What's the Difference Between Property Management Companies?

At the Lake of the Ozarks, you will find a number of Vacation Rental Managers. Some are better than others and all of us do things a little differently. So what's the difference? How do you determine the right company for your vacation rental property at Lake of the Ozarks? Should you go with a big company, a small company, a company that specializes in just rentals or a company that does a little of everything?

The Rental Management Decision 

This is a big decision and big decisions should be made carefully, with plenty of forethought. A rental agreement is like a marriage, a partnership, you are in fact going into business with someone else and you need to seriously consider who you are going into business with.

You should speak with a minimum of three Lake of the Ozarks vacation rental companies before making a decision, possibly more. When I say speak, what I mean is that after you find three companies that handle property in your area, you then need to thoroughly interview them. Ask them the tough questions. Just because someone is the largest company, has been in business the longest or manages your neighbor's property, does not necessarily make them the BEST rental manager at the Lake of the Ozarks.

Questions to Ask Your Prospective Rental Manager 

So what should you ask?

• Are you familiar with my area or complex and what sort of success have you had there? 
• How many properties do you manage and how does that compare with the last few years? 
• How many rental nights can I expect with my property? 

Not having experience in your area may not be a deal killer, but it is good to know. If the company has more properties than they did a few years ago, that is usually a good sign. If they have significantly less, that could be a bad sign. While no one has a crystal ball to determine how many nights a property will rent for in a given season, based on past rental history for your type of property, the manager should be able to make an educated guess. The manager should be able to show you historical data for a similar property that will translate into potential rental numbers for yours.

Figure Out How the Program Works

Finally, you need to know how their program works. Some companies charge 30%, 35% or 40% or more on each rental you get. Some companies provide towels and linens, while others do not. Some have maintenance and housekeeping staff, while others do not. All of these things will depend on what is important to you and your situation. After all of that, the most important thing is to find a manager/company that you like and get along with. I would visit their office, visit with their staff and see how it works. If you cannot get along with the people that will be managing your home or condo, it won't be a very good or profitable relationship.

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 at the Lake of the Ozarks as a vacation rental, please call 573-365-3367.

For more information please call us toll free at 1-877-284-0267!!

YourLakeVacation.com

4571 Osage Beach Pkwy, Suite A
Osage Beach, MO 65065
Local - 573-365-3367
Fax - 573-365-5076  

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