How to Change Your Property Management Company
Managing a vacation home can be a difficult job, and you know it firsthand as the owner. Hiring a company to manage your short-term rental property should allow you to rent it easily and earn the greatest profit possible. However, suppose you don't have the proper personnel in place. In that case, minor issues will turn into massive issues, and you will always be writing checks for administrative expenses, fresh bedding, and toiletries for your visitors.
Before renewing with your current property manager, consider the benefits and downsides of your partnership. Are you guaranteed a set rental income? Do they provide top-quality marketing services and competitive booking rates? Does one comprehensive fee cover all marketing, booking, customer support, repair, and housekeeping services? Are they responsible for filing your rental-related taxes? If not, you may want to research other property managers.
It's Time to Hire a new Property Manager If You See These Signs
When should you start investigating new companies that will keep your home in good condition and make you more money? It is not simple to end a relationship, but it must be done in some situations. Your short-term rental investment should be managed with care, and if your current property manager is not meeting your needs, it is likely time for something different. You should seek the following signs to determine if you should make a move:
You are billed for new light bulbs in one month, and the next month, you are billed for shampoo.
Your rental is having trouble staying consistently occupied.
You must advertise your property, reserve it, and speak with guests.
You must file the taxes and obtain the necessary permits for your property's rentals.
It can be challenging to determine what services your property manager should provide, given the many companies available (full-service and à la carte). Realtor.com says the company you hire should determine your rent, market your home, screen your visitors, protect from lawsuits, handle emergency repairs, track expenses, provide appropriate tax documentation, and visit your home. Look for a company that will make your life as a vacation homeowner easier if you don't currently have any of these critical benefits.
Handling a Poor Property Management Company
You might find it intimidating to part ways with your property management firm, but it's well worth the moment of anxious palms. It's about time you received the best you can.
Before making your call, list why the cooperation is no longer functioning for you. If a company requires a lengthy contract, carefully examine the one you signed. You and your home and visitors deserve the best service possible, and it's about time you got it. Mentioning examples of things that have gone wrong may assist you in your discussion.
According to the National Association of Residential Property Managers (NARPM), a code of ethics must be adhered to. If you're in a scenario where you must switch companies, do so respectfully. You can file an ethics complaint if you believe your property management firm is violating the code.
Finding a Better Property Manager
The whole reason you contracted with a property management firm is to save time and ensure that your investment makes you a healthy profit. After all, you didn't purchase a vacation home so you could take on a second job. Offering you the right short-term rental experience is crucial. Look for a company that handles every detail you can imagine and allows you to cancel at any time as you search.
In addition to everything Realtor.com mentioned above, we provide a wide range of services to make renting simple and profitable. In addition to all of the services provided by Realtor.com, 5 Star Short Term Rental offers full-service property management for short-term rentals. You don't have to sign a long-term contract with us, either. When choosing a company, be sure you're aware of its fee structure. While the initial fee might seem reasonable, you don't want to get screwed on photography and virtual tours of your home, inspections, and credit card charges from rentals, among other things.
Make sure you understand all the services included with housekeeping and maintenance before signing a new property management agreement. Will the company complete your yard work and refill your propane tanks, or will you be charged separately? Before signing any contract with a new property manager, find out what you're getting. Companies that are upfront and honest about how they serve you and your home are a good choice. Check customer reviews from current and past clients to help you pick the right property manager. If possible, working with an experienced industry leader with a local presence in your area is also a good idea.
Interview Questions For A Prospect Property Manager
When selecting a property management company for your short-term rental, ask these questions to ensure you're choosing the best one:
Do you charge any upfront, monthly, or other "hidden" fees (booking channel, management, credit card, etc.)?
Are there charges for house visits?
Is there a long-term contract that I have to sign?
Can you assure me that I will make more money on my vacation home this year than last year?
How do you plan to market my short-term rental?
Are there any restrictions for owner usage?
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