The vacation property rental market continues to grow at an incredible rate. People invest in these homes to bring in additional income while benefiting from the appreciation of the property. However, the owner must work to keep the property up and running or hire someone to do so on their behalf. What are some benefits associated with hiring a property manager for a vacation rental?
An Understanding of the Rental Industry
Property managers spend their days working in the vacation rental industry, which provides them with a thorough understanding of the market. This industry continues to change rapidly, so it is helpful to have information on market trends and developments. They work in a specific geographical region and know what renters want in a property. The manager shares this information with clients to reduce vacancy rates. If you would benefit from information of this type, reach out to Casago today.
More Exposure for the Property
Vacation property management companies help owners find renters for their properties. Their reach extends well beyond that of the owner, so the property is seen by more potential renters. The company markets the property on social media platforms, vacation rental websites, local media, and more. The larger the property’s digital presence, the more interest will be generated. Four out of five vacation rentals are booked online, so this strong online presence is crucial today.
Fair Rental Rates
Location plays a key role in the rental rate for a vacation property. A home on the beach on the Fourth of July will command a much higher price than a home near a ski resort for the same dates. Certain cities, however, remain in high demand all year long. For example, a home in Miami will bring in more rent than a home on a dude ranch in Montana.
People want to be near a beach when it is warm, which is the case in Miami year-round. They don’t want to be in Montana in January when they could find themselves snowed in for weeks at a time. A vacation property manager will help clients determine how much to price their home at different times of the year, so the owner gets a fair rate and the property stays booked.
Property managers have tools they use to screen potential renters. Individual property managers must spend time researching renters or invest in the tools used by the professionals. This costs a significant amount of money, and this is only one of several tasks the owner must take on. The property manager spreads the cost of the tools across multiple clients. This means the owner pays less to screen tenants while ensuring they have reputable people staying on their property.
As the property owner isn’t on site at all times, security becomes a major concern when it comes to a vacation rental. Owners may take several steps to increase the security of the property. They need to invest in solid wood or steel doors and security cameras. A security alarm is also essential for these properties. In addition, working with a vacation rental property management firm ensures someone is available to check the property if a security issue arises. This provides the owner with peace of mind when they don’t live close to the property.
When properly managed, a vacation rental property is a great investment. Working with a property management company benefits the owner in many ways above and beyond those mentioned above. Speak with several property management firms to find the one that is right for your needs and will help you generate additional profits from this investment.