All About Property Management Companies
Let’s start off with a simple, yet important question:
What are Property Management Companies?
Property management companies are those that work with managing a wide range of property listings. They can range from apartment complexes to vacation rental properties.
These rental management companies work to ensure that the flow of business continues and that things run smoothly; that the problems within the property are taken care of and that renters or guests are coming and going as they should be. They are the company that handles everything and anything for the owner of the property.
What are Vacation Rental Management Companies?
With vacation rental property management, you can ensure that the property management that you hire is one that has been specifically adapted to vacation rental properties. Property managers will have to ensure your properties are promoted on several marketing channels like Airbnb, your own website, etc., manage your calendars and anything that your guests may need.
Within the vacation rental industry, you can ensure that this is something that is hard to do, as there are many rentals out there that need to be taken advantage of. With this being said, guest servicing is a must and the rental management company has to provide top-notch services.
Management services are a must for a vacation rental home that provides guests with a way to stay somewhere away from home.
Starting a Property Management Company
Starting a property management company is an endeavor that takes a lot of time and effort. Not only should the person have business training, but they may require a business loan to get their business on the ground running.
Numerous property owners look for those companies that have experience, as well as certification and training in the real estate and property management field. This shows that they are knowledgeable about safety and other areas that have to do with property management.
Property Manager Responsibilities
Property management companies provide a wide range of property management services that help property owners run their businesses.
The property management duties and responsibilities include, but are not limited to, overseeing rentals and managing who is coming in and out of them, collecting payments, ensuring that any repairs are done, keeping track of deposits and damages inside the units, as well as the paperwork.
Property managers oversee the entire production from start to finish to ensure that they are allowing the owner to not only have a fully booked calendar all the time, but also one that runs smoothly with little to no problems.
What Are The Best Property Management Companies Like?
The best property management companies are those that show initiative and are self-starters. They are confident in what they do and show demonstrated abilities in being able to control and manage a wide range of property types. With good property management, an owner can ensure that their properties are well taken care of under the hands of the manager that they hire.
Property management companies hire those managers that they feel are a great asset to the company and that rental owners would feel the most comfortable working with.
How Much Do Property Management Companies Charge?
You can expect to pay between 8 to 15% of the rental amount every month towards the management of the vacation rental. This is an affordable amount to ensure that the rental is taken care of and that there is always a renter in the property using it. Property management fees are affordable to an owner that may not live on the property or may not have a lot of time to invest in renting out the property to guests.
However, the property management fee structure along with the property management fee calculation varies based on the company that is hired for the property management job.
A vacation rental property manager works towards providing a great guest experience, while also ensuring that everything is taken care of. When you pay a sliding fee for their services, you can expect that you’re obtaining the best possible services that they can provide, as well as their combined experience and knowledge in the field. This will ensure that not only do they get paid, but you will make more money from the rentals that you are trying to rent out to the general public.
A rental management company can help to increase the number of bookings in each of the properties you own.
When To Hire a Property Management Company
Hiring a property management company is a good thing to do if you’re a busy property owner. You need someone that can take care of the properties for you when you have little time to take care of them yourself. When this is the case, always sign on with a property management company that signs an acknowledged agreement with you.
Property Management Agreement Template
Choose to use a property management agreement when signing on with a property management company for your vacation rental. This is an agreement that covers the responsibilities of the owner, responsibilities of the property manager and makes sure both parties are protected if they don’t fulfill their obligations.
Owners and managers can find and adapt a free property management agreement template online. What’s most important is that the property management agreement pdf covers all the possible bases, should be signed by both parties and each should have a copy of the agreement to keep.