If you have recently bought a vacation property and are starting to rent it out to short-term tenants and visitors to the area, you may have discovered that property management isn’t your specialty and should be outsourced to a professional. Let’s take a look at a few key items that you’ll need to know when choosing a property manager to handle your vacation rentals here in Summit County.
Do You Need a Property Manager?
If you have yet to embark on your journey as the owner of a vacation rental property you might be wondering whether or not you even need a property manager. If you live close to or within the area and you have some free time on your hands, you might be able to handle managing the home yourself. However, if you aren’t around the area often or if the thought of having to jump and attend to every minor issue that pops up doesn’t sound very appealing you should consider delegating responsibility to an experienced property manager.
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A Good Manager Does the Heavy Lifting
When you engage with a property manager you’re going to want to delegate as much as possible to them in order to free up your own time to deal with more important matters. Ensure that your property manager will handle your housekeepers, your maintenance contractors and can interface with the homeowners’ association if you’re renting out a condo. Your property manager should also be ready to take care of emergencies as they arise, and their phone number should be handy within the suite if needed. Be sure to ask if there’s anything that they won’t do so that you’re not asking them about it later.
Understanding the Costs Involved
The only real downside to hiring or contracting with a property manager is the cost. You’ll either end up spending a monthly fee or a portion of the overall bookings, depending on whom you decide to work with and how they prefer to be compensated. While this will have some impact on the amount of income that your property generates, it’s also possible that having a property manager around to promptly handle maintenance and other issues will save you money in the long run.
Work Together to Solve Problems or Disputes
Finally, it’s important to remember that ideally you’ll be working with this individual or company for the foreseeable future. Be sure to listen to their advice when handling problems or disputes that come up, and work together with them as much as possible to build rapport and trust. If you’re not going to be around very often they will be primarily responsible for maintaining your investment and ensuring that all of your other vendors are living up to your expectations. Treat your property manager well and they’ll return the favor.
Are you ready to invest in a vacation home that can generate residual income when you’re not enjoying the world-class skiing here in Summit County? Contact The Smits Team at (970) 668-2121 or through our quick contact form and we’ll be happy to introduce you to houses and condos that align with your goals.