From welcoming new guests to keeping track of city, state and federal regulations, the property manager of your rental property can cover a lot of bases. Not only does a property manager protect your investment, they help you increase your income and keep it passive.
1. Allow You to Invest Without Geographic Limitations
You aren’t stuck to owning and renting property in your local circle. You can now purchase vacation property in other states or cities and then earn money from that property when you aren’t using it yourself. Have you wanted to own a lake house, cabin in the mountains or condo near the beach? A property manager local to the property can be the one who checks in and keeps things maintained when you aren’t around.
30% of vacation home buyers in 2018 chose to make their properties available for short-term rental (up from 24% of vacation home owners in 2017), according to the National Association of Realtors.
2. Provide Professional Support on Laws and Regulations
You shouldn’t have to keep track of all the local and federal expectations for your property. Hiring a property manager means you have a professional who should be keeping track of those things for you. It gets even more important to have this expert perspective when you have properties in more than one city or state. A property manager should know the current ordinances, laws and regulations. They should be able to address issues and help you avoid problems from the very start.
3. Oversee and Perform Property Maintenance
Your investment needs to be protected with care and regular maintenance. But service calls can be one of the pricier aspects of owning a short-term rental property. A cohost or property manager can help out with simple repairs and maintenance. Some property managers even do lawncare, landscaping and basic cleaning services to keep the home ready for guests. Other property managers might skilled in professional areas, like basic plumbing, handyman jobs and more.
Even if there a big maintenance issue, your property manager can respond quickly to your guests and get services scheduled for a timely fix. Charles Thompson of Specialized Property Management notes:
“Your tenants will feel valued when you respond to their needs, and they are more likely to care for the home if they see that you do, too. Landlords who are slow or non-responsive to maintenance requests are the No. 1 cause of tenant turnover, which is expensive.”
4. Increase the Flow of Guests
A property manager can help market your property and even optimize your listing so that more people are looking at your available dates. The property manager can help check in and out guests, prepare the home for the next guest and keep the flow of visitors moving. The more guests you can get into your property, the more money you are able to make. For every day your home sits empty, you are losing money that could be made. With a property manager helping maintain and prepare the home, you will face less downtime.
5. Screen Your Guests
Your manager can check into guests to ensure the risk to the property reduced. Security deposits can be handled by the property manager, who is able to check in on the state of the rental as the guest is checking out. The cohost should make sure everything done in compliance with fair housing and discrimination laws. The property manager will keep the security deposit in escrow so that rules aren’t broken by funds being commingled. After the stay, the co-host will ensure the property didn’t sustain damage that might require pulling from the security deposit.
All investments, including your rental property, should well-managed and professionally maintained. Whether you own a close or distant rental property, a property manager for your rental home can increase your revenue, save you time and keep you in compliance.