Owning an Airbnb property in addition to your main residence is a great way to generate extra income. Are you considering hiring a vacation rental property manager to make the most of your financial and personal situation?
Managing your Airbnb or vacation property on your own may become overwhelming. By hiring the right vacation rental manager, you can avoid the stress of managing your property. Evaluating various factors when selecting the ideal manager is essential, as this will contribute to your property's long-term value.
It would be best if you are looking for a company that meticulously handles every aspect of the process to avoid being locked into an unsatisfactory long-term contract.
There are several reasons to choose the right vacation rental manager:
Managing a vacation rental can quickly become a time-consuming endeavor. Owners who manage their rentals typically spend around 30 hours per month on marketing, cleaning, maintenance, reservations, and restocking supplies.
Full-service management companies handle all aspects of rental management, allowing you to generate more income. They provide professional, localized 24/7 guest support and routinely inspect your property, confirm bookings, and set the right prices. Vacation rental managers are a blend of marketing experts, data analysts, and concierge services. They prioritize safety and maintain good relationships with neighbors by implementing risk-screening procedures to protect your property, community, and guests. Don't settle for anything less than the best regarding your peace of mind and property.
Characteristics of an Ideal Vacation Rental Property Manager
It can be challenging to determine the quality of services offered by vacation rental management companies just by browsing their websites.
Keep these tips in mind when narrowing down your options:
The size of their rental portfolio and staff - A large portfolio may indicate strong homeowner relationships and expertise in vacation rental management. However, this can be misleading. A large portfolio means insufficient staff to provide round-the-clock guest support, especially during peak seasons when booking turnaround times are shorter. This could lead to negative reviews.
At Rent Sherpa, we use predictive analytics to staff our local teams appropriately, ensuring the highest level of service before, during, and after each visit. This allows us to accommodate last-minute guest requests during peak seasons or large events.
Their digital marketing and online booking expertise - The competition for reservations is fierce, with over 32 million property listings on Airbnb and Booking.com alone. Your vacation rental manager should learn how booking channels work and how to boost your listings to stand out.
They should also have listings on multiple platforms. Browse Airbnb and Vrbo to see examples of their properties. If you cannot find them or they appear on search results second or third pages, consider looking elsewhere.
Fortunately, we are experts at marketing vacation rentals. Learn how we do it.
Vacation Rental Property Management Contracts and Fees
Management fees for vacation rental properties vary based on location and services offered, ranging from 12% to 50% of your rental income.
Opting for a vacation rental manager who promises higher short-term returns at a lower management fee can be a trap. While lower fees may seem appealing, you often end up paying more for additional services.
An excellent peak season will be fine if your property sits vacant for the rest of the year. A one-year contract with a manager who can only book four months out of the year is a net loss, considering operational costs and safety concerns associated with outsourcing tasks like carpet cleaning and air conditioning repairs.
When planning your budget, assess the long-term benefits of employing a full-service vacation rental manager who can handle all tasks and provide hotel-quality services. A fully booked calendar could help you justify a higher selling price if you decide to sell your vacation rental. Many vacation property owners are wary of contracts due to these concerns.
Entrusting your second home or investment property to a vacation rental manager is a significant decision. You want to ensure that your property is well-maintained and appreciates as expected while also being able to enjoy it during your visits.
When selecting the ideal vacation rental property manager, carefully evaluate their experience, expertise, and services offered. Choose a company that aligns with your goals and can deliver the level of service you expect. By doing so, you can maximize the value of your vacation property and appreciate the peace of mind, learning that your investment is in good hands.
Read Next: Travel Will Never Be The Same Post Covid-19.
Click Here to know more.