Locals Only! 5 Reasons Why You Should Hire a Local Vacation Rental Property Manager
Do you own a second home that you would like to turn into a vacation rental? If so, you are likely wondering whether to manage it yourself or hire a local vacation rental property manager.
While, managing a vacation rental property may seem like an easy task at first, when doing your research you'll find there is no shortage of information, tips, resources as well as confusing regulations and laws to decipher. In the end, running a successful vacation rental property can be as large an investment as a full time job and you'll find that your property will only be as profitable as the work you put into it in most cases.
On the other hand, anytime a need arises there is sure to be someone that provides a solution. If you don't want to manage your property yourself, hiring a local vacation rental property manager will save you money and time in the long run. Here are the top 5 benefits of hiring a reliable short-term specialized partner to manage your vacation rental for you:
1. They’ll Help You Avoid Legal Trouble
Unless you’re a realtor or real estate attorney, you most likely don’t know any local laws relating to rental property management. Most rental property owners don’t, and it’s often a costly mistake.
For example, if you were to penalize your tenants for property damage and the law considers the fine illegal, you could find yourself in a lawsuit where you had the best intentions and just looking after your property. Local vacation rental specific property managers understand all local regulations relating to property management. They can help you avoid any legal troubles and save you time, money and headache for a relatively small fee, usually 15% - 30% with most providers. It's a small proce to pay when you do not have to do anything more than choose a partner that specializes in vacation rentals in your area and let them maximize the bookings for your property.
2. They’ll Help You Set the Right Nightly Rates
A local property manager knows your real estate market and area travelers well. They know what the average rates are for the area and what the travelers are looking for in your area so your listing is optimized to attract guests.
Setting the nightly rates too high could mean low vacancy in your property. Putting it too low will mean you’re not maximizing your monthly income. Property managers know how to strike a balance to and set a perfect, attractive rate.
3. They’ll Help You to Market Your Property and Find the Right Guests
With Airbnb, VRBO and the various aggregators for vacation rentals you'll want a property manager that knows the area and how to optimize your property listing to attract travelers to the area. A management company local to your property knows where to market your property, the best techniques and methods to do it and update often to leverage local events and attractions travelers may be looking to book to attend.
4. They’re Available When Needed
You should hire a property manager who isn't based miles away from your rental. What if a tenant needs urgent service for something like electrical, plumbing, or heating issue?
Most reputable local property managers offer 24-hour service to ensure tenants are sorted out when emergencies arise. They track the repairs and keep records to determine who is responsible for fix-up expenses.
5. They’ll Help You Save Time and Money
Imagine all the time you need to put in to deal with guests, especially if you have multiple properties. A local short-term property management company takes all this hassle from you so that you can focus on the rest of your life.
Why Hire a Property Manager?
There are many more reasons why you should hire a Long Beach, CA vacation rental property manager. The bottom line is that you’re assured of more bookings, high-quality guests and maximum profits. Call or email us today to discuss your property!