There are hundreds of companies out there that can take care of your vacation rental property. Here’s how you find one that is right for you.
Anyone who has ever worked in hospitality knows that taking care of others’ holidays is not an easy task. Are you willing to take responsibility for everything, from the showerhead’s angle to set up early check-in times for guests arriving at midday? Do you have the time and ability to respond within an hour? You need a vacation rental management firm if you aren’t.
According to property management’s most recent roundup of vacation rental industry statistics, started with more than 23, 00 vacation rental management companies doing business domestically. Only 10% of those companies manage more than 100 units and 20% manage 20-99 units. The majority of vacation rental companies manage less than 20 units.
Finding the right property manager for your vacation rental business is not just for those with large portfolios. Many companies are willing to accept owners who have only a few properties. It’s about knowing what you want, how much you are willing to pay, and where to look.
What is a vacation rental management company?
These companies can perform many of the same functions as regular property management companies. They coordinate vendors and on-the-ground services, as well as the guest experience throughout the stay. They are responsible for ensuring that customers have “heads in bed.” This is a typical breakdown of services:
How do vacation rental management companies charge?
Flat fees or the percentage of rent collected are the two main ways fees can be structured in this industry. The fees are based on how many units are managed and the services provided.
It is essential to have a contract before signing. Owners have an “out” in case the management company doesn’t perform the contracted services as they are required to. The contract also allows owners to view a breakdown of the costs, including the commissions for bookings, and how these are calculated.
How to choose a vacation rental management firm
Online marketing can be difficult because there are so many companies competing in this industry, and local companies compete with national. The majority of blogs about vacation rental property management are written by property management firms. They all focus on the same two points.
A company is needed to manage all aspects of your property rental.
It should be their company.
This is a problem because the first is not true for everyone. The second is also questionable.
What other steps are there if Google cannot direct you to the ideal vacation rental management company?
- Ask your local chamber of commerce or tourism office.
- Ask your friends and neighbors for recommendations on reputable companies.
- Ask your homeowners association or neighborhood business networking group for recommendations of local businesses. HOAs and STR companies often clash, so this is a brave way to find out. These two volunteer groups are the best to keep an eye on vacation rental activity in your neighborhood.
- Ask a realty agent if you are working with them. But be aware that many agents want to do these services themselves, or they are trying to work with companies that will refer them. Their opinions should be taken with a grain.
- After you have spoken with companies, it is necessary to screen them.
- Ask existing clients for references.
- Ask about their marketing strategy. This includes details such as which online travel agencies (OTAs), platforms they advertise on, and if they have a professional photographer and writer to write listings.
- Take a look at their listings for other properties.
- Ask about their dynamic price strategy.
- Clearly understand their definitions and deliverables for regular maintenance.
- Ask them about their pricing and standard packages. Learn what’s included and what’s considered an add-on.
- To see the terms of standard contracts, review them.
Browse our selection of Key West vacation rentals and private house for rent Key West. It’s a wonderful way to spend your vacation in a vacation home of Key West cottage or vacation home.