A Guide On Vacation Property Management
Do you own vacation properties? Managing bookings and maintenance of a rental property can be a time-consuming task. Thus, most property owners prefer to outsource the management tasks to a professional property management company. This post provides critical insights into vacation property management.
What Is Vacation Property Management?
Vacation rental property management is short-term or long-term oversight on commercial real estate that promotes, rents, and maintains holiday properties. While property management is a long-standing industry, vacation property management is the latest trend. Essentially, vacation properties are available for travelers and holidaymakers and include beach houses, cottages, apartments, villas, or resorts. The property owners usually recognize the immense workload involved in the management of such unique properties. Thus, they outsource property management to professional companies.
The services provided by vacation property management may include:
- Adjusting price lists depending on the date
- Communicating with guests
- Coordinating cleaning and maintenance staff
- Listening to queries on potential guests
- Making online booking channels
- Determining prices for each vacation property
Benefits of Vacation Property Management Services
There are several benefits associated with the outsourcing of vacation property management services. For starters, outsourcing the services helps to avoid hassles and save time. Typically, vacation properties attract a lot of interest and follow-ups from potential clients and local regulatory authorities. With a professional property manager, you can relieve yourself from the time burden required to maintain such communication.
Then, hiring a property management company increases the rate of return on investment for the vacation property. Essentially, the companies can market the property and enhance service quality. As a result, the rate of occupancy and monthly rental incomes are likely to increase.
More so, outsourcing vacation property management ensures timely property inspections and repairs. Ordinarily, the company has the resources for regular property inspections and networks with repair contractors. This way, you do not lose money due to delayed property inspection and repairs.
Property Management Service Fees
The property owner usually pays for the management services offered. Typically, the service provider charges for guest communication, booking management, and onsite maintenance to ensure the property remains attractive to the clientele. However, most vacation property management companies charge commissions when a property gets rented. The commission may range anywhere between 10% and 50% of the monthly rental income. The fees paid vary depending on the degree of property management. Thus, property owners pay more for complete property management services than partial services.
Ultimately, vacation property management is an involved task that requires professionalism, time, and skills. Engage a vacation property management company and explore the wide range of benefits, including higher returns on investment.