We often get questions about the advantages of renting from a rental company verses from an owner directly. Well, both have their advantages. The information in this blog comes from a previous post on our blog about who to vacation with and a new blog written by Tricia Howarth for the Vacation Rental Managers Association about how to rent your property. Speaking from the rental company side the advantages we see come from the problems people who rent from owner mention to us as they come through. As a rental company we are here on site if there is a problem big or small we are here to help! If you have to change rooms for some reason, say a leak, we have a large selection of properties to offer you in place of the problem room. A rental company is just a phone call or a few steps away, where as most rental by owners are a phone call away but often in another state with just a cleaner to help you with problems. Having a rental company is handy for information, or if you happen to lock yourself out, or just the strange emergencies that come up. We have people stop for everything from restaurant suggestions and clogged disposals to Jellyfish stings, and missing bottle openers. The nice part about a rental company is they have a staff of people close by to help with any and all problems. Because of the large stock of condos we can often match or beat the pricing of a Rental by owner and provide additional service that guests want and need to make their stay worry free!
As Ms. Howarth mentioned on the other side of things if you are renting your property to make money you should make an educated decision. Most people by a place at the beach or the mountains to enjoy! They don’t usually want to spend lots of time and effort making reservations dealing with tax issues, marketing your property and maintenance calls, not to mention regular information calls about the area surrounding your property. She gave a great question to consider, “How does the return on the time it takes to do all these items compare with your regular earning potential during these hours or the value of time spent doing things you love?”
Property managers have contingency plans in place for emergencies and security for your property and for vacationers personal and financial information. These plans include onsite personnel, specialty locks and codes and. Are you prepared for computer hacks, or accidents on your property? DO you carry insurance that will cover if something does happen? How do you know your property is secure if you don’t hire someone to check on it? Property managers have the insurance, plans for accidents, and personnel in place to keep your property and your guests and their information secure. Keep in mind implementing any of these on your own is an added expense to your bottom line. Or it will be included in what you will pay in management fees each month.
Think about when you are on vacation. It is nice to have all the perks, the special attention of a staff to answer your questions. After all without happy guests you are not making money. Management companies hire specialists in guest services who are personable and happy to help twenty four hours a day, seven days a week even on holidays. Are you friendly at 4 AM when you get a call about being locked out or someone not having the Wi-Fi code? The satisfaction of your guests is what brings in future rentals. One bad review because your home wasn’t clean or the AC didn’t work when your guest arrived can ruin your future rental potential for an unexpected amount of time until you can get some positive reviews to counter act the negative information. Haven’t you heard good news travels quick bad news travels even quicker.
Exposure is not in the form of a beautiful printed pamphlet any more. You need a website to advertise on, and other options to advertise your property through multiple venues to allow the most exposure. These are fees that are also included when going with a management company.
IF you have the time, patience and money to Rent by Owner it is certainly a rewarding way to earn an income. The professionals in this field are excited and happy to help when you are ready to put your property in their hands.