In today’s rental market there are a lot of do it yourself options for renting out your second or vacation home. From VRBO to Airbnb and many in between, so you may ask why would I still need a property manager to help me rent my home? There are a number of very good reasons to hire a property manager:
Many home owners live remotely from their second home
If you are like most second homeowners you do not live in the same area where your vacation home is located. This can become a huge problem if there is an emergency, such as a water leak, non-functioning heater/water heater or in the Tahoe vacation rental market heavy snow removal/damages. Having a property manager who is local to the area of your home (and probably knows lots of service providers) will insure there is always someone there to respond to the emergencies and negate further possible damage to your home. This gives great piece of mind.
Dealing with renters
There are several ways that a property manager can help with renters, in fact that in one of their main functions. Renters often have issues with driving directions, gaining access to a lock box, getting locked out, missing supplies, unable to connect to the internet, restaurant/recreation recommendations, complaints and many other little things. These interruptions can become burdensome for homeowners where it is the job of the property manager to respond to these situations day and night.
Most do it yourself vacation rental sites do some advertising for you, that is to say if you pay the appropriate yearly subscription fee they will bump you up to the top of their lists, the problem is everyone pays these fees and are moved to the top of the list, with thousands and thousands of rentals who knows where your home will end up. This yearly fee does not guarantee your home will be booked; you will pay this even if you never get a single rental. A property management company has its own website where your home can be featured on a much smaller but still powerful platform. Property managers can also distribute your home thru select partners that will give you more exposure so there is more opportunity for rental income. You will basically have a free online presence; you are only charge a commission if there is a booking made, this can save your hundreds or even thousands of dollars a year.
Property management companies work very closely with or have their own housekeeping companies. This helps to ensure that your home is clean and ready for you, your guests, family members or your renters. No need to coordinate or schedule with a housekeeper and then wonder if the work has been done. Property management companies also check your home before and after renters arrive, they are able to identify and schedule the repair of any small maintenance items that may need attention.
There are several legal items you need to think about when renting your home. You must have the proper insurance coverage’s, pay tax to the local and federal governments, get some kind of online payment service or deal with cashing checks and money orders. A property manager handles all of these tasks for you. Providing you with monthly or bi-monthly statements and yearend tax prep documents.
For more information on renting your Tahoe vacation rental click here.