Vacation Rental Guide / What is Vacation Rental Property Management? / Property Management Tools You Need For Your Business

Property management tools for the vacation rental industry

There are many different tools that are readily available to help those in the property management industry. These tools are there to provide a guide and some help to those that are in the industry and want a bit more from it, as well as helping to make their lives a bit easier in the end. Learning about some of the main tools is the best way to go when you want to find something that is going to help you and let you learn from them.

Property management agreement

A property management agreement is oftentimes an agreement that is a must-have for all parties involved. It is a legally binding agreement between the parties that the scope of work is going to be performed by the manager and when it is not, or they do not fulfill their duties as the manager, that the owner of the property is covered in the case of this. It is important that the manager is someone that you can trust, but having this contract in place will protect everyone involved in case something were to happen.

When you go to sign a property management agreement, you want to make sure that you have some extras put into it to cover everyone, such as:

  •  Responsibilities of both the owner and the manager and what is expected
  •  The length of the agreement between the parties
  •  The fees and payments being made by the owner and to the manager
  •  Equal opportunity housing and what is expected of that
  •  Any and all termination clauses that would make it grounds for dismissal or quitting

Property management agreement examples

The agreement starts by introducing the two parties that are being involved in the contract, then it says the dates and who they are and what they do. This then leads to the different sections of the agreement that states the when, why, how and where throughout it. Generally, they are broken up into different areas, such as 3.1, 3.2, 3.3, etc. and then they continue to move forward and go over the other areas that are covered in the contact according to both of the parties involved.

Property management contract

It is important that you understand the contract that you’re getting into when it comes to the scope of work being performed, what is being done by who and how it needs to be done, as well as fees and other extras that are defined throughout the contract.

There are always things that should be put into the contract so that there is no misunderstanding of what should and should not be done by either party. Know who is doing the screening on tenants, who cares for the property, who collects the money, how repairs and maintenance is not only done, but how it is funded, what reports are sent to the owner and how often they’re going to be sent, how tasks are approved to be done and so on. These little things need to be stated in the contract so that there is no miscommunication between the two.

Top 3 Property management books to read

If you’re ever stuck and want to learn more about property management, then you can look into some of the top rated property management books that are out there. They provide more insight regarding what you can and cannot do, what to expect and more.

1. Property Management for Dummies

Just like the rest of the for Dummies books, this one teaches you everything from A to Z regarding property management and doing so successfully.

“Discover how to be a landlord with ease Thinking about becoming a landlord? Property Management Kit For Dummies gives you proven strategies for establishing and maintaining rental properties, whether a single family or multi-resident unit.”

2. The Property Management Tool Kit

If you want to get out the tools and keep everything flowing as it should be, then this is the book that comes highly recommended. Not only do they give tips and tricks, but they can actually teach you ways to become a better property manager overall.

“The Regional Vice President of the National Apartment Association (NAA) offers his insights on property management here in 10 concise chapters.”

3. The Book on Managing Rental Properties

This is the big book that covers just about everything and some. If you’re wondering what you need to do with agreements, how to work with renters and other specifics, then you can find all of that information to get you where you need to be right inside this book. It is the handbook that is required by all property managers.

“No matter how great you are at finding good rental property deals, you could lose everything if you don’t manage your properties correctly!”

How to write a property management business plan

A property management business plan is good to have, any business plan is good to have, and it can keep you on track to success. Make sure to know how to write a business plan and have some tips that can bring the entire plan together nicely.

In order to write a great business plan, it has to have these components within it:

  1.   Executive Summary
  2.   Market Analysis
  3.   SWOT Analysis
  4.   Financial Projection
  5.   Marketing Plan
  6.   Marketing ideas & Strategies

All of these are important factors and they all have an overview of what to expect when working with your company. When you have a business plan, you can have an initial plan to stick with. This is where the plan is going to come in handy and provide you with all that you need to keep going. The business plan is the essential plan that everyone wants to make use of when it comes to managing properties.

Even if you’re not new to this, it is important to stick with moving up and learning more. There is always something to be learned as a property manager.