If you’re looking to make money with your vacation property, consider enlisting the help of a professional rental management company. These businesses can handle all the day-to-day work of running a successful rental property and even help market your property to potential guests. For those serious about generating revenue with their vacation properties, working with a rental management company is well worth the investment.
But for those new to the game, you may not know exactly what a rental management can do for your property. Do they clean the property? Make repairs? Are their services really worth the cost? To help answer these questions and more, we’re taking a closer look at what rental management companies can really do for you and your property. For those looking to maximize the potential of their vacation property, this could be a great—and profitable—decision.
WHAT IS A RENTAL MANAGEMENT COMPANY?
A rental management company is an independent contractor that manages your vacation property. Depending on the company and your specific needs, this “management” can take many different forms, including cleaning and maintenance, guest screenings, and even marketing for your property. You decide what level of support you need, allowing you to simply kick back, relax, and let the revenue stream in on your vacation rental property.
BACKGROUND CHECKS AND SCREENINGS
While you may not be spending a lot of time in your vacation property, you still want to keep your property safe and secure. A big part of this comes down to selecting and approving guests who will respect your property and the surrounding neighborhood. A rental management company can give you peace of mind by performing complete background checks and screenings on all potential guests.
This is a critical step because, as a property owner, you want to protect both the physical property and your reputation as a vacation rental owner. If guests cause extensive damages to your property, this can be costly and time-consuming to repair, meaning you’ll miss out on even more future revenue. Additionally, guests who don’t respect your property may lead to conflicts with your neighbors or the surrounding community. In extreme cases, this can lead to bans on renting out certain properties.
For many property owners, guest relations is one of the trickiest skills to master. Making sure your guests have everything they need is time-consuming—especially if they’re unhappy with a specific aspect of the property or their experience. No one wants to have these difficult conversations, but property management companies have the experience to address issues and work toward solutions that keep guests (and property owners) happy.
Even if you have the greatest vacation property in the world, you won’t have too many guests if no one knows about it. To keep your property booked throughout the entire year, you’ll need to consider marketing strategies to make your property visible to potential guests. Rental management companies are designed and experienced with this specific type of marketing.
These companies know how to market vacation rental properties, using the right tools and platforms to match your house with the right guests. A rental management company can help you select the perfect images and craft the right verbiage to keep your property packed—even in the off-season. Many also take advantage of social media platforms, such as Facebook, Twitter, or Instagram, to connect your property to more potential guests.
SECURE AND PROCESS DEPOSITS AND PAYMENTS
Dealing with finances is another aspect of renting out your vacation property that many owners may not be prepared for. Ensuring that guests pay deposits and fulfill all their necessary payments can be more complicated than one might expect. An experienced vacation rental management company can easily erase any of these concerns by handling all the financial processes between guests. They can also schedule cleaning and necessary maintenance so you won’t have to worry about contacting and arranging for these services.
Rental management companies can also handle any cleaning needs for your property. At a minimum, property owners should provide a complete cleaning between guests. Rental management companies can schedule these cleanings, or even use in-house cleaning crews, to ensure that your property receives a professional and thorough cleaning. Walking into a dirty or damaged property is one of the easiest ways to scare guests off. With a rental management team taking care of all necessary cleaning, you’ll never have to worry about it again.
In addition to cleaning your property, a rental management company will also take care of upkeep and the general maintenance of your vacation rental. Depending on the company, this could even include major repairs. Some management companies have in-house maintenance teams, which means they perform maintenance requests much more efficiently, and at times, for less money.
ARE RENTAL MANAGEMENT COMPANIES WORTH IT?
It all depends on your needs, budget, and plan for your vacation property. If you’re using your property as more of a “home away from home” that you use often, you may not necessarily need a rental management company.
However, if you’re looking to generate revenue with your property and keep it booked from January to December, you’ll have a lot more to gain from teaming up with one of these vacation property management companies. The best thing to do is to reach out to these companies and learn more about what they can do for you.
CONCLUSION – WHAT DO RENTAL MANAGEMENT COMPANIES REALLY DO?
Choosing the right rental management company is an important decision. These professionals can help you manage and maintain your vacation property so you have the time and energy to focus on life at your own home. A professional rental management company can screen potential guests, perform regular cleaning and maintenance, handle any marketing needs, and take care of guest services. They really make it that easy to rent out (and make a profit from) your vacation property.