When deciding to rent out your vacation home your first question may be, “Do I need a property manager for my vacation rental?” If you are looking to generate substantial income and not looking for a second job, the easy answer is yes.
To be able to conduct a successful vacation home rental operation, you will need to place your business hat on and start thinking about your next home as a revenue stream. Getting the appropriate support staff in place will be crucial to your rental success and will also help you protect your home as the vacation getaway you always intended it to be.
Property maintenance is a constant for homeowners and maintaining a second home an airplane trip away can be both time consuming and challenging. Employing a local property manager to handle the maintenance and upkeep of your vacation home will provide you the peace of mind you desire while also ensuring your home is in tip-top shape for renters. It is critical that your home be well maintained to ensure the best possible guest experience. Positive experiences lead to positive reviews, your best form of online marketing.
We propose hiring a property manager who is well networked with service providers in the area as this person can help hire and manage your housecleaner, the lawn and pool service companies, window washers, etc.. For repairs, they will tap into their network and get several bids and check references to ensure the best individuals are hired for the job.
Your property manager should be put in charge of all household supplies. They can help you create a home inventory and take care of shopping when it comes time to replenish or replace.
During a guest’s stay, your property manager should be on call to handle any repairs or issues that arise. After every stay, they should do a review of your home to check for any damages and make sure everything is in working order and well-stocked for the next visit.
To ensure there are no surprises, your property manager should help you decide on a budget for the home and be placed in charge of a house bank account. They can use this account for receipt of rental revenue and for payment of all recurring bills. These funds can be accessed for replenishing household supplies and for covering miscellaneous repairs.
We cannot stress how important a top-notch local property manager is to your vacation rental business. But they’re not the only partner needed; a house cleaner, concierge and vacation rental agent should also be part of your rental team.
Some property managers’ capabilities may include house cleaning and concierge duties, however most property managers lack the expertise required to navigate the highly competitive and complex world of online marketing. For this role you want an experienced sales and marketing professional who can drive qualified leads and easily secure bookings.