Lake of the Ozarks Vacation Rentals: Who's Managing Your Property?

The vacation rental industry in Missouri is kind of like the black sheep of the family when it comes to oversight and regulating. While everyone will agree that you need to have some sort of rules in place, nobody wants to be the governing body for the industry. So as the owner of a vacation rental property at the Lake of the Ozarks, how can you protect yourself?

Potential Property Managers

First of all, as an owner, you should ask a potential Lake of the Ozarks property manager about their experience, education and professional licensing when considering them as your property manager. Do you want someone with no experience, no education, no insurance and no professional accreditation managing your property?

Missouri Real Estate Rules & Regulations

In Missouri, it is legal to manage your own property without a license. But the Missouri Real Estate rules and regulations are quite clear; that if a person rents or leases real estate; offers to rent or lease real estate; negotiates or offers to negotiate the rental or leasing of real estate; lists/offers/agrees to list real estate for lease or rental; assists or directs the procuring of prospects calculated to result in the leasing or rental of real estate or assits in or directs the negotiation of any transaction calculated or intended to result in the leasing or rental of real estate, that person must have a real estate license.

Owner Protection

All of these things happen within the vacation rental industry. Property managers are managing other people's property; they are negotiationg contracts, offering property for rent/lease, assisting in finding prospects, etc. Yet no one wants to regulate the industry. So there is very little protection for the public when it comes to hiring a property manager to manage your vacation rental property. Your only recourse is to hire an attorney to sort things out if they go south.

Hiring a Professional

Or you can do your homework and hire a professional that has experience and is licensed to practice real estate, including the management of property. Here are a few of the questions you should ask:

Are you a licensed real estate agent?
Do you have a business license?
Are you collecting and paying sales and lodging tax on the properties you manage? (In not, you as the owner are liable for those taxes on a yearly basis.)
Do you carry commercial liability insurance and worker's compensation for those performing services for you, i.e. maintenance, housekeeping, etc? (If they are not carrying those insurances, then you as the homeowner are liable if anyone gets hurt while working on or renting your property.

A professional vacation rental company at the Lake of the Ozarks is licensed by the city and county, has licensed agents, pays state and loding taxes and carries the proper insurance. Everything is designed to protect you as the consumer.

Russell Burdette is the owner of Your Lake Vacation, the Lake's leading professional vacation rental management company. Serving the Lake area since 1986. If you would like a vacation rental market analysis or more info on renting your Lake of the Ozarks waterfront home or condo as a vacation rental, please call 573-365-3367.

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