Here are some of the things you should consider when looking to hire a rental manager. How much experience do they have in managing a property similar to yours and in your specific location? What types of services do they offer for their percentage? How much is their percentage? Are there any hidden costs, i.e. charging extra for handling maintenance issues, lawn care, cleaning, etc. You should know what the costs for those services are prior to signing a contract for management.
Marketing and Advertising
Marketing is going to play a huge factor in how well your property rents and ultimately how successful you are. And it isn't always how much is spent. A rental company could spend a hundred thousand dollars advertising in Australia for the Lake of the Ozarks and I doubt that they would see a very good return on their investment. Likewise they could spend $150 on a vacation rental website that would give them a few thousand dollars or more in rentals. So the right question to ask is, "what types and where" they are advertising. If they say print advertising within a 50 mile radius, I would recommend looking somewhere else.
Damages, Cancellations and Repairs
Damages, cancellations and how they handle repairs are a few things that you should research before choosing a company. Who pays for damages? Do they require a deposit? What happens when a guest cancels their reservation? If a repair is needed are you notified over a certain amount? Who pays for the housekeeping? What happens if the AC goes out during a guest rental? Does the management company offer preventative services, spring cleaning services, etc.
Do Your Research
Ultimately, if you are going to hire a manager you want to find one that you are comfortable with, that offers the level of services that you desire and that has a successful track record. You may want to speak with other owners on that company's program, get professional references and see if that company has a good or bad reputation in the community.
Too often home and condo owners don't do much research when choosing a property manager and they can end up with a bad experience. Asking the right questions and interviewing three or four managers before choosing one will make your vacation rental ownership more successful in the long run.
Russell Burdette is the owner of Your Lake Vacation, a professional vacation rental management company at the Lake of the Ozarks since 1986. If you would like more info on renting your home or condo as a vacation rental please call 573-365-3367 or email russell@yourlakevacation.com.
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
Osage Beach, MO 65065
Local - 573-365-3367
Fax - 573-365-5076
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