
As a bonus, they’ll ensure that it’s empty whenever you choose to take a trip. Letting them manage the advertising and the calendar can take a lot of stress off of your plate.
Keeping your vacation rental full is one thing – getting paid for it is something different. If you’re not getting paid, what’s the use of having a vacation rental property? And it’s not just about the rental fee – you also have to consider collecting fees for damages and other things. This can be a hassle to deal with on your own, but outsourcing to a property management company can ease the burden.
Communication With Tenants
What if your tenant calls with a plumbing emergency at 3 am? What if they have a complaint or need special accommodations? Do you want to be managing middle-of-the-night calls and organizing these accommodations? The good news is that you don’t have to. Property management companies can take care of it all, so you can be as hands-off as possible.
Speaking of 3 am calls, if your tenant does call about a burst pipe, do you know who to call? Have you got a team on board that can address this issue quickly? What about housekeeping services in between guests? And maintaining the unit?
Property management companies can take care of all of this. They often have teams either on staff or that they have partnered with that can address emergency issues as well as keep everything in shape on a regular basis.
Financial and Legal Requirements
There are rules you have to follow legally in order to legitimately rent out a vacation property. There are also bookkeeping and tax requirements you need to meet. If you don’t, you can find yourself in a lot of trouble. However, a property management company can ensure that everything is in compliance and properly recorded to meet all obligations. This not only saves you time, but it can also save you on potential legal fees and tax penalties.
Unless you live nearby and have your own team to manage everything, outsourcing to a property management company is a wise decision. They can manage the details and the day-to-day operations, while you enjoy the profits.