Property Management Ideas for Hosts and Vacation Rental Owners
Do you own a vacation rental property? Maybe you’re considering getting your first one. Here are some tips for managing your vacation rental property. Many people hire property managers handle the day-to-day operations of their rentals. But others may be new to the idea and not sure if they should take on this responsibility themselves or hire a professional property management company. Many times, property management companies charge a sizable monthly fee. Here are some things to consider when deciding which route to go.
How much does a property manager cost?
Rates vary widely from a co-hosting arrangement in the 10-15% of the nightly rate range upwards of 30% or more for full-service management. The more the owner participates in the process the less necessary a full service property manager is and the more of the nightly rate the owner should be entitled to.
How often should a property manager do an inspection?
Ideally a full service property manager should inspect the rental property for damage after each guest’s stay. There is a limited time available to withhold a portion of the damage deposit. However, we are finding that most management companies are overwhelmed with the number of properties they deal with and push down inspections to the cleaning companies. Given the fact that we are in the home after each guest stay it makes sense, but the homeowner should not have to pay the management company if they state they inspect homes if they don’t have the capacity to actually do it.
How to hire a property manager?
This usually begins with a Google search. The important thing is to understand the fee structure, what is promised, what is actually delivered, what the reviews are for both the company and from the guests in each local market, and who owns the property listing. Doing your own research can’t be stressed enough.
Do I need to hire a property manager?
That depends on how involved the owner wishes to be. About 75%of our cleaning clients are able to manage the process directly and not pay a management fee at all. In this case the owner is the point person in communicating with guests before, during, and after stays.