USING A VACATION RENTAL MANAGEMENT COMPANY

Vacation Rental Managers

If you own one or many vacation rental homes but you’re not a do-it-yourself kind of person;  you’re in luck because there are hundreds of rental management companies that are very capable. Vacation rental property management companies take care of nearly everything!  However, the one very important job that you have is finding the rental management company that best suits you and your management style needs!  The VRBO business information on this page will help you do just that.

 

What to look for in a vacation rental property manager:

You will need to find a vacation rental property management company that you trust; after all, you are giving them access to your investment! Finding a company that you trust will take some time with interviewing and research but keep in mind that you are looking for a management company that you can trust and one that you feel fits your style and needs.  If I were looking for a vacation rental property management company I would personally be looking for one that will provide the same level of service that I would expect to get if I were the guest! 

Where to start:

If you were to get on the internet and search you would find that there are hundreds, if not thousands, of vacation rental property management companies and many specific to your area. But there is one source that makes it all a little easier to sort through! 

The VRMA (Vacation Rental Managers Association) www.VRMA.com is a great place to start. VRMA represents over 600 property management and associate members in the U.S.  The site not only provides a list of accredited management companies but they also provide industry news, stats, upcoming events and plenty of vacation rental info.

Other reputable organizations to check with are your local chamber of commerce and the Better Business Bureau.

Get to know the company:

In the beginning stages be sure to find out how long they have been in business, what kind of a reputation they have, and be sure to find References and accreditations. One of the best ways to get a feel for the company is by speaking to some current vacation rental home owners managed by that company and asking them your concerns and questions.  Getting to know your management team is the key to success in the Vacation Rental Industry. 

 

How much $$:

One of the biggest concerns for VRBO rental owners is the cost. Your goal is, of course, to find a management company that has a commission fee that you feel is reasonable for the services that they provide. This depends greatly on the area of the home and the services that are included.

 

Some important things to look for and questions to ask when doing your research:

Some management companies charge a commission in addition to a management fee.  Make sure you ask the company you are interview to disclose ALL FEES in writing.  Then, make sure you read the fine print so nothing is a surprise down the road.  Strictly speaking about a commission structure, my research tells me that you want to be somewhere between 25-30%. A commission lower than that may cut into their marketing budget ultimately affecting you!

Review all of the different fees that they charge. Some charge a lot, some are more reasonable  but may have a higher commission share; it is your job to calculate all of that.  You know the old saying that “it takes money to make money”?  Keep that saying in mind when you weigh your management company options.

Reservation Agents need to be well educated and strong sales people:

You should have peace-of-mind that, if a potential guest calls your management company, the reservation agent will be able to give the guest accurate vacation rental information about your property. They should be able to really tell them about the property and the great features it has. It’s a good idea to only consider working with management companies that send their reservation agents to visit properties so they get to know the property that they are selling.

Personal Use:

Some property managers dictate to the owners when they can and cannot use their own properties. For instance, they may tell you that you can't stay in your home for Spring Break, Christmas week, or Fourth of July week. If vacationing at your home is a priority make sure to look for a property management company that does not stipulate when you can stay.     

Hopefully you find this vacation rental information helpful in finding a vacation rental management company. You should be able to find one that best suits your needs as an owner and guest. Do what makes sense to you!

Good luck and happy hunting!

Kristie Kliese & April Navarro