Management and Maintenance
Taking care of the management of your vacation rental will depend on how many properties you own and their proximity to your home. But it’s a big job and there are several things to think about. Make sure you have the time and cash to commit to undertake the basics of property maintenance and management:
- Placing ads in publications that will reach your target audience
- Interviewing prospective renters
- Checking references and credit reports
- Handling tenant complaints
- Establishing and collecting rents
- Ensuring rooms are thoroughly cleaned after each renter
- Making frequent site inspections
- Doing or arranging for someone else to do repairs and maintenance
- Upgrading property features
- Purchasing the proper type and amount of insurance Paying property taxes
Professional management companies abound and this may be the way for you to go if you travel a lot, live far away from your vacation property or if you own a number of real estate holdings in different locations. Professional managers are usually quite knowledgeable about fair market rents in the area where you have purchased property. You personally will be relieved of the daily operation of the rental property but keep in mind the management companies do this for a fee. Look at these fees when you consider your expected return on investment. Before you settle on a property manager, check your local business bureau for anything on their records and talk to other property owners who may have helpful knowledge about these kinds of companies in the area.
