Every rental property owner will tussle with this question at some point in their journey.
You might also be unclear of the extent of services a property manager performs. That’s why we created this checklist to review if you would benefit from a professional property manager to oversee your vacation rental.
How near is the property to where you reside? Does it make sense to go back and forth every other day or week? How much does it cost you in time and transportation? If a tenant complains, an emergency or maintenance issue arises, are you able to be there as soon as possible?
A property manager can take care of these tasks and save you time, money and effort.
How many properties do you own? Can you handle all the responsibilities of rental property management for all of them? Are you able to address the concerns of every guest in your units? Do you have ample time to visit and inspect each one between stays?
A property manager can take over these duties without sacrificing attention for each property.
Is it your first time to invest in a vacation rental property? Do you have adequate knowledge to handle the upkeep? Can you navigate the complexity of filling vacancies? Do you have effective marketing tactics to attract quality guests?
A property manager has the expertise to support your property’s success. They can reduce blunders that can turn costly. Choose a respectable property manager and learn the best management practices for your rental.
How much time can you spare managing your rental? Do you work a full-time job? Do you prefer a lifestyle with more time for leisure activities?
Are you more confident in searching for new investment opportunities? Can you manage the property on a day-to-day basis? If an emergency occurs, can you drop everything and rush to the scene?
Considerable time is needed to manage a property from its maintenance to overseeing your guests’ needs. A property manager can provide the freedom and minimal stress of owning a vacation rental property.
Are you comfortable with letting property managers administer your rental? Is it okay to let them file the taxes and collect rent on your behalf?
Are you open to property managers making decisions and evaluating the systems on your behalf?
Having a property manager means you rely on their sound judgment. It means you trust them enough to act as stewards for your rental. You also have faith they will treat your property as if it were their own.
Are you facing the dilemma of filling vacancies? Is it tough to attract quality guests? Do you have funds for maintenance expenses?
Admirable property managers know how to employ great advertising methods to keep your property with a high occupancy rate.
They also have long-term partnerships with a network of expert handymen. This allows them to charge a lower rate. This reliable team of repairmen can promptly respond to all maintenance issues.
Do you have the people skills to manage dissimilar guests? Are you able to respond to demands in a calm manner? Can you handle complaints, maintenance concerns and eviction issues without feeling overwhelmed?
A reliable property manager has the ability to adjust to various individuals. Moreover, they act as a mediator should a conflict arise without losing their composure.
If you hire a qualified property manager, they’re knowledgeable of the law will also provide you with maximum fortification all the time.
Upon going over this checklist, evaluate whether you need to hire a property manager.
If you can manage and have adequate experience and time, you might not need to hire one. However, if you want to save yourself from costly blunders then it’s a good idea to earmark a budget to appoint a dependable property manager.