Why Go with a Property Management Group? Part II
If you are still on the fence about whether to manage your second home as a vacation rental yourself or not, consider this lengthy checklist of necessary items and make sure you have the time and energy to manage your rental property. We have a lengthy To Do list for you to review.
- Identify similar properties in the surrounding area to determine comparable and competitive rates. You’ll also have to consider demand during peak times and when large local events are in town.
- Market your rental: Craigslist, newspapers, your website, Facebook, online property rental listings – which will you choose? Beware, it gets pricey and time consuming. How will you show it off in your (limited) spare time?
- Screen/interview renters: even though you are renting out your property it is still yours. You do not want to run the risk of bringing in clients who aren’t respectful of your home.
- Create your policies and procedures. Will you require a security deposit, additional fees for cleaning?
- Routine maintenance. Something always needs fixing.
- Gardening and landscaping. Determine a schedule for a gardening and landscaping company to keep your place in tip-top shape. Don’t forget a pool cleaner, if you have a pool.
- Contract services for maintenance people. What if someone in your property has an emergency plumbing issue at 2 am on a Saturday? Who will you call that you know will be there right away?
- Know the laws. Make sure your policies, procedures and contracts do not have any loopholes. Will you hire an attorney to review to make sure you are not liable for any risk? Do you carry insurance? Know your rights as an owner/landlord.
- Rent collection. How will you handle the most important part? Late payments and penalty fees.
- Accounting and tax records keeping. Keep everything clean and thorough. You can’t forget Uncle Sam.
- Who will your clients call? When there is an emergency, a question, check-in procedures, a lock-out. Do you have someone nearby to help when you’re on vacation?
- Work on client retention. Because local clients are the key to your success.