(And Use a Rental Management Agency Instead)
The travel market is huge, and the fastest-growing segment happens to be vacation rentals.
What does this mean?
It means that private homes and condos have to be on par with hotels in terms of their level of service. As more travelers choose a more personal and private option for vacations through platforms like Airbnb and VRBO, we must adapt to accommodate their needs.
Choosing a company that encompasses both property and rental management, a rental management agency, is the best way to maximize your investment and increase cash flow. There are many other benefits as well.
Here are 5 ways it pays to use a rental management company instead of just a property manager.
1. Outstanding financial results
When you have a cohesive local team on the ground taking care of every aspect of your rental home, you will find that you have more rentals and that your home looks better than ever. You can just sit back, relax, and enjoy the financial return.
Forget overpaying for multiple vendors, from landscapers and snow removers to housekeepers and plumbers – let your rental management company handle all of the headaches and make billing easy for you!
2. More privacy, better results
When renting your home, you are trusting a person or an entity to keep your asset clean, clear of damages, and well maintained, all while making sure the tenants are enjoying themselves.
There are a lot of components to think about when getting ready to rent your home – from cleaning and organizing the garage, to clearing out junk drawers and unifying the closet hangers. Privacy is key when renting your home. Trust one or two people to make sure your belongings are organized and put away then put back in order for your arrival.
3. Less hassle, increased communication
If you manage your own rental or work with a rental management company, you will get weekly updates regarding availability, rates, maintenance walkthroughs, and reservations. Know what is going on with your home with minimal involvement.
4. Outstanding Care for Your Home
Your vacation home is an asset – hopefully, one that will increase your cash flow and increase your income over time. It is imperative that while you are away from your second home, it is well cared for, with weekly inspections to make sure everything is running as it should.
Homes that are neglected when there are no tenants often develop issues when tenants are there. That’s why it is so important to have a team that will do weekly walkthroughs, and care for issues immediately to prevent further problems.
5. Better all-around knowledge of your home and its needs/quirks
It is important that your rental/property management company knows your home inside and out, so when issues affecting tenants arise, there is a quick solution.
Let’s be honest, every home has a few quirks. Perhaps your home is west facing and gets extremely warm in those summer afternoons – well no worries there. Your rental management agency will know how to handle it when it comes up via a tenant complaint.
A full-service rental management agency is the most comprehensive option for your rental home’s needs. You, your guests, and your home will be taken care of at every touch point, making life easier for you.