Property Management – Woodland Hills

So you’re thinking about hiring a vacation rental property management company to keep an eye on your Northern Michigan vacation home when you’re not using it. A smart move! While there are those who are perfectly content to let a friend or family member handle the details, most areas have numerous, qualified property managers. But how do you know if you’re hiring the right one?

To make things easier for you no matter where your vacation rental is located, we’ve put together a list of questions to ask any rental property management company. They’ll give you a great starting point for more in-depth conversations about how they’ll look after both your property and financial interests as vacationers come and go. More importantly, you’ll have the peace of mind that you’ve done your due diligence and you’ve signed with the best available option.

Question #1: What are your fees and contract terms?
Typical rental property management fees range depending on the type of home and the services provided. You should understand whether on-the-ground services like maintenance, housekeeping and advertising are included as part of the fee. Also be sure to ask if there is a flat monthly fee in addition to the booking fees and how long their contract obligates you to be a customer.Question 2: How long have you been active in vacation rentals in this area?
Maybe they’ve been around for years or they’re a new company founded by someone new. Let them explain their local market expertise and knowledge of the area.Question #3: What’s included in your fees?
Never assume that a property management company will take care of everything. Get an enumerated list of everything that your fees to this company will cover and if you find any gaps, ask them if they have recommendations to people who offer those services should you require them (and preferable, more than one reference for you to explore).Question #4: Are you open to working with renters that I acquire via online property marketing sites (like VRBO, HomeAway and FlipKey)?
A great property management firm will be open to working with your renters, especially since you’re retaining them for their maintenance services a-la-carte, no matter how they come to find your home.

Question #5: Do you market the property through your resources or is marketing up to us?
Sites like Homeaway, FlipKey and TripAdvisor get your vacation rental in front of as many eyeballs as possible…so what’s your property management company going to do on their end? Some property management fees include the cost for advertising and others require you do advertise your home on your own. Holiday Vacation Rentals advertises on hundreds of websites at no extra cost to you, increasing your homes exposure.

Question #6: How often can we expect reports on our property’s condition? Do you perform walkthroughs after every booking checks out?
You want a rental property management company that’s going to be actively involved in making sure your investment stays in tip-top shape. How often do they take inventory at your home and how do they deal with damages, suggested improvements or repairs and are these things communicated to you in a timely fashion?
While there are numerous other questions you could ask, these six are a great springboard for you to have better conversations with the people who can handle your rental home while you’re not around. Make sure you’re not just shopping on price – referrals are great and experience is key!