According to reports, many vacation rental landlords still feel nervous about the market after the economic upheaval of recent years. But what can you do to ensure you get the return you expect from your property investment?
One option is to hire experts to help you, like vacation rental management companies.
Here are our top five tips to help you find the best management company in Fort Lauderdale, Florida.
1. Read Reviews
Start your research online with a look at independent review sites. That will give you detailed accounts from other property owners. They will talk about their experiences working with different management companies.
Testimonials are another helpful way to understand a rental business better and their depth of experience. You can find testimonials on most rental management websites.
When you conduct this level of research, you'll get a more comprehensive view of the company's approach. You want one that aligns with your needs and expectations.
2. Check the Services on Offer
No two vacation rental companies are the same. While similarities exist, each has unique services and approaches they'll offer. So, you'll need to find the best fit for your rental.
Start with a list of what you need. That might include:
- Booking management
Some may offer all-inclusive packages, whereas others will provide services akin to selecting items off a menu. Compare providers by services to help you find an ideal one.
3. Transparent Pricing
When choosing a company, you need transparent costs to ensure your short-term rental property remains profitable. Check whether the company charges a flat fee or a percentage of the rental income.
Ask whether there are extra costs or any hidden fees.
Some rental companies charge a setup fee, so that's something to check. If you opt for property management services, ensure you understand the costs and what they cover.
For example, whether you need to pay extra for significant repairs and maintenance.
4. Local Expertise
You want to look for companies offering property management services that know the local area.
Familiarity with the amenities and tourist attractions will help them advertise your property.
Plus, knowledge of the local area will ensure they price your property competitively during off-peak and high-peak seasons. That will help you maximize profit.
Local knowledge will also ensure your management company understands regional regulations concerning vacation properties.
5. Communication Skills
You want to work with a rental management company that values communication. That means you'll always have updates about your vacation property without having to chase for information.
A responsive company will help you get the most from your short-term rental investment. For example, talking to you promptly about a maintenance problem will avoid a delay that impacts your rental income.
Finding the Best Vacation Rental Management Companies
The best vacation rental management companies will help you get the most from your property. So, it's worth taking the time to research and select the one that best fits your needs.
To learn about our vacation rental services at PMI Premium Services in Fort Lauderdale, Florida, head here to review what we offer for property owners.