Finding The Right Vacation Rental Property Manager
If you're looking to earn some extra money by renting out your home on Airbnb, hiring a vacation rental property manager can be a smart financial and personal decision.
Managing a vacation rental property can be overwhelming, and enlisting the help of a professional can take care of the day-to-day tasks that come with renting out your home.
Choosing the right vacation rental manager is crucial, as it can impact the long-term net worth of your home. To ensure that every aspect of your property is considered, it's essential to seek out a company that handles all the details and avoid getting locked into a long-term contract.
By hiring a full-service vacation rental management company, you can free up your time and earn more revenue. These companies take care of everything from marketing to rental logistics, providing professional, local, 24/7 guest service, regularly inspecting the property's condition, confirming reservations, and pricing it correctly. They also have risk-screening procedures to safeguard your property, community, and guests.
Managing a vacation rental property can quickly turn into a second job. As an owner, you may end up spending an average of 30 hours per month on marketing, cleaning, property maintenance, upkeep, handling reservations, and restocking toiletries. Don't compromise on your peace of mind and home. Hire the right vacation rental manager who can combine marketing geniuses, data scientists, and concierges to take care of everything for you.
Key Qualities of a Great Vacation Rental Property Manager
It can be difficult to determine which vacation rental management firms offer the best services based solely on their websites. Here are some helpful tips to remember when narrowing down your choices.
Size of Staff and Rental Portfolio
While an extensive portfolio may suggest that a vacation rental management firm has a strong relationship with homeowners and extensive knowledge in the field, it can also be misleading. A large portfolio might indicate a lack of sufficient staff to provide round-the-clock guest assistance, especially during peak season when booking turnaround times are shorter. This can result in poor reviews and impact the reputation of the vacation rental property.
At MistrPM Property Management, we prioritize the care of every home and guest. We staff our local teams based on predictive analytics to ensure that we deliver the highest level of service before, during, and after each visit. Our team is equipped to handle last-minute requests from guests, even during peak seasons or large conferences, to provide an exceptional experience for every guest.
Digital Market Knowledge and Booking Online
With over 32 million property listings on Airbnb and Booking.com alone, the competition for vacation rental reservations is fierce. Dozens or even hundreds of similar rentals may compete for bookings on the same night with better listings, prices, and reviews.
To stand out from the competition, it's crucial that your vacation rental manager understands how booking channels function and how to optimize your listings. They should have listings on multiple sites and be familiar with platforms like Airbnb and Vrbo.
If you can't find their properties or they appear on the second or third pages of search results, it may be worth looking for a different manager who can provide better marketing services.
Fortunately, at MistrPM Property Management, we are experts in marketing vacation rentals and can help your property stand out from the crowd. Contact us to see how we can help optimize your vacation rental listing and attract more bookings.
Fees and Contracts for Management of your Vacation Rental Property
Vacation rental management fees can vary depending on location and the services provided, typically ranging from 12% to 50% of your rental income.
However, beware of vacation rental managers who claim to offer higher short-term returns for lower management fees. While lower fees may seem attractive, additional services can end up costing much more. A fantastic peak season doesn't matter if your property is empty for the rest of the year. A one-year contract with a manager who can only book for four months of the year is a net loss. Outsourcing carpet cleaning and air conditioning repairs can also come with operational costs and safety concerns.
When considering your budget, consider the long-term advantages of hiring a full-service vacation rental manager who can provide all necessary services, delivering the same quality as a hotel. A full booking calendar may justify a higher asking price if you plan to sell your vacation rental. Many vacation homeowners dislike contracts due to the above situation.
When entrusting a vacation rental manager with your second home or investment property, it's crucial to ensure it will be taken care of properly and increase in value as planned while also allowing you to enjoy it when you return to visit.
At MistrPM property management, we offer short-term rental made easy. Click here to book your appointment and find out how we can help you achieve your vacation rental goals.