The decision of whether to use vacation rental management or to handle everything yourself can seem difficult. Luxury rental management is very easy to set up, however, and in this article, we’re going to discuss the reasons why outsourcing your vacation home rental is worth it. If you’ve been on the fence about how to handle your vacation home rental, then this article is for you!
1. LEGAL COMPLIANCE HANDLED
Every municipality has its very own set of rules and regulations that need to be followed when it comes to vacation home rental. When you outsource your vacation home rental, the vacation rental management company will take care of all the legal compliance documentation necessary to ensure that you won’t have any problems in the future. All the correct steps will be taken care of so that your property can continue to generate money for your bottom line.
2. TENANT COMMUNICATION
One of the best reasons to outsource your vacation home rental to vacation rental management is that you won’t have have any interaction with tenants. Luxury rental management can handle every aspect of coordinating a stay for your tenants. Tenants are likely to come back when they have received prompt communication, and the vacation rental management company representing your property will likely have someone on-hand around the clock to see that your tenants receive the fastest communication possible. The only thing you’ll see is money in the bank.
3. TENANT SCREENING
Another advantage of leveraging vacation rental management is that they screen tenants on your behalf, meaning that you can rest assured the best tenants possible are enjoying the property that you’ve invested in. When you don’t have to do tenant screening yourself, this saves you time and money. Without the experience of screening tenants, it can be hard for property owners to know the types of questions to ask, and what warning flags to look for. Proper screening reduces the likelihood that your property could be damaged by irresponsible tenants. In the hands of professionals, tenant screening is done thoroughly and accurately for your peace of mind.
4. FILL VACANCIES
If you are serious about making the most from your investment, then you want as few gaps in the schedule as possible. This is an area in which vacation rental management truly shines. You won’t have to worry about the hassle of coordinating stays and getting the schedule full because vacation rental management can do it for you. They will help make sure your calendar is as booked as possible so that you make the most money on your investment property.
5. PAYMENT COLLECTION
Payment collection is typically an intimidating task for property owners, but vacation rental management makes it a breeze. Instead of worrying about taking deposits and final balances, you can relax. Your luxury rental management company will handle every aspect of payment collection, including damages and depositing funds into your account. Vacation rental management simply makes life easier by collecting payments for you.
Another wonderful aspect about outsourcing your vacation home rental is that a vacation rental management company can offer a world-class experience for your tenants. Consider this: paying tenants likely expect clean, tidy, comfortable room and board with at least the basic amenities of a hotel. Some of these amenities include fresh linens, soaps, coffee, and other items. Management staff will ensure that all light bulbs are working and that there are no issues with the property before tenants arrive on-site. They can even offer a letter or welcome package for your tenants. Vacation rental management can provide these services for your tenants to keep them coming back time after time.
7. BOOKKEEPING AND TAXES
We know that no one loves taxes, but if you are renting out a property, then you’ve got to treat it like a business. This means that your bookkeeping and taxes will need to be done a little differently than your personal affairs. Fortunately, if you outsource your vacation home rental, bookkeeping and taxes will automatically get a little easier. Your vacation rental management will offer documentation to help support your taxes at the end of the year, including information that can be used for valuable write-offs.
Tenants love follow-ups, but we know that most property owners don’t have the time to conduct these important conversations. For that reason, vacation rental management is very useful. Tenants will receive a call, email, or letter from your rental company asking them about their stay. The information collected can help make experiences better for tenants in the future, plus touching base is a great way to encourage tenants to return again soon.
When you made the decision to invest in your vacation property, you envisioned making long-term financial gains. A big part of this includes making sure that your property is well-maintained. Even if you live near your investment property, doing routine maintenance can be difficult. Plus, late-night emergency calls are never fun. Vacation rental management can take care of all of this for you, seamlessly conducting the day to day maintenance your property needs while taking care of emergency calls in the middle of the night. Everything from taking care of your vacation property ahead of a freeze or handling middle of the night leaks can be arranged and handled by vacation rental management.
MINNESTAY VACATION RENTAL MANAGEMENT
The right vacation rental management company will work with you at every step of the way to ensure that you get the most out of your vacation rental. From marketing to booking to payment collections, the best luxury rental management pros will ensure that you are making the most money on your property as possible.
Companies such as Minnestay have all the resources necessary to make sure that tenants enjoy a world-class experience, all while ensuring that you receive the best bottom line. For instance, our team offers large-scale marketing to attract tenants, and our website makes it easy for tenants to go online and book their rental. At the end of the day, ease-of-access means more money for you. Contact us today for a free consultation!