What are the Services Vacation Rental Property Management Companies Provide?

What are the Services Vacation Rental Property Management Companies Provide?

One of the best ways to earn a passive income is by investing in a vacation rental property. These properties, which are located throughout the world, allow you to increase your wealth in two primary ways: through the appreciation of the property itself and through the (often premium) fees people pay for each night’s stay.

Over time, an investment in a vacation rental property can easily double your initial equity. However, it’s also important to remember that owning and running a property is hard work. If you hope to be successful, you will need to ensure that the property is effectively managed and that all essential details are accounted for.

Vacation rental properties are especially popular in cities such as Phoenix and Scottsdale, who have ample amounts of warm weather and plenty of things to do. In order to maximize the total value of their properties, many owners will choose to hire a local​ ​vacation rental property management company​.

These companies, as you might expect, make the entire process of owning and running a vacation rental property significantly easier. But what, exactly, are the services that these companies provide? In this article, we will discuss a few of the services these companies likely offer. By taking the time to understand the value a vacation rental property management firm can provide, you will be able to decide if hiring one makes sense for you.

Marketing In order for people to stay at your property, the first thing you will need to do is ensure they know it actually exists. With many different vacation rentals available to choose from, it can be difficult to distinguish your property from others like it. For your property to stand out amongst the crowd, many property owners will hire a property management firm that can help elevate their voice across multiple platforms.

Building an initial online presence—via social media, your own website, and various other outlets—will be absolutely crucial. Additionally, posting your property on Air BnB and other popular platforms will help you extend your reach even further. Because you can’t be sure where a guest is most likely to find, using multiple channels is usually the best strategy.

Communications

The best management companies realize that guest communications are the lifeblood of the rental industry. Air BnB, for example,​ ​expects​ that all property owners will respond to guest messages within 24 hours, no matter what. If the guests are already staying at the property, the response time will need to be even faster.

Hiring a property management company will help ensure that all guest inquiries and questions will be answered within a timely manner. These firms will also have the skills and systems in place to effectively answer all questions and do so in a professional way. These interactions, ultimately, will help your property maintain high ratings into the perpetual future.

Cleaning Cleanliness is one of the first things people notice about a property. In fact, some studies suggest that people decide whether they “like” a specific vacation property within 30 seconds of stepping through the front door. Because you only get one chance to make a first impression, you will need to make sure that your property is absolutely impeccable.

It is standard to replace towels and sheets between each guest, but ideally your cleaning crew will take things even further. Sweeping, vacuuming, dusting, and wiping down surfaces between guests (even those that stay for a single night) will all make a major difference.

Interior Design In addition to cleaning, the overall appearance of your property will also quickly impact your guests’ first impressions. Fortunately, many of the top management firms will offer interior design services that can help increase the property’s aesthetic appeal.

Your interior design project may just involve a few small changes, such as painting a wall or purchasing some additional decorations, but some properties will also require a full makeover. Regardless, the financial benefits of interior design are well-documented, and these benefits certainly apply to vacation properties as well.

Luxury Touches Branding is an important component of running a vacation rental property. Naturally, in a vacation setting, ​luxury i​ s something that will almost certainly be something that you want to be associated with your overall brand. If you can wow your guests by going “over the top” with amenities, your property will get great reviews and you’ll be able to attract repeat guests for many years to come.

Offering your guests Wi-Fi, streaming service, coffee, toiletries, and basic groceries will help them feel even more at home. Offering further luxuries, such as a pool, hot tub, or outdoor space, will help create an even better impression. Your management team will be able to maintain each of these spaces in order to provide the best guest experience possible.

Pricing and Finances In order to maximize your total return, you will need to develop a dynamic pricing schedule that changes with demand. During the busy season, which occurs around January to April​ in Arizona, your property will be able to command some additional income. Weekends and special events will also enable property owners to charge a modest (or sometimes dramatic) premium.

Rather than forging this pricing schedule yourself, it helps to work with someone that already has a pulse on the overall market. Your management company will be able to carefully create a pricing schedule that helps ensure that your property is consistently rented and also generating a steady profit.

Conclusion Hiring a vacation rental property management firm can help you maximize the revenues being generated by your property. Whether you own one property or dozens, these firms can offer immediate value in many different ways.