You might think that property management companies are only relevant to large-scale commercial landlords. If you don't own a building, a property manager might seem like an unnecessary expense. While property management companies certainly offer many benefits to owners of large rental structures, they're helpful even if you only own a handful of vacation rental properties.
The services offered by property management companies can vary significantly, and not every contract will look the same. As a result, you can usually tailor them to fit your specific property needs. If you're still not convinced, check out these three ways that a property management company can help make your rental experience less stressful and more profitable.
1. Maintenance and Cleaning
A key feature of vacation properties is that they tend to see more usage than typical rentals, and guests may be less considerate about their care and upkeep. Rental guests also don't typically worry about issues like cleaning aside from the bare minimum needed for their stay. All of these factors mean that rental units often require you to handle more of these tasks yourself.
A property management company can handle these detail, allowing you to get your vacation unit back into perfect shape quickly and efficiently. Not only does this free you from doing the work yourself, but it also means a faster and more complete turnaround after a guest departs. Better upkeep and cleaning can also result in fewer guest complaints and better reviews for your property.
Many management companies that specialize in vacation properties make themselves as available as possible to your guests. For example, they'll often have people who can take calls from guests after hours or even 24 hours per day. Problems with a property can strike at any time, so this extra added availability can give your guests peace of mind while helping you get a better night's sleep.
3. Quick Response Times
If you're branching out into rental properties for the first time, you may find your local market too limiting. Buying properties nearby might be cost-prohibitive, or you might live in an area that's not popular with vacationers. Purchasing a property farther away can help you overcome these limitations, but you'll also be less able to respond to your guest's needs if they have a problem.
When you're managing properties that might be hours away from your home, a management company can be a real lifesaver. Since they're more familiar with the area, they'll already have good relationships with local contractors for cleaning, maintenance, and repairs. They'll also be able to respond more quickly to any problems your guests may face.