Should you hire a property manager for your local short-term vacation rental? For many owners, a local rental property means doing more or all of the work themselves. But just because your rental is only a short drive away doesn't mean you don't deserve the help of a property manager. Why? It comes with some unexpected but valuable benefits. Here are five to consider.
1. Few After-Hours Calls. Owning any kind of rental real estate means you're the one who gets the call when something breaks or a tenant has a complaint. Vacation rentals can be even more challenging due to the higher rate of renter turnover. However, your property manager becomes the first line of contact, meaning you aren't stuck on call 24 hours a day.
2. Better Vendor Networks. Good suppliers and service providers are a huge part of keeping a rental in shape and appealing to vacationers. However, do you have to be the one to find those top quality service providers? And do you need to be the one who ensures they get the job done right? Not if you hire a property manager to oversee the work using their network of established contacts.
3. Understanding of the Market. Making money as a landlord involves charging high enough rates to turn a profit after expenses while still pricing it low enough to keep it full. This is a careful dance based on the local market and is not a one-time decision. The best person to help you set and adjust your rental fees, extra charges, auxiliary fees, and other costs is a professional who works with the rental market full-time.
4. More Renter Screening. One of the best ways to avoid damage to your rental, tenant trouble, and bad word of mouth is to avoid problem renters. But how can you spot one? Professional property managers have years of experience doing just that as well as knowing the right questions to ask to screen out trouble-makers. Let them do this for you so you can rent with confidence.
5. The Freedom to Expand. Do you hope to grow your vacation rental business and earn more? If so, outsourcing some of the work gives you more freedom to take on more work — and to expand into other locations. Rather than spend all your time micromanaging one unit, you could oversee others handling several.
Want to know more about how a vacation property management company can help your small, local vacation rental business? Start by consulting with a local management service today.