Property Manager – Sherman Oaks

Things Owners Should Know About Property Management

1.  There are certain Advantages and Disadvantages to working with a vacation rental property management company.

There are some considerations you should make before starting the search for a vacation rental property management company.
Having a professional firm take care of your condo affords you many distinct advantages and disadvantages.

Advantages:

• Someone is local in the event something should go wrong.
  
• A professional property management firm is on duty 24/7.
  
• If a major storm occurs, they can assess the condition of your vacation property and take immediate steps to repair and
  minimize the damage.
  
• Handle guests that are too noisy or disruptive to neighbors.
  
• Help ensure that your vacation home is in presentable condition by keeping it clean and well maintained.
  
• Safeguards your property and protects your asset.
  

Disadvantages:  There is a cost for these services.  In the end though, there is usually higher cash flow using a property manager as
compared to ‘by owner”.   Every situation will vary.

2.  While this is your property, strangers will use it.

• Can you tolerate the fact that people will use your home and there will be additional wear and tear on the property?
  
• There will be a greater likelihood of damage.
  
• Professional Professional vacation rental property managers caution that it is important to try and be emotionally detached
  and NOT emotionally invested vacation rental property managers caution that it is important to try and be emotionally
  detached and NOT emotionally invested
• Damage is not acceptable, but must be anticipated.
  

3. Once you agree to rent your property with a vacation rental property management company, they should understand it is a
business relationship with certain obligations.

• The vacation rental property management company will provide you with many services.
  
• You must expect to deal with maintenance, cleaning, and home upgrade issues.
  
• Keeping the property competitive in the rental market is as important as having the property available for rent.
  

4.  Once your home is “under management”, the property is no longer available on an unlimited basis to you or your family or friends,
particularly during high rental periods.

• You should realize that the renting of a property is an agreement with a third party and you cannot have access to the
  property until your guests depart.
  

5.  There are financial ramifications to consider.

While generating income is certainly desirable, you must evaluate:

• The related tax considerations
  
• Funds needed to bring a vacation rental house up to rental condition
  
• Additional costs associated with renting such as management fees, increased utility fees and certain maintenance fees.  
  

6. It is important to note that there are regional differences, depending on where your property is located.

• Many vacation rental properties have minimum standards and requirements not only for furnishings and supplies, but also for
  owner usage, preventive maintenance, etc.
  
• Ask questions to determine the conditions to place your vacation home in the rental program of a property management
  company.
  

7.   You should also look to see the type of properties that a property management company represents.

• Are those properties similar to your home?
  
• Are those properties in a similar location?
  
• Once you determine a short list of potential vacation property rental management companies, be sure to set up an interview
  to discuss your property.
  
• In certain cases the company may want to preview your home, so be sure to advise them of your property’s qualities and
  conditions prior to interviewing to ensure a good fit between your property, the other properties in the company’s inventory
  and the overall niche of the vacation rental management company.
  

From: http://www.condoinbiloxi.com/

Carnahan Property Management Services Woodland Hills,West Hills,Bell Canyon, Hidden Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, WestLake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 to check if we can service your area. 60+ years of service.