8 Responsibilities of a Vacation Rental Management Company

8 Responsibilities of a Vacation Rental Management Company If you are the owner of a rentable property, then you are constantly needing to assure that the benefits of owning the property (likely in the form of rent) continue to remain greater than the costs. Because the profit margins that come from owning a property can easily change over time, each of the decisions you make as an owner will be very important.

In addition to the financial costs of owning a “rentable� property, there may be a variety of different opportunity costs that come with ownership as well. It can be easy to find yourself putting in hours to make the property rentable. In many cases, it may be beneficial to hire somebody to help you out.

By using a property management company, you will be able to save a significant amount of time will still earning a return on your initial capital investment. If your property is in a highly competitive market such as Denver or the rest of the Front Range region, then hiring a property management company will likely be even more beneficial.

Before deciding which Scottsdale vacation rental management company you want to hire, it will be important to understand what, exactly, these companies typically do. This way, when you are comparing different services, it will be significantly easier for you to make your final decision.

1. Collecting Rent In order for your property to be profitable, you will not only need to assure that it is actively occupied, but you will also need to make sure that rent is actually being collected. With a reliable property management team by your side, it will be easy to set up a payment portal, determine that all rent has been paid, and follow-up on any rent checks that are currently outstanding. The property management team can also help make assure that all security deposits (however they might be structured) are collected before future tenants are given their keys.

2. Determining what Rent Should Be Even within the same neighborhood, the cost of renting a property can be affected by many different variables. Square footage, location, population trends, availability of alternatives, and quality of living space are just a few of the things that can cause rent to increase or decrease over time.

Ideally, a property manager will be able to find a rent that will maximize your income while still assuring that the property is actually rented. This will usually require a considerable amount of research and an extensive evaluation of local rental trends.

3. Screening Potential Residents A property management team will also be able to help with the process of screening each of your potential tenants. The screening process will involve not only ensuring your tenants will be likely to pay their rent on time, but also that each prospective tenant is screened in a way that is non-discriminatory or illegal. Usually, screening tenants will involve a quick credit check, employment confirmation, background check, and a look into their history as a renter.

by Unknown Author is licensed under

4. Marketing Your Property Before you can have any potential tenants to screen, they will first need to demonstrate their interest in leasing. With countless new properties emerging in and around Denver each year, it will be critical to make sure that your property is effectively marketed.

There are many different ways to draw interest to your property. This includes running a social media page, organizing special events, actively staffing the property management office, and even running other forms of advertisements (when appropriate). The marketing strategy that is right for your property will depend on the type of property in addition to the target market.

5. Property Maintenance Inevitably, there are many things that can go wrong with a property over time. Each lease should specify the sorts of incidents that the tenants will be responsible for as well as the incidents that the owner will help with. Having a property manager on hand will make it possible for you to escape the hassles of dealing with maintenance requests.

6. Handling Tenant Complaints The best property management companies in Denver are the ones who will be able to adequately handle tenants’ complaints while minimizing the amount of stress experienced by the owner. In many situations, the tenants and the owner will never actually need to interact with one another.

These are just a few of the types of complaints that are handled by property management teams on a regular basis: · Things breaking or in need of repair · Problems with the lease (terms, conditions, ambiguities, etc.) · Problems paying the rent on time · Disputed late fees · Bounced checks (which will usually result in late fees) · Illegal use of the property · Disputes between neighbors As you can see, there are clearly quite a few things that can potentially go wrong while you are owning a property. Hiring a property management company can assure that each of these issues will be effectively resolved.

7. Preparing for Move-Ins and Move-Outs As you have likely experienced firsthand, moving in and out can often be an incredibly extensive process. In order to assure that the transitions between tenants go smoothly, it will be important to find a team that is experienced with all of the essential details involved along the way.

Typically, property managers can help: · Finalize the lease, explain it to the residents, and collect all necessary signatures · Document the specific condition of the residency upon transition · Clean the apartment between residents and make any necessary repairs · Return or resolve any outstanding security deposits · Answer the questions of your new residents · Minimize the amount of time each unit remains unoccupied By assuring that everything goes as planned, you can have satisfied residents and higher returns on your initial property investment.

8. Helping with Property Taxes Lastly, property management companies can often help the owners make sure that all of the corresponding taxes are paid in full and on time. Tax situations will vary

considerably by state, which means that anyone owning a property in the Denver area should work with a company that is based in Colorado. Taxes may include property taxes, rental income taxes, and various others. The team can also help assure that all other components of the rental process are fully within the law.

Conclusion If you are new to property ownership, then it is important to recognize the value that a property management company can provide. These companies remove the hassle of owning property while still making it possible to earn an additional source of income over time. The demand for rental property in Colorado is rapidly growing—by partnering with the best property management companies in Denver, you can take advantage of this unique opportunity.