Do you own a second home in Orlando, Florida? Did you know you can offset some of your expenses by renting it out to vacationers? Yes. That’s right. But, to get the most out of your vacation home, you’ll want to work with an Orlando-based professional vacation rental management company.
There is a growing demand for professionally managed vacation rentals. And the allure has heightened with the increased popularity of vacation home booking platforms like Airbnb, HomeAway, VRBO among others. In fact, research shows that more than 35% of travelers looking to visit popular vacation destinations such as Orlando prefer to book with professional vacation home managers.
Therefore, creating some level of professionalism in your vacation rental management is critical to generating more repeat client, more 5-star reviews, and more referrals. All of which will, ultimately, increase your bookings, make closing new business easier and more frequent.
To get there, you must hire an experienced rental property manager who will help you maximize your bottom line.
How to Find the Right Vacation Property Management Company
When looking for a vacation rental property manager, you want to make sure that you put your guests and property into the right hands. You’ll also want to have someone with some skin in the game to help position your property on the market. And help you get the most out of your investment.
To that end, there are a few things that you’ll want to keep an eye on when shopping for a good property management company. Here are a few awesome tips to get you started:
Find someone with experience
If you’re a vacation homeowner in Orlando, you should be looking for a vacation management company that has a good feel for the local market. But don’t get stuck in the years they’ve been in business! NO.
We are talking about finding someone who is abreast of changes in the industry.
Ask specifically about:
• What type of vacation property they’ve found are most popular in the area?
• What do they feel about low and high vacationing seasons in Orlando?
• How Local and HOA regulations have affected vacation homes in Orlando?
If you get solid answers to those questions, you’ve probably on track to finding a vacation rental manager who has his ears and eyes on the ground. A good property management company in Orlando will also be able to give you a highlight on potential bookings and income based on their past history with similar vacation properties.
Ask about their Rental Management Fees and Contract terms
You may be able to eliminate some vacation rental management companies from the mix based on their commission fees. So, ask about every single fee!
Typically, most vacation rental management company fees in Orlando can be anywhere from 25%-50% of your vacation rental income. Before hiring a property management company, determine how much of meat you’re willing to share and still meet your rental income goals.
For instance, if you can safely afford a 30% commission but the management company is charging you a 50% nightly rental fee, it is a safe bet that is not the right rental management company for you - that is why we focus on everything else leaving you to market the home you know best saving you a huge amount of money!
Additionally, before signing any vacation home management contract, it's paramount to check if there is a way to terminate the contract for non-performance of specified duties. Most contract also have a 30 day notice clause regardless these days so beware of those contracts which propose locking you in for an extended period of time.
4.What Services are included in the package?
Before hiring, verify what a prospective property management company is offering. A good rental management company will:
• Offer housekeeping, AC and appliance repair, maintenance, interior design, lawn and pool care.
• Be in a position to collect vacation rental payments efficiently and pay related county and state tax on your behalf
• Ensure that your business license is renewed and other regulatory requirements are in place e.g. fire extinguisher, notices for hurricanes, pool depth markers and signage.
• Inspect the property between stays and promptly report damages so the deposit may be withheld.
• Welcome guests to your vacation home – This could include branded welcome packs.
• Organize maintenance and repairs and provide receipts for all expenditures.
• Offer 24/7 help to guests for emergencies - that's a key factor. If a water main bursts on President's Day weekend you want the kind of vacation rental management company that will get it fixed!
A good vacation home management company in Orlando will have trusted vendors to deal with any maintenance and emergency situation.
Look out for some other techniques that some really good vacation home managers leverage, such as:
• Providing small gifts to vacationers.
• Providing helpful guides to your guests- for your property and the local attractions. It would be very useful to review what their guest book template looks like to get a good feel.
• Sending you, the homeowner, regular status reports – including suggestions for improvements, maintenance items to consider, among others.
Assuming that you’ve already figured whom you’d like to partner with, what do you stand to gain by having a good vacation home management company?
Benefits of Having A Good Rental Manager
There are numerous benefits of having a good rental manager. These include:
• Proactive guest communication
• Monitoring and adjusting your pricing based on competition, seasons and any events in Orlando.
• Keeping your vacation home in top-notch condition and standards.
• Keeping in touch with guests during the stay at your Orlando vacation home.
• Ensuring that your vacation home gets a stellar 5-star rating after every stay. Period. Your manager should actively solicit reviews from happy clients and do follow-ups on guests’ post-stay for possible referrals and repeat bookings.
Certainly, there is a lot to consider before hiring a vacation rental property management company. A good property management partner should be easily accessible via mail and phone, have viable and well-structured fees, and show a track record of stellar services through 5-star referrals (from other vacation owners like you).
Remember, a vacation home is a small business, so treat it as such!
Find a vacation home management partner who can get the job done. And someone who will, ultimately, add the most to your bottom line.
If you have a vacation home in Orlando and are considering hiring a vacation rental management company to manage it for you, give us a call today or leave us a message. We will be happy to discuss our portfolio and your vacation rental potential with you. We can also help you with what’s renting best and what’s not.