Tips to Consider when hiring a Property Management Company:
The Property Manager should live in the city where the properties are located.
Close proximity allows the Manger to visit the property during off-peak or down times and become very familiar with the home- constantly taking note of any issues or upgrades that are necessary to maximize rentals. Heading off problems is a top priority.
“Of course, there will always be unplanned issues that will arise, and when they do, you want a Manger that can show up at the property within 20 minutes- if necessary.” – J.Parker
They feel the same pains you feel when addressing the bottom line: (taxes, maintenance issues,housekeeping & pool fees, liability, and the cost of rising insurance policies).
“It’s one thing to know these cost exist and how they take away from one’s bottom line, but it’s an entirely different thing to “feel the cost” in your own pocketbook. Owner’s intrinsically know they must be watchful and use caution when addressing expenditures. Simple things, like going by a rental homes to drip spickets when an unexpected freeze is predicted and then being sure to turn them off afterwards. Even stopping by after holiday winter rentals and making sure thermostats are turned down during the off-season can add up to year round savings!” – J.Parker
They expect Guest to treat both their homes and your home with care and do no damage.
That’s not to say that no damages will occur, because they will, but knowing the difference between casual wear and tear or accidents and blatant disrespect of the rules and care of the home is a serious business.
“You are going to have a few broken glasses, ruined towels, or lost keys. These types of issues are expected and just part of the business. What we don’t put up with in our homes or the ones we manage are when items are missing (taken), there’s major damage to furniture or home, obvious parties and leaving the home trashed. It’s not something that happens often, but when it does, having ownership, ignites something inside you. Your trust has been broken and you just have an added personal agenda to get to the bottom of it and charge those responsible.” – J.Parker
Property Managers that own Vacation Rentals are also quicker at recognizing trends in the vacation rental market.
Any good property manager will recognize when the calendar isn’t filling up with reservations, but an owner will notice this initially and instinctively begin trying to figure out why, not waiting until prime weeks have gone un-rented to analyze the problem.
“Sometimes the trend is when a home is booking up too quickly or having multiple requests for the same week. While this may seem like a good thing, it’s important to consider what is going on locally, such as a festival or an event because it could also mean that the particular week is being advertised for a price that is below fair market value and needs to be adjusted. On the reverse side, when a home misses an expected rental week, the price may need be adjusted quickly to capture future weeks. Living here locally, I pretty much know what events, festivals, and activities are going on and stay on top of this so I don’t miss a high-demand week.” – J.Parker
Smaller Property Management Companies have more upper management involvement with each of their vacation rentals.
Being a small property management company allows us, at Fun Family Rentals, to be around and dedicate more of our time to a property and to know the property better. Companies that manage over fifty properties, must rely on lower-level management teams to oversee properties. Some of which they may never have even stepped foot in.
Having a Proven Record of Maximum Rental Income.
Over the past 10 years of managing Vacation Rentals we have learned thru trial and error what works and what doesn’t in getting vacation homes rented for an average of forty weeks out of a year. This is not typical for this area as the average vacation rental home rents for about 25 weeks a year. There is no one secret to doing this, but a culmination of experience, salesmanship, artistic ability, marketing, accessibility, hard work, and loving what we do that makes this possible.