If you rent out your second home, you know that managing the day-to-day operations is no walk in the park. You are responsible for all aspects of the process, from online bookings to physical maintenance.
Unless you’re eager to assume a new full-time job, consider hiring a property manager to help ease the burden.
1. Property Managers Save You Time
VRBO estimates that vacation owners who self-manage spend 9 hours per week on the operation of their property. Whether it’s setting rates, fixing leaks, or handling full-scale repairs, there’s always something to do. Let’s face it, devoting so much time to anything other than your family might not be the best use of your energy!
A property manager is your central point of contact to handle all of these issues. They will save you some serious stress!
2. Property Managers Help Maximize Returns + Minimize Costs
Because property managers oversee multiple units, they can often identify pricing trends that individual owners might miss. Many managers also use sophisticated revenue automation software – like BeyondPricing – to help set rates for maximum yield. Finally, a competent manager will make sure your home stays in compliance with local short-term regulations. This alone, could save you a small fortune in extraneous taxes and fees.
Given these attributes, it’s not surprising that managers can often drive higher revenue for their clients even after taking into account their management fee.
3. Property Managers Know Local Experts
HomeAway estimates that the average homeowner lives in a primary residence that is at least 322 miles away from their vacation rental. This means that these homeowners often do not have any insight into the quality of the local companies in that market. This can make it difficult to hire trusted providers when things go awry.
You should expect your property manager to have a strong network of local vendors for you to evaluate. Your manager may even be able to negotiate on your behalf for common home services – such as lawn care, pool maintenance, or plumbing services.
4. Property Managers Handle All the Details
If you’ve ever opened your home to outside visitors, you know how many details require your attention prior to check-in. You’re responsible to ensure that everything is in working order. Have the sheets been washed? Is the house cleaned? Is the kitchen stocked? Are all of the appliances in working order? The list goes on.
A good manager will address these concerns ahead of time to ensure your home is ready to accommodate guests.
5. Property Managers Take the Night Shift
Airbnb and VRBO guests have high expectations. Homeowners who self-manage must be available 24/7 to maintain their 5 star rating. This means responding to requests and complaints immediately.
When you hire a property manager, you can rest easy knowing that your phone won’t be ringing off the hook at 2AM!
A good property manager will save time, money and headaches. Looking for the right company? Try Topkey, a platform to connect vacation owners with vetted property managers. Learn more about why we launched Topkey here.