When it comes to vacation rental property management, there are many things you should know. From the status of bookings to income and even maintenance costs, it’s important to know the ins and outs of the entire process. Vacation rental income is paid to the owner only after a guest stays at their property.
Full-Service Property Management
Full-service vacation rental property management services provide comprehensive property care. These services include quick responses to maintenance requests, which prevents small problems from becoming large ones. These services also perform regular inspections and communicate with owners about repairs and updates. In addition, they will communicate with you in advance to ensure you get the most out of your investment.
Some managers offer marketing services as part of their monthly fee, while others charge a separate fee. Determine whether you want or need this service before choosing a vacation rental manager. In addition, some managers include the cost of cleaning in their monthly fees. If you plan to clean, be prepared to incur expenses.
On-Call Maintenance
On-call maintenance services are an integral part of vacation rental property management. While a vacation rental manager typically schedules maintenance tasks, on-call maintenance can also be outsourced to local contractors. In addition, many vacation rental management services provide maid services, such as professional linen cleaning and scheduled deep cleaning. These services can help property managers streamline their back-office operations. They also allow property managers to automate workflows so that maintenance personnel knows exactly what to do and when.
Vacation rental property managers usually include these services in their monthly fees. However, many properties need maintenance regularly, and this can be expensive. Luckily, some vacation rental management services provide basic cleaning and handyman services.
Security Measures
Vacation rental property management companies must consider various security measures to protect their clients’ properties. For example, installing motion sensors and exterior lights can deter burglars. Another important measure is installing high-security window locks on first-floor windows and those over balconies. Sliding glass doors can also be vulnerable to burglars, so securing them with special locks will help increase security.
Security measures can also include cameras around the property. While some guests may consider this an invasion of privacy, it is an extra layer of security for visitors to a property. Communicating with guests about such measures will help them feel more comfortable and confident about staying at the property. Property managers should also consider the reputation of the area in which their vacation rental is located.
Insurance
If you run a vacation rental property, it is important to obtain insurance to protect yourself against natural disasters and unexpected events. Luckily, there are a few options to consider. You can purchase coverage for the building itself or get coverage for the contents. This type of insurance covers replacement costs and has a flexible coverage schedule. You should tell guests about your insurance policy before they reserve your property.
A vacation rental property manager needs professional liability insurance, or E&O insurance, to protect their business from outside claims. This type of insurance covers the business from any financial loss caused by errors and omissions and may be particularly necessary if you provide specialized services to guests. Additionally, General Liability Insurance is recommended for all businesses, regardless of what type of services you provide.
Location
If you’re thinking about starting a vacation rental property management business, there are some important things you should consider. First, ensure your prospective property manager has strong local market knowledge. This means they’ll have a good sense of the high and low seasons and what types of properties are popular in that area. In addition, they should have a thorough understanding of local regulations and trends. When interviewing potential property managers, be sure to ask them about these aspects. A solid vacation rental property management company will be able to answer all your questions and help you succeed.
Vacation rental guests are diverse and have different expectations. To meet the needs of each guest, it’s important to listen to their feedback. After every stay, follow up with them to hear what they think. Doing so can improve your services and ensure that you’ll always receive 5-star reviews.