4 Tips to Hire a Vacation Rental Property Management Company

Need help managing your vacation rental property? Don’t worry. You’re not alone. Many people invest in vacation rental property in hopes of making extra money, but upon finding out the management needs to make that extra cash, they may be left in the dark about what to do. Fortunately, vacation rental property management companies exist, and their name means precisely what you think it means: they help to manage your vacation rental property. With their help, you get the time needed to focus on other things while your vacation rental property gets the attention required to attract guests.

That being said, there is one task you need to do: pick the right management company. Today, we’re going to share with you tips on how you can hire the right vacation rental property management company:

1. Ask about the Local Market

A good manager is well-versed in working with vacation rental properties in a specific area, and you would want a manager who is an expert in your area to work for you. As such, when meeting up with a manager, ask various questions about the local market. Ask about the ups and downs of your location, what kind of rates are to be expected, what properties are popular in the area, and more. If you find their answers to be reasonable, that’s a good sign. If you feel like their answers sound like they’re beating around the bush or show that they are unsure, you’re probably better working with someone else.

2. Know the Fees

Generally, the fees you have to pay for a manager’s service range from a quarter of your rental income to even half your income. Be aware that the rate can go even higher. Regardless of the number, though, your task is to identify whether you can afford to pay the manager while still meeting your rental income goals. 

3. Examine the Contract

Understanding the contract is vital for many reasons. First, you wouldn’t want to sign your name on a paper telling you that you are stuck with one manager for a year, even if they are not doing well. Second, different managers have different payment terms and timing, and you’ll want to make sure that there are terms you can meet. Finally, some contracts will have clauses based on poor service and performance. This is especially important for you to understand. Depending on the clause, you are given the right to specific actions if the manager isn’t doing well. For example, you may be allowed to leave the contract without penalties under specific circumstances, such as a manager not being able to rent out your vacation rental property.

4. Identify the Services Included

When understanding the costs of managing your vacation rental property, it is also essential to know what kind of services you’re getting under the price tag. Such services can differ from one company to another, and you want to ensure you get the services you need. For example, if you need help updating listings, taking pictures of the property, marketing the property, maintaining the property, and more, then be sure to ask. If they don’t already offer it, then ask if they can add it as an extra, taking note of the additional cost. From here, identify the bang for the buck, and if you see that it isn’t worth it, look for someone else. If it is worth your money, then continue with the transaction!

Conclusion

Many vacation rental property owner manage their properties because they have the time to do so. If you do, that’s good! You can save a lot of money doing many of the management tasks by yourself. However, if you are at all busy, having someone else manage your property is far superior. This is because having someone dedicated to managing your property ensures it gets the best treatment possible. This can help maximize your rental property income, smashing your goals while allowing you to sit back and relax for once!

Quest Real Estate is a full-service real estate company offering residential and commercial property management services to clients in Northeast Florida. If you are looking for the best property management company, work with us today!