So you’ve finally decided to hand over the reigns and hire someone to manage your vacation rental property. The biggest decision for a homeowner as they will handle everything inside your home from guests to maintaining your property. Here are some tips:
- Just as in real estate your vacation rental manger needs to know the market. As I’ve discussed in previous articles, there are many factors involved when determining a price. Amount of people you sleep, proximity to the beach, amenities and if local regulations. Whether it’s budget, moderate or luxury. All these factor into pricing. Then of course there is seasonal pricing! Pricing it right, will determine how many bookings your property will get.
2. What are the terms, fee’s and services included? Just as everything else in this world you get what you pay for. Throughout the area Vacation Rental companies charge anywhere between 10%-30%. You need to specifically ask what is included; for example some companies will charge for advertising & marketing, pre-stay cleanings and issues that can arise when a guest is there. It is not uncommon at all, but better to know what you are getting into prior to signing a contract.
3. How does the company Market the property? This is the most important as if your home doesn’t have enough exposure it will not get rented. The vacation rental manager at 25% should at least cover one of the major Vacation Rental Listing sites. Professional pictures are extremely important as Guests rely on this when they book. If the pictures look bad, your booking will be low.
4. Reviews. This is a tricky one as it’s very hard to get people to leave anything. Your Vacation Rental Manager should do their best to solicit reviews from guests, this helps with bookings and feedback from what Guests expect. One of the first questions I receive when someone is inquiring about a rental is why are there no reviews.