Handling vacation rental property management yourself or hiring a professional individual or team to do it for you can be a tough choice for most vacation property owners. While hiring a rental management company to take care of your property will free you from a lot of headaches, you will be getting less income from your rental property in return.
For those debating on which way to go, the main consideration is how much time you have for vacation rental property management
. If you are retired or can spare the time to do this without jeopardizing your other responsibilities, then managing your vacation rental yourself is very doable. You will save more from the charges you would otherwise incur from management companies for every booking. You will also be able to market your property more effectively since as the owner, you have a much more intimate knowledge of its best features and highlights.
However, the downside is it will take up your time and effort to do effectively. Vacation rental property managements an actual job and not just a hobby. You need to devote your resources to it and acquire equipment and manpower to start and maintain it. You will need a toll free number, a computer with booking software, written contracts, marketing materials along with people who will maintain the property itself.
Now, hiring a property management team will certainly free you from the hassles associated with setting up this vacation business infrastructure. This option is best suited for those who invest in properties but have other full time commitments that require their attention. You will be paying a commission every time your property is booked, but otherwise, you can expect income to come in smoothly, on time, and any headaches can be handled through the property management service.
The danger here is in your choice of a management company. While there are certainly very reputable people you can trust, there are many more who may not have the abilities and dedication to market your vacation property as much as you’d like. Furthermore, vacation rentals are different from standard rental units and need a specialized approach. Make sure that you hire someone who will be your property manager full time instead of someone who can only do this part-time.
Keep these pros and cons in mind when deciding how you will resolve your vacation rental property management needs. It is better to contact a real estate professional like John Carney
to understand that process.