Owning a vacation rental property takes a lot of time, energy, and trial and error. Property management may seem simple at first, but it requires a lot of knowledge, strategy, and resources. In order to successfully manage your vacation rental you must:
- Handle maintenance issues
- Manage rate-setting and collecting payment
- Build relationships with guests
- Be available 24/7 to guests to answer questions
- Market your listing
- Solve vacancy issues
- Stay on top of inspections
- Oversee tax and legal compliance
- Hire contractors, housekeepers, repairmen, electricians, and more
If you already have a full time job or other responsibilities, adding property management to your plate can be overwhelming as a vacation rental homeowner. So, if you’re struggling to decide if it’s worth it to hire a property manager, here are the ways a full-service vacation rental property manager can pay for itself:
Comprehensive understanding of the rental industry
Property managers make it a career to understand the rental market. They usually have a large network of real estate professionals, agencies, and other organizations that help them stay current with the market trends. They understand what travelers are looking for and can use this information to help you get the most out of your vacation rental.
Understanding the real estate market takes a lot of research and time. Property managers eliminate your research process and help you understand the important characteristics of your property needs.
Well-versed in rental law and other state statutes
Regulations can and do change all of the time, so it can feel a bit daunting to stay current on all new laws and regulations for short-term rentals in your area. Not staying current can end up significantly costing you.
Good property managers are well-versed on local regulations, including tax policy. At TurnKey, for example, our local teams attend council meetings, donate time and money to STR advocacy groups, and keep homeowners informed of any and all policy changes.
Increases the value of your investment
Everyone who owns a vacation rental wants to maximize their profits. However, it may be puzzling to navigate the ever-changing industry and can take a lot of trial and error to yield the best investment results possible.
Property managers understand how to keep your property marketable and get the most bang for your buck.
Property management firms like TurnKey can help you increase your return on investment in several ways:
- Low commission rates: By providing an industry-low commission rate, you can make a large profit on your rental. TurnKey offers a unique business model and advanced technology to deliver the lowest commission rate possible.
- Well-developed property listing: In order to make your rental attractive to travelers, TurnKey’s listing creation experts will craft your property’s description for online sites like Airbnb. They will select the best photos and wording for your listing.
- Reach more travelers: TurnKey will tailor your listing across a wide variety of vacation rental sites. This will help increase views to your listing, as well as grow your conversion rates.
- Price management: TurnKey’s Revenue team can help you leverage your property to meet the demands of the market. This will also assist with the maximization of your revenue throughout the year.
24/7 service for your guests
Do you like receiving phone calls at 3 a.m.? How about when you’re spending quality time with your family? When you own a vacation rental property, your guests will call you whenever they have a question or need assistance – no matter if it’s 1 p.m. or 3 a.m.
Property managers are a great point of contact for your guests. They can answer any questions or concerns and provide any assistance your guests may need. This also adds to a guest’s rental experience, providing 24/7 customer service similar to a hotel.
When you own a vacation rental, it can be challenging to identify opportunities to increase your occupancy. Through assessing the rental market and guests’ wants and needs, property managers can help you maximize your occupancy.
For example, property managers may offer promotions during the slow season to encourage more bookings or adjust your nightly rates based on demand. They can also develop marketing strategies to help increase your properties’ online appeal.
In addition to adding value to your property through marketing and promotions, they understand the formulas for pricing your vacation rental based on availability.
Gives you peace of mind
In a perfect world, your vacation rental would be right next door to your home. But this often isn’t the case. Your rental property may be a few miles away or entirely across the country, and it can be challenging to manage your property from a distance.
What happens when the a toilet breaks or the air conditioning goes out? Who are you going to call?
These circumstances can add an extra level of stress to your life. A full-service property manager like TurnKey has a large network of contractors and handymen available to take care of most common rental mishaps. They will also provide 24/7 assistance to answer any question or concerns you or your guests may have.
You can rest easy knowing your guests and property are in good hands.
Managing your vacation rental can be extremely time-consuming and frustrating. Having an expert by your side can put your worries to rest.
If you want to take the headache out of owning a vacation rental, hire a property manager. A property manager can help you maximize your profits while assisting your guests with all of their rental wants and needs, providing a priceless service to every vacation rental homeowner.
Want to hear more about full-service property management? Learn more here!