Owning more than one property can be a struggle for most people. It should be a joy, getting financial freedom or having a place that you can enjoy on your own vacations. There will likely come a time where you realize that a property manager can be exactly what you need. However, you need to be sure that you pick the best property manager for your needs. This will help make the process of finding a property manager a lot less stressful.
Is the company a local or national property management company?
It can be an ideal choice to go with a local company since they will be more familiar with the area. But national companies have more resources at their disposal to offer you better services. This will come down to what your specific needs are. If you are looking for a smaller company with a friendly approach, a local company would probably be your choice.
What are the different services offered?
If you need marketing help only, you may only need a company that just handles marketing. If you need someone who offers cleaning services, there are companies to help with this. For those who need everything, you will want to invest in a full-service property management company.
Do you have transparent pricing?
A company that doesn’t clearly discuss their fee structure is not a company that you want to work with. You can expect to spend between 15% and 50% of your profits on these services.
What is the vetting process for guests?
You want to ensure that your property is in good hands. It is important that the property manager has a strict screening process, including the process to check guest information or if there is a minimum age.
What is the process for cleaning and inspecting the property?
Is the cleaning staff thoroughly trained? Does a supervisor inspect the home after the guests check out and it has been cleaned before a new guest arrives? Is there a deep cleaning process for specific parts of the home? These are all very important questions.
See also: Managing Your Vacation Rental
How will you improve the guest experience?
Some companies will do the bare minimum, just offering a welcome sheet for guests. Other companies work hard to make the home memorable for guests so that they are more likely to return.
Will there be any additional fees passed onto the guests?
The industry standard is that some of the property management fees get passed onto the guest. The issue is how much this fee will cost. Guests don’t like to be surprised with a massive add-on fee unexpectedly, so knowing this can be helpful to all parties.
How does your company price homes?
It is important that the property management company makes the best balance between maximizing your profits and having a price that is attractive to guests.
Do you use any technology or systems to optimize the experience for all parties?
Technology is always advancing, improving the quality of life for people. Technology can offer amazing tools for property management, making it important for you to find a company that uses every tool to their advantage.
Would you show me some of your other properties you manage?
This is like a portfolio for property management. Take a look at their other properties to get a feel for what they can do for you. This offers you excellent insight as to if they will work for your needs.
In Conclusion
Having a reliable property management company is crucial if you own vacation rental. We are managing vacation rentals in Whistler, BC.
In January 2019 there were 2187 active listings on Airbnb in Whistler up from 271 in 2014, gaining massive share of the Whistler bookings every year. The average management fee in Whistler is about 32%. The average occupancy rate is 55%. Would you like to increase your net rental income by $10,000 or more?
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