Do you own one of America's (roughly) two million vacation rental properties?
One of the smartest decisions you can make is outsourcing its management to a short-term rental management company. If you opt for the full-service package, your only job will be to wait for the rental income to hit your account! You'll also have plenty of time to explore other short-term rental investment opportunities.
But how do you find a company that you can bank on to do an excellent job? There are thousands of companies to choose from, and they aren't created equal.
This guide highlights a few key factors to consider when making a selection. Let's dive in.
1. Location
You know how hard it can be to self-manage a vacation property if you don't live nearby. Vacation rentals can be especially demanding since there are guests moving in and out often. You have to inspect the state of the property once a guest checks out so that you can make the necessary repairs before the next guest checks in.
So, when you're hiring a short-term rental manager, they must be based near your property. If your property is in Park City, Utah, for example, the company must be based there.
This way, you'll be assured that they'll respond to emergencies quickly. Prompt response to guest complaints helps improve guest satisfaction.
2. Online Reviews and Ratings
Over 90 percent of consumers read online reviews before they shop. You should do the same when shopping for a vacation rental management company.
If a company has been in business for a while, it likely has a handful of reviews on sites like Yelp, Google, and Better Business Bureau. Reading these reviews will give you a clearer picture of the quality of the company's services.
Don't be quick to make a decision if you're seeing lots of glowing reviews. Hunt for negative comments and know what the complaints are about. Such comments help you identify the company's weaknesses.
You can also call the company and ask to speak to some of their current clients, if possible.
3. Size of the Company
The best vacation property management companies typically have a sizeable number of clients. That's because every property owner wants to work with the best service providers.
However, do further research before settling on a company because it's everyone's favorite. Does it have enough property managers on staff, for example? How many properties does one manager oversee?
To cut costs, some companies subcontract management services or don't bring in enough manpower to handle the growing client base. You want a company that's adequately staffed and has enough resources, such as company cars, to facilitate employee movement.
Hire the Best Short-Term Rental Management Company
Your choice of a short-term rental management company will make a big difference in the performance of your property. The right company will ensure a steady flow of guests and stay on top of property maintenance.
For Park City, UT, short-term rental owners, that company is PMI Mountain Collection. Contact us and let's chat about how we can help you become a successful property owner.
