You’ve decided to turn you property into a vacation rental and make little income. We you potentially didn’t realize was the time it takes to manage your property and everything else you have going on in life. This is especially true if your are not located near your property, but out of state or even a day’s drive away.
You try and figure out how to make everything work effectively and to protect you, your property and your guests, as well as get good reviews and manage all that’s going on. That’s when you think…property manager to the rescue!
But how do you know what to look for, and how do you choose the right person or management group to oversee your property?
The intent of this article is to provide you with information and tips on what to look for when hiring someone to manage your property.
- How busy are they? How many properties do they manage? While you do not want someone that is to busy to really take care of your needs, you also do not want someone that has no experience or is managing zero properties. While this doesn’t necessarily mean that they won’t be good, you are taking a risk. You also need to ask what time they will dedicate to your property each week. The minimum time will be around 3-4 hours.
- Cost. How much will they charge you? While there are other important things to seek out first, pricing is very important and can help you to gauge all that they will do. They may be killer at making listings appear attractive, or have a great secret on keeping properties full year round. This may reflect in their rates and pricing. So digging into this early on can lead you to many of the questions you should ask on their services. Expect to pay anywhere from 10-25% of the nightly rate.
- Communication. Necessity! They must be good communicators with both you and your guests. Their level of communication is what will spark good or bad experiences and reviews for all of those involved. Your guest are staying at your property and may need assistance during off hours. How will this be handled?
- Cleaning. What are they doing to ensure property cleanliness? Do they have a checklist to show you? Are they hiring independent contractors to clean or do they have a staff? Get the details on the cleaning, as this is part of your guests experience.
- What is their USP (unique selling point)? Will they offer area recommendations for your guests? Will they assist you in communicating ways to . improve your listing and make the experience better for everyone involved….you, guests, and their team? DO they help get you great reviews? DO they do a “little extra” and what is that? Dig in on what sets them apart from others.
- Processes. Get down and dirty on what there processes are. If they are great communicators, they will already provide you with this information. Understanding the entire process from being found to renting, to communicating with guests, to policies, understanding their process is essential! If they do not have one, then we suggest moving on to find a better fit. Processes are the meat of business.
- Referrals. Do they have references or referrals that they can share? This helps solidify the information you’ve requested and that they’ve provided.
Bringing on someone to manage your vacation rental, whether it a AirBnB, VRBO, or a Craigslist Rental, can be a great way to free up your time, as well as make sure that things run smoothly and your property stays booked. Just make sure to do your homework and ask a few important questions.
To happy renting and great property managers!!