What to Look For In A Rental Property Manager
Choosing the right property manager for your vacation rental is a lot like dating. Everyone comes in with the best intentions, but the bottom line is: you’re both sizing one another up. It makes sense.If done right, a management company engagement should be a long-term relationship where you feel comfortable, included and happy. If not, things can go south, fast. Luckily, by paying attention to a few key things, you can skip the heartache and head straight to a satisfying ending.
Here’s what to look for.
Communication
Communication is one of the most important aspects of the homeowner/manager relationship. It’s the foundation on which all other aspects of the relationship are built. Clear communication keeps you in the loop about the important issues related to your vacation rental home and how well it’s performing. Here are three questions to keep in mind as you interview prospective property managers.
How quickly do they respond to your calls and emails? They’re not living their lives sitting by the phone, but they should definitely respond to your inquiry within a day.
How detailed is their communication? Your manager should make sure you understand where things currently stand and what’s coming next.
How professional is their tone? Though you might be on friendly terms personally with your property manager, a professional tone is critical for their communication with clients. Make sure this tone extends to their communication with you.
References
If you’re thinking of switching management companies or working with a manager for the first time, don’t be afraid to ask around. Experienced property managers will feel comfortable supplying you with a list of references. Contact previous and current clients and ask for a detailed run-down about what it’s like working with the management company.
Specific Policies
Every vacation rental is different, so feel free to ask pointed questions about issues that relate specifically to your home or your preferred processes. Though your manager might not have experience specifically related to what you’re asking, you can use the exercise to evaluate their decision-making process and determine how it aligns with yours.
Friendly Attitude
Though professionalism is important, vacation rental management is, at its core, part of the hospitality industry. Your guests’ perception and opinion of your management company will reflect on your home (and with undoubtedly show up in their online reviews). Make sure your management company represents your home in the best light.
Asks Lots of Questions
Every vacation rental has its own special characteristics and unique quirks. A prospective management company should make it their goal to get to know more about your property from the get-go. The more familiar they are with your home, the better they’ll be at sharing the positive aspects with the guests and helping you manage the property’s challenges. Managers should also spend time asking about your short- and long-term goals for the property, so they can start to get a sense of what you personally would like to achieve by renting it.
Structure to the Engagement
Your property management should share a framework that you can both adhere to during the course of the engagement. This includes things like regular check-ins, letting you know what you can expect from them, what will be expected of you, and providing a detailed explanation of how every step of the process will work. Beware of a property manager who is quick to grab your keys without taking the time to spell out roles and responsibilities.
Just because your rental property manager is a long-term engagement doesn’t mean you’re locked in for life. You should start with a good feeling and, ideally, the relationship will grow and flourish over time. However, if you are starting to feel dissatisfied with your current manager or are thinking of diving into the world of vacation home rental for the first time, paying close attention to how well management prospects perform on the above will quickly give you a pretty good sense of who will be the best fit.