Vacation rentals make up an $87.02 billion market in the United States and are experiencing a 3.3% compound annual growth rate (CAGR). Because there are so many different vacation rental property offerings and just as many people willing to fill them, you'll want to get the help of some property managers that can assist you. Keep reading to learn more about these property managers, why they're valuable, and how you can work with them.
What sort of vacation property are you dealing with?
Your first step is getting to know the kind of vacation rental property that you're dealing with so that you know how to attract a market of renters for it. When you know the kind of vacation property that you're dealing with, you'll be able to figure out the best ways to get a return on investment (ROI) from it. You will find that vacation property managers tend to have specialties. Some might deal with properties that are booked by the night like a hotel, while others follow the more traditional vacation rental model.
How can a vacation rental property management company assist you?
There are several roles that a vacation property management company can provide for you. They will collect payment from renters, book out the calendar far in advance, collect deposits, create and market listings, arrange for maintenance and cleaning, and so much more. Having the help of these professionals lets you collect payment without getting into all of the tedium and detail that comes with monetizing a vacation rental.
It's worth it to have the assistance of vacation rental property management professionals that can assist you when you're in two totally different time zones or geographical areas. You'll be able to rent out a listing in tourist-heavy cities like Lake Havasu City and Cape Coral without needing to ever step foot in those areas.
Are you prepared to work with a property manager on an ongoing basis?
Be sure that you search for the help of a property manager that can take on your workload. Find a manager that is proven at what they do and make sure that they're ready to get an ROI from any rental property that you're dealing with. Ask about their rates to determine what percentage of the rent they will be collecting for their services.
Start with the tips in this article and then get in touch with a vacation property management company, such as Skye Management.