Not everyone who has a vacation property gets to stay and enjoy their property all year round. Most of the time, the vacation property sits idle, with no one to enjoy it. Beautiful vacation properties can be turned into money-making assets with the right marketing and the help of the right property management company.
Let’s say you have a quaint, suitably sized lake house that you enjoy during the summer months. During the offseason, the property is vacant with no one to tend to it. This property can fall into disrepair and be subject to vandalism if left vacant. Why not share it with others and make money on the side. After all, many people can enjoy a lakeside view at any time of the year, not just in the summer. Add a few amenities like a fire pit or a fireplace and guests can enjoy it in the winter.
Renting out a vacation home is similar to renting out a home with a few minor differences. Instead of renting out the property for the long term, you can rent it out for a few weeks at a time. Guests can stay for a week or two or even rent it out for a long weekend. This gives you breaks in between bookings and gives you and your property manager or caretaker enough time to inspect, clean up, and prepare the vacation rental home for the next set of guests.
The challenge comes during the peak of the tourist season. If you play your cards right, your vacation rental property could become fully booked for the rest of the vacation months with little time to prepare in between. This takes a lot of attention to detail and careful schedule management. You might find yourself having to book a stay at your own property, but that’s a good problem to have.
It’s easier if you get help
Your life as a vacation rental landlord will get easier if you enlist the help of a property management company. This is especially true for landlords who live further away from their vacation homes. How can a property management company help you with managing your vacation rental home?
A property management company can help you market your vacation rental property
These people know where to find other people who might be interested in renting a vacation home. They know where to post and who to talk to. They know which amenities are a hit with tourists. They know which seasons are peak and can fetch premium prices. They know which locations are popular with vacationers. They can advertise the property for you.
A property management company can help you answer inquiries and set up bookings
You might not have the time to immediately answer booking inquiries but this won’t be a problem for a property management company. The longer you take to answer inquiries, the bigger the chance that you lose an opportunity to book a guest. However, inquiries that are answered right away have a higher chance of being booked. Guests will see you as more responsive, therefore, more interested in booking their stay.
A property management company can connect you with local service providers
It’s extremely impractical to hire contractors and service providers from out of state. The best property management companies have ties to a pool of the best local service providers. They know who the experts are and can connect you with those that are within your budget range. Hiring local means you support the local business and build trust and community. It also means that these service providers can respond to your needs right away. They can even come during a guest’s stay when immediate repairs are needed.
A property management company can inspect the property right away
An after stay inspection is very important so that the property can be properly maintained. A property management company can do an immediate inspection so that they can report on repairs needed or maintenance issues. This is imperative so that your vacation rental property does not fall into disrepair and dilapidation. Letting the guests know that an inspection will be conducted after their stay will also keep guests from vandalizing and abusing your rental property.
The property management company can help manage the finances of the rental and help with the running budget. A thorough inspection will also let you know if the rental property is running low on supplies like bath amenities, toilet paper, and towels.
What to look for in a property management company
Finding the perfect match won’t be easy at first, but if you find the ideal property management company, your life as a vacation rental landlord will be so much easier. Exercise due diligence in choosing a property management company and take your time with choosing the right one for you. You can start with recommendations from friends and other vacation rental landlords. You can also add the results of Google searches to your prospect list. Look for the ones with the best reviews in the area. Some of the names will intersect. Build your list and start the process of consulting with the companies. Make a phone call and ask your questions. Those who don’t pick up the phone, don’t sound professional, or aren’t interested in new clients can be removed from the list. More importantly, ask for multiple quotes so you can gauge if the property management company is within your working budget. The best ones will ask you what your budget is and will tell you what they can do for you within that budget.
Create a shortlist of the property management companies who made the cut and dig deeper. Three companies is a good number. Check their reputation and references. You’re not expected to get details of their services over the phone so ask for a meeting. A good place to start is with our team. Schedule a consultation with Davis Property Management today!
Davis Property Management
At Davis Property Management, we provide fast, friendly, and professional service tailored to your individual property management needs.