It’s one thing to manage a rental house when it’s nearby. But it’s another process entirely when the rental is in a distant vacation retreat. Unfortunately, many second-home buyers find that out the hard way.
According to a survey by HomeAway, an online marketplace for vacation rentals, owners spend an average of 8.6 hours a week managing their properties. That’s one full workday a week. And even then, it’s doubtful that the typical owner can market his vacation pad, maintain it and do all the other things necessary to have a successful rental regime.
That’s not to say you can’t be successful going the do-it-yourself route. You can. But think of the things professional property managers can bring to the table. The list includes their full time and attention, along with marketing, screening, housekeeping, record-keeping, periodic inspections and more.
Of course, this doesn’t come cheaply. Fees are all over the ballpark, depending largely on geography, says Mark McSweeney, executive director of the Vacation Rental Managers Assn., based in Indianapolis. “There’s a pretty wide range, based on your region. The average is from 15 to 40%” of the monthly rent.
