Vacation rentals are one of the best long-term investments that you can make. No matter what happens in recessions, real estate bubbles and inflationary periods, people still find ways to take a vacation. People that work hard want some deserved R&R, and families want to give their kids vacation memories. If you want to invest in a vacation rental, you can’t do it without help. Revenue from vacation rentals is growing by 10% year over year right now. These tips will teach you what to look for in a vacation rental property management agreement so you can get and protect your piece of revenue.
Determine What Kind of Arrangement You’re Looking For
Figure out what kind of vacation home situation you’re trying to create. You might have a house at the lake that acts as your retreat whenever you want it, and a cornerstone for your portfolio.
Or maybe you have a property you acquire that is strictly business. You’ll still need to decide whether to rent it our monthly, by the week, by the date, or whatever other arrangement will serve you.
Today, many property managers purchase properties to turn into vacation rentals on Airbnb. This business model requires higher standards of cleaning and more frequent cleaning.
You would need a company familiar with these services, so you can keep your rating high and become a top-rated host with full privileges.
Let your goals dictate what kind of arrangement you seek from a property management company.
Get a Lawyer to Look Over the Master Lease
Seek clarity on the exact language of the property management company’s agreement. They will help you create leasing agreements for your tenants. Hire a lawyer to read through your lease and make sure you don’t need any revisions or addendums.
They can also examine the agreement that you enter with the property management company. Hire a lawyer as an independent set of eyes, and make sure that you also have legal oversight for your vacation rental, whether independently or through the rental property company.
A lawyer or property manager can also help you keep up with vacation rental tax rules and other fluid issues and situations.
Understanding How Marketing Is Handled
Read through the rental management agreement to know what kind of marketing help you can expect. Property management companies are helpful when you need to get tenants into your property.
They can offer you visibility on social media platforms, Airbnb listings, Craigslist, rental sites, publications, and other forms of marketing. Get this in writing to know that your marketing is always correctly handled.
Clarify the Rates and Costs
Always know what you’re paying your property management company. Get this in writing so that the company managing rental properties for you locks in a rate.
Figure out how flexible they are with their rates so you can find what’s best for your budget.
Professional Vacation Rental Property Management
Come to grips with the terms whenever you’re hiring a company to address your vacation rental property management.
Orchard Cleaning Services excels when it comes to property management and keeping your properties clean and tidy. To learn more, contact us on our website or by calling (231)943-1489.