There are a few key questions you need to consider when choosing the right vacation rental management company. We’ll go over what you should ask rental management companies and which qualities are crucial when deciding on a specific company for your vacation property.
You want to make sure that you pick rental managers that know what they are doing. This way you get the most value out of your property in the long run!
1. Ask About The Size of the Company and Their Rental Portfolio
Larger vacation rental management companies have experience with a range of vacation homes and understand how to make rental properties truly successful. Still, just because a company is larger, and has a good reputation, doesn’t necessarily mean they are the right fit for you.
These larger rental management companies do have their advantages. But they have to manage a lot of other properties. So, while they might be able to rent out your home with ease, they won’t be able to give you the dedicated support of a smaller rental management company.
In particular, if you are looking for 24/7 guest support during the busier booking seasons, it might be better to go with a company with a smaller rental portfolio. This way your property gets the attention it requires.
2. Is The Company Knowledgeable About Your Local Rental Market
No matter which rental management company you end up choosing, make sure they are knowledgeable about the local rental market. A high-quality vacation rental manager will be able to answer all your questions and tell you about rental trends in your local area.
This will include rental rates, trends during different seasons, the most popular properties, rental regulations, and other important information about renting in your location. They should also tell you what the earning potential is for your rental property.
Rental managers that have a solid grasp on local market trends will be able to increase the value of your property and drive more renters to your vacation home. In short, you should choose a company that is confident enough to answer your questions and tell you exactly how to maximize your rental profits!
3. Ask About Rental Management Fees and Contract Terms
Rental management companies do charge a fee. You can expect this fee to range from 10 percent to even 50 percent of the income you make from your rental property each month.
While this might seem like a large portion of your profits, remember that rental managers help take the work out of property management. They will list your vacation home, make sure it stays clean, upkeep and maintain your property, deal with guests, and handle booking fully.
Talk with the rental management company about their specific fees. Then discuss the terms of the contract. You want to ensure that the fee is fair and that your contract includes all the necessary responsibilities of rental management.
In addition, there should be clauses that allow you to leave the contract if the company doesn’t meet your standards. If a rental management company performs poorly and causes your property to get bad reviews you should be able to get out of your contract. Also, discuss the contract length as you might not want to enter a long-term contract right away without seeing results.
4. What Services Do The Rental Management Company Provide
Rental management fees will cover a range of services. You want to ask your chosen company what those services are upfront. While it’s natural to assume that you will get high-quality services from a professional rental management company, you need to know exactly what you will get out of signing your contract. Don’t be afraid to ask more questions and get the answers you need.
Rental managers should let you know how they:
● Communicate with guests
● List and promote your property online
● Manage revenue
● Clean and manage properties
● Deal with problems with your home or guests
● Gather and display reviews
There are other services that might not be explicitly listed in your contract. Ask your rental manager if they charge extra fees for services not listed, and if the fees don’t seem to be worth the cost, consider looking for another rental management company. You want excellent service that will cover everything needed to maintain your rental property.
5. How Will Your Property Be Marketed and Listed
Talk to your rental management company about their marketing strategy, as well. If you want to successfully rent out your property, you need to have a solid advertising plan. This includes digital advertising and a strong online presence.
Most guests will search for vacation rentals online. So, your listing needs to be search engine optimized with the best keywords. Your chosen company should also have eye-catching photos, detailed descriptions of your property, and other necessary information renters are interested in on their website and other booking sites.
6. Will You Get Regular Updates About Your Rental Property
This might seem like overkill to some people, but your rental management company should give you regular updates about your property. They need to let you know when guests enter and leave and whether there are any problems with your home.
This includes damage, missing items, and maintenance updates. If a rental management company can’t keep you in the loop, then they might not be worth your money.
7. Ask About The Booking Process
Don’t forget to ask your rental management company questions about the booking process. They should tell you when they are available to help with booking and what methods they use for rental bookings.
These days, most people want to rent properties online with a credit card. Make sure this option is available. In addition, your rental managers should be available throughout the day to help guests with booking. This way you get better reviews and maximize the number of bookings you receive.
8. Talk With Current Clients or Look at Online Reviews
Finally, you want to talk to current clients under your management company. Try to get contact information from current clients. If you can’t do that, ask for case studies. This way you know your property can be properly managed. You can also look for reviews online to see how guests rate vacation homes being rented out by the company.
Contact Alabama Beach Vacation Rentals Today
Alabama Beach Vacation Rentals is a small rental management company that is dedicated to supporting each of our customer’s needs. As rental property owners ourselves, we understand just how important it is to find a trustworthy company to partner with.
At ABVR, we personalize our rental management services to your rental goals and help create a plan that will help you get the most value out of your vacation property.
If you’re interested in learning more about ABVR or have any questions, please give us a call or fill out our contact form here. We look forward to hearing from you soon!