Thursday, May 18, 2017

6 Considerations When Choosing a Vacation Rental Manager

Do you have a vacation home at the Lake of the Ozarks and you aren't using it as much as you thought you originally thought you would? Maybe you want to find a way to off-set some of the expenses associated with owning a second home. How do you go about renting out your home to bring in a little more cash? Finding the right property management company at the Lake of the Ozarks is the first step!

Vacation Rental Management

Finding the right company to manage your Lake of the Ozarks vacation rental property can make a big difference in your overall experience. Consider your goals: are you just looking for a little extra income or do you want to make as much profit as possible? Whatever your personal situation, you'll need to make your expectations clear to your prospective rental managers.

Experience Counts

Obviously, you want a manager that has experience in the industry, someone who understands the rental season and everything involved with nightly rentals at the Lake. Find out how long your vacation rental company at the Lake of the Ozarks has been in business and how successful they have been in renting properties similar to yours. Beware of any company that promises a certain number of rental nights or a certain amount of income - how can they guarantee something like that? A good company will be able to give you  a potential number of rental nights based on their past history with similar properties, but be realistic when it comes to your expectations. There are a lot of factors that go into a successful vacation rental season that are out of our control, including weather patterns, the economy, etc. With the way the vacation rental market can vary each season, you can't "guarantee" anything.

Added Services Add Value 

What types of support services does the company offer? Do they provide housekeeping, maintenance, home watch, interior design, HVAC & appliance repair or landscaping and yard work? Are they available 24/7? If your primary residence is thousands of miles away from the Lake of the Ozarks, you want peace of mind that your property is being looked after properly. You'll want more than just a company that finds renters, you want someone you can trust to keep your property in tip-top shape. Find out what value added services are available, and use that information to help you compare prospective rental management companies.

Marketing is Important 

Next you will want to ask how the company markets their rental properties. Do they provide high quality pictures, virtual tours, videos and information about each property to make it look like a desirable place to stay? Do they utilize social media, digital marketing and e-newsletters? Is the company's website easy to navigate and is the presentation professional? Do they have online booking capabilities? In addition to their website, how do they advertise their vacation homes and condos at the Lake of the Ozarks? Find out what they are doing differently; what are they doing that you can't do on your own?

Handling Property Damage 

Since damage is always a possibility when dealing with short-term rentals, how does the company screen their potential guests? Are there age limits for renting? Do they ask what brings the guests to the Lake of the Ozarks? Bachelor and Bachelorette parties always raise a red flag? Pets are also something to consider. If you allow pets in your home, is there a pet fee and/or a pet deposit? How does the company handle damages? Do they offer any damage protection? Have the company you're thinking about going with give you examples of past damages and how they handled the situation.

Rental Procedures 

Some property management companies rent their properties on a rotating basis. If you have a nice property or a great location, you'll want to avoid companies that use this procedure. Your hard work, decor, amenities and location should be allowed to work in your favor. A company that represents all of their properties in the same manner and allows your features to sell your property to potential renters is your best bet. If you were a guest vacationing at the Lake of the Ozarks, wouldn't you want to be able to choose what property you stay in and not have to take the next unit in line?

Reputation is Key

Your potential manager should also have good ethics and be truthful about the potential for your property. Does the company have a good reputation in the community? Do they belong to any professional organizations? You should be able to get references from current owners, as well as from other professionals within the Lake of the Ozarks community. Finally, you should feel at ease and be comfortable with your prospective property manager at the Lake of the Ozarks.

Your Lake Vacation is your premier vacation rental company at the Lake of the Ozarks, since 1986! If you have a second home at the Lake and are interested in our rental program, give us a call at 573-365-3367. If you would like a market analysis or help choosing a property to purchase for the purpose of renting it out to vacationers, we can help you with that as well.

For more information please call us toll free at 1-877-284-0267!!
4571 Osage Beach Pkwy, Suite A
Osage Beach, MO 65065
Local - 573-365-3367
Fax - 573-365-5076  

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