What Is Vacation Rental Property Management?

While hotel bookings are rising, a new type of accommodation is trending which is ideal for taking a trip away: vacation rental properties. These are perfect for short-term bookings, whether a guest wants to stay a few days, a full week or even a month. 

From being more spacious to offering a homely experience, vacation rental properties are attractive forms of accommodation. 

Since vacation rental properties are trending, people have started to see how much of a great investment they can be. This is why more and more people are getting into or requiring the services of vacation rental property management. 

Read on to understand what vacation rental property management is and why its important.

An introduction to vacation rental property management

If you are looking for an investment opportunity, or need help with managing your vacation rental, then you might want to look into vacation rental property management. This involves looking after the properties, completing all the admin and handling all the bookings. It also involves conducting all the marketing which is important to help you gain custom and also take control of all customer service. 

The person or company in charge of vacation property management covers all these bases, ensuring everything runs like clockwork. They also ensure the customers have a great experience so that they will highly recommend you in the future. 

For some people who own a vacation rental, they might want to cover all the vacation rental management themselves. After all, this is a cheaper option, which allows more flexibility and gives you full control. 

But if you are looking to get into vacation rental management or finding out more, this guide will fill you in with everything you need to know.

What are the benefits of having a company manage it for you?

Prioritize guest satisfaction

A vacation property management company will put your guests at the top of their radar. They will ensure that everything runs smoothly so that guests ultimately have the best time possible at the property. 

They will be the port of call for the guests so they can answer any queries and offer the highest quality customer service possible which you might not be able to offer yourself when this is a side income.

They run all operations for you

A property management business takes on all the operations of running your vacation rental. This includes listing the properties online on the various booking channels available. They are experienced at property listing sites so will know exactly where to place your listing and what it should look like on the site.

Competitive pricing

An experienced vacation rental management company will also take care of pricing the rental and will know competitive pricing for your vacation rental. They also will adjust pricing accurately for specific dates on the property listing to ensure you get the best price possible from your vacation rental.

Marketing your property

The property management business will also help to find potential guests and market your property to enable you to receive more bookings from your rental. From advertising your rental on the best sites to sharing on social media, they will take over these duties.

Cleaning and maintenance

The property marketing company will also arrange any necessary cleaning or maintenance for the property. Whether you have arranged a company already or require them to find you a reputable business, the property managers will sort this out for you for your vacation rental.

Ensuring the property is ready and has all the essentials for the next stay is a priority to get great feedback from guests. Therefore, they will ensure the property is set for the next guests to ensure their stay goes smoothly.

What You Need To Know About Vacation Rental Property Management

If you are looking to hire a vacation rental management company, there are three important things you need to know about them:

They can increase your rental income

The main goal of a vacation rental property is to bring in a valuable amount of income. While you might think that hiring a vacation rental management company might dig into your earnings because you need to pay them, they will help you increase your annual income. 

By making the most out of their experience, marketing resources, and know-how, a vacation rental management company can help you make more bookings by attracting more guests. They can also help you look at trends and pricing strategies to help you maximize your yearly revenue. 

However, make sure you choose a reliable company with good reviews to achieve this level of success. 

They use technology to streamline operations

Human errors happen all the time, and when you organize bookings and payments, you don’t want to mess anything up. Luckily, most vacation rental property management companies now use innovative software, like Hospiria, to help automate and streamline operations. 

This includes keeping a calendar to manage all your bookings, digital check-in and check-out systems, and other tools that can help monitor messages and payments. 

You can choose from a range of services

When you hire a vacation rental management company, you don’t have to be stuck with a range of services you don’t need. Most of them put together bespoke packages that are tailored to your needs. 

You can pick and choose the types of services you need help with. Some of the services you can choose from may include:

• Marketing
• Guest screening
• Booking management
• Cleaning and maintenance
• Customer support

How much does a vacation rental management company typically cost?

Another factor you need to consider when looking for a vacation rental management company is the costs. After all, this is an additional cost that you will need to pay if you want them to take over the role of looking after your vacation property. 

The vacation rental property management fees do vary from company to company. Some will charge a guaranteed income fee, others a fixed-rate model and others a commission model. All of these have benefits and negatives. It all depends on whether you want to know the exact fee in advance or want to pay a commission on each booking the company arranges. 

Before arranging with any vacation rental management company, make sure you know exactly what they offer for the price and if any services are an additional cost. That way, you can budget accordingly when pricing the vacation rental.