After buying a lucrative vacation rental property in a reputed location, you must first consult a property manager in that area to start renting it.
It can be tough to look after your property's maintenance if you live far away. That is why finding a reliable manager for your Atlanta short term rental property is imperative. So, how do you find one?
Well, it's easy if you follow this article because we are about to discuss five critical questions that will help open up all the information about your property manager's performance and credibility.
Let's look at those five questions, shall we?
1. How will you define the performance of vacation rentals in this area?
Every location serves a different experience. Therefore, your property manager needs to understand the respective area clearly.
Many times, property management companies are located outside the location they serve. If you encounter one such company, then this open-ended question will help you get the crux of your manager's knowledge.
However, research the area before you ask such a question to assess the manager's answer against your research parameters.
2. What will be your fees, terms, and conditions for work?
Defining the boundaries and goals before signing the contract is utterly essential. Property managers can charge around 20-40% of total rental income.
Therefore, it is essential to know what your rental income expectations and goals are. You must clearly define your terms before moving on to theirs.
Also, spend some time reading the clause so that you don't land in legal trouble afterward. It would help if you had the manager's work cut out so they know what targets you expect them to meet and what time.
3. Talk me through your standard and additional management services, please.
Property managers serve according to the plan that you subscribe for. A basic plan can arrange cleaning, maintenance, and repair services throughout the year.
But if you want them to provide cab facilities, food delivery, and arrange complimentary gifts for guests, you will have to buy a premium plan.
The idea behind asking this question is to know whether your guests will get the most basic amenities upon their check-in or not. The basic plan should cover your guests' basic needs at the very least.
4. What are your marketing strategies?
Today, digital marketing is the best way to reach new clients. A great marketing strategy can provide exponential returns and help build your online reputation.
That is why you must know whether or not the management company has great marketing managers on its team. DM managers can list your property across all websites; they can create a social media presence through organic engagement and PPCs.
You can ask them to showcase their past marketing data and strategies to know how they operate.
5. How will I know how my property is being managed?
Not paying enough attention to your property after outsourcing its management would be one of the biggest short term rental mistakes.
You can't completely trust a company with your assets. Therefore, ask them to send a weekly report on your property's condition.
Also, ask them about the frequency of their walk-throughs. Do they conduct walk-throughs every time the tenancy period ends?
The idea is to ensure that your property gets a look-after for damage, repairs, and maintenance every few weeks.
Final Thoughts
Asking the right questions becomes necessary when you hand over your property's management to others. Though most property managers are trained and experienced professionals, it is still best to stay assured that you made the right decision by hiring them.
