When you’re choosing a management company to take care of your vacation rental, I think the most important thing is experience. You want to know how many units they manage and how long have they been in business. It’s important to take a look at their statistics so you can measure the kind of success they have renting out vacation properties. This is visible to you just by looking at the occupancy calendars of the properties they manage. Find out how booked up they are. There’s a big difference in management companies that have a 25 percent occupancy rate and companies that are at 100 percent.
You also want to know if the management company is licensed. It’s not a good idea to have someone who is unlicensed handling your property. Look for a property manager who is fully covered with the right insurance. You want someone with an errors and omissions plan as well as general liability coverage. Make sure the company’s employees and vendors are also properly licensed and insured. You need to know this in case there is an accident on your property. You don’t want to be responsible for it and you don’t want your own insurance policy to have to cover someone else’s blunder.
To check out the vacancy and occupancy rates of a particular management company, simply click on the button that says “see all my rental vacancies” on VRBO. Look at each calendar and you’ll see the professional status of the rental company you’re considering hiring. If they have 300 units and they’re only 50 percent full, you know your property has a good chance of being in that same situation – empty.
It can be tough to make an intelligent decision on this matter. If you have questions, or you’d like some help, please contact us at Home Seekers.