Owning vacation rentals can be a good way to make money. However, it can also be a lot of work, particularly if you own more than one rental. It's not unusual for owners of vacation rentals to spend more time caring for and renting out their properties than they spend at their ordinary jobs. But what if you want to own vacation rentals without them taking over your life? That's possible. You'll probably need to hire a vacation property management company, though. Here's how these companies can make your life easier.
Managing Rental Requests
Managing rental requests can take quite a lot of time, between managing repair and rental requests and client needs. A property management company will take over this responsibility for you. They'll be the ones clicking through multiple requests, keeping track of who cancels, and answering all of those questions from prospective renters.
Collecting Rent
Collecting rent is one of the hardest aspects of renting any building. And when you have short-term vacation rentals, you have to collect rent again and again! This is something else a property management company can do for you. Most have a pre-set system that they have renters use to pay with their credit card or an online payment app. You don't have to worry about chasing down renters for non-payment or about bouncing checks.
Cleaning
When you own a vacation rental, someone new stays every week or two. And after each stay, you have to thoroughly clean the space. That's a lot of cleaning. Even if you hire a professional cleaning service, you still have to meet them there, let them in, and work with them on scheduling. A property management company can handle this for you. Most employ their own cleaners, so they can send someone out at short notice, as needed.
Recommended Updates
When you don't live in an area yourself, you don't always know what renters in that area are looking for. So, you may not be sure which upgrades are worth making to your vacation home. A property manager will know, though! They manage so many properties that they're really familiar with the upgrades that bring in more renters, and those that don't. With their guidance, you won't waste money on upgrades with a low return on investment.
If you want to own and rent vacation properties, hiring a property manager is definitely the way to go.
