Professionalism Drives Value
With so many property management companies to choose from, you should consider many factors. At first, you may feel overwhelmed, but take your time to find a company. After all, you’ll partner with these folks to drive visitors to your property. You’ll find all kinds of different options which all you to decide how involved you would like to be. Many national companies use their vast financial resources to build sophisticated systems. Smaller firms help you by offering fully customized service offerings. As a result, you have many property management companies to choose from depending on your specific needs.
Your specific situation may include options like location, features, attractions nearby and local laws. Additionally, you have to consider how involved you want to be in the day-to-day operations of driving guests to your vacation home. Finally, deciding to open your vacation home to guests when you are away can be scary. But remember, the rewards may drive revenue to help offset the costs of owning the property. Maybe – your vacation home can pay for itself and much more!
Discuss Your Goals
Photo Courtesy of forbes.com
First, you must discuss your goals for your property and face the truth. For example, you just purchased a beautiful condo right on the lake. You decide your goal is to have a 100% return on your purchase within six months. Although possible, most likely you will be highly disappointed. For instance, a reasonable first year goal for you may be to simply cover your monthly expenses. As a result, you will have a great vacation spot for you to visit AND one that pays for itself!
Although we’re not offering financial advice in this short article, knowing your goals will help drive your decision.
Level Of Involvement
You will also need to consider how much time you have to driving guests to your property. If you underestimate this, you may have far fewer guests than you thought and miss your financial goals. For instance, to receive visitor traffic to your web page, you should plan on dedicating 30-40 hours per week just reviewing viewer traffic, like-kind property pricing and marketing. Then, you will need to figure out local elements such as ordinances, taxing issues and many other legal headaches. Finally, be prepared to spend at least 2 hours after every guest to clean, maintain and inspect the property for the next visitors.
On top of all that, you will need to determine how folks will actually reserve, pay for and book your vacation property. Finally, you need to consider what you’ll do at 1 in the morning when a guest has a legitimate issue. Managing your vacation property can be fun and a great way to bring in passive income.
An Easier Way
You’re absolutely correct to think companies like HomeAway, AirBnB and others can put your vacation property into their portfolio to list online. However, you’ll have a lot of work to do to keep up with it. Pricing changes, listing updates, marketing promotions and ordinance updates can be difficult. Additionally, you will still need to market your property to bring visitors to your listing. Many companies claim they can do all this for less, but are you willing to risk your property with folks who are not professional? They may be nice people, but are they delivering genuine value for you. Remember, value is defined as ‘having something worthy of importance or beneficial for both parties‘. Finding a partner that is driving to bring you value and revenue benefits everyone.
But there is a better way. Premier lodging companies work with you directly to understand your goals. They bring you peace of mind knowing your guests will be taken care off. Additionally, you get the best of both worlds – personal touches with large company processes and technology. After all, your vacation rental’s digital presence is what brings visitors to your property. To do this efficiently, companies like Hill Country Premier Lodging leverage state-of-the-art software with actual people looking after your property.
In the end, you buy back your personal time, gain needed income for your property and know that you have a partner looking out for you.