The growth rate of the vacation rental industry has been great over the past several years. Reports show that there has been year-over-year growth, which means there is an opportunity for property owners to take advantage.
But you'll need the right help to manage your property, which is where an experienced vacation rental management company helps. Below are five questions that will help you narrow down your choices.
1. What Licenses Do You Have?
A license is a quick way to see if a property management company has put in the work to become accredited with the authorities. Property management and short-term management licenses are available that help companies prove they know what's necessary to do the job.
Some of these licenses are also required by law. Make sure you ask about them to see which companies have put in the work to get one.
2. What Services Do You Offer?
There are many services available when renting out properties for travelers. The company you choose will depend on the exact ones they offer and what you need help with. Here are a few to think about:
- Property marketing
- Cleaning and maintenance
- Accounting
Make sure the company you hire can offer everything you need. If you plan to outsource future work, ensure they can work with you in the future for those tasks.
3. What's Your Marketing Strategy?
Getting guests will be one of the primary concerns of a management company. It's on them to take great pictures, write property descriptions, set up listings, and handle other marketing activities.
Ask about these things before signing with a company. You want to ensure the professional property management company handles these things the right way.
4. What Are Your Fees?
Maximizing rental income should be your goal, so a property management company's fees will be one of your major considerations. Learn what a company offers for full service and how much each individual service costs.
Don't just go for the lowest cost when doing this, though. Look for a company that offers the best value for what they charge. Otherwise, you risk getting bad service from a provider that charges too little.
5. What Reports Do You Provide?
Transparency is a key thing for trusting a management company. You trust them to represent your brand, treat guests correctly, and care for you properly. It's hard to know how things are handled if you don't get any reports.
Make sure you understand the types of reports you'll receive from your management company. Work with them to go through the details to ensure you understand what's happening and why it matters.
Find the Right Vacation Rental Management Company
Managing a vacation rental takes a lot of work. You have a lot more on your plate than if you would work with long-term tenants because you must regularly clean your units and constantly advertise. Make sure you turn to an experienced vacation rental management company to get the help you need to succeed in the industry.
Are you ready to take the next step and hire vacation rental services? At PMI Sunshine State, we offer vacation rental management to help with every aspect of the process. Contact our experts to learn how our services can help you thrive in the market.
