Why Should You Go With a Pro?

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The following is a post I am sharing from the Vacation Rental Managers Association’s Blog dated April 23, 2015 by Trisha Howarth. There are many reasons to consider professional management of your vacation home. Trisha has just about summed it up … but there are additional benefits and you will find a few below her post in the comments section. The final comment I submitted yesterday. As a vacation rental owner, there are many points mentioned below that you will want to consider when making your decision on professional or self-management.

Why Should Homeowners Go With a Pro?

Thinking about renting your own vacation home? Here are some things to consider.

It may be tempting to place your home on a “for rent by owner” website and attempt to handle the rental of your home without using a professional agency. While saving on agency fees may be tempting, are the savings really money in the bank?

Time is money. The value of having an agency handle rental for you allows you to focus on the enjoyment of your second home versus the rental and maintenance aspect associated with home ownership. Filtering inquiries, booking reservations, greeting guests, servicing the guests while they are in your home, maintenance calls, trust accounting, tax submissions, and marketing all take a large amount of time. How does the return on the time it takes to do all these items compare with your regular earning potential during these hours or to the value of time spent doing things you love?

Security of your investment is key. On-site personnel is essential for assuring that your home is in good order and guests have left the home as they found it. What if something does happen during a guest’ stay? Handling collections and legal issues surrounding damage or an event can be difficult especially if the issue isn’t caught in a timely manner. How will you know if your home is secure and maintained without hiring some to check it for you?

Attention to you and your guests are the focal points of a professional agency. Vacation rental management companies are in business to bring agency, homeowner and guest together in business transactions that benefit all parties. It is what they do. Agencies hire full-time employees and provide them with professional and legal training as well as stay knowledge about industry trends. Agencies also have systems in place to take care of owners and rental guests. Some agencies also may have an attorney on staff to assist in daily decisions regarding rental receipts and advise on issues that arise.

Exposure through marketing brings awareness and results in bookings. When you list your home with a website provider you become limited to one stream of exposure. A professional agency may list your home on the very website you are considering and pay the associated fees; however, an agency invests money in many forms of advertising including web, print, direct mail and public relations.

Satisfaction comes in many forms. In the short-term the savings may seem worth it; however, peace of mind is worth something. “For rent by owner” sites taut booking results, but what about your personal experiences with rental guests and the overall experiences of the guests themselves? Taking the worry out of maintaining a home you visit several times a year, the challenges of customer service and all the various components of renting a home is what a professional agency does.

Before listing your home on a “for rent by owner” site, research rental agency firms and weigh your options. Vacation rental management companies with proven track records can offer a way for homeowners to enjoy their second home instead of manage it.

 

Comments

By: William LeMasters

On: 04/28/2015 12:31:37

Additional benefits of professional management comes with stronger vendor relationships that a management company develops which results in faster response times and better pricing on repairs and supplies.
Additionally a management company works with larger data blocks and can be more effective setting and adjusting pricing to maximize revenue.

By: Erin Mitchell

On: 04/28/2015 13:34:58

William brings up a very good point. Strong vendor relationships is huge and can ultimately make or break a guest’s experience if something does go wrong. We have had last minute issues with pools, appliances, AC- you name it and our strong relationship with certain vendors helps us solve these issues much quicker. In Hawaii, this difference is especially exaggerated as there is a very small vendor pool to call as it is and repair parts are often not in stock.

To add to the point about “Time” – No matter what, someone always has a question in the group (where’s the extra TP, can you recommend a cab, what time is sunset, do the trees block the view, etc.) and having a professional manage your property means you have some available to answer the many questions a guest has and at all hours.

By: Vickie Murguia

On: 05/23/2015

Another advantage would be in handling city ordinance regulations and the oversight of short term vacation rentals. It is difficult for an owner to manage their property from a distance when city ordinances have strict monitoring regulations. Many cities require a responsible party be available twenty-four hours a day and within an hour’s drive if a code enforcement violation is received. It is also beneficial to have an advocate of vacation rentals present at HOA and City Council meetings to represent absentee owners and their rights. Attending these meetings, I have noticed that some of the most vocal complaints from residents opposed to short term vacation rentals, site absentee owners who manage their properties from a distance and feel that there is no oversight of the tenants reflecting a lack of concern for their surrounding neighbors. Vacation Rentals of the Desert makes it a practice to pass out our business cards to neighbors of the vacation home and encourage owners to do the same. I have found that when neighbors feel that their concerns matter and have a local professional company that can be contacted directly, it has often circumvented complaint calls to city officials, and saved the owner costly fines. It will also generate a better relationship between the vacation rental owner and their neighbors.

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