Vacation home rental management companies handle all the nitty-gritty tasks like attracting guests, promoting listings, facilitating bookings, screening guests, cleaning and maintenance and ensuring compliance with local short-term rental laws. Look for a company with a strong track record and expertise in the industry.
Also, consider the fee structure. Do they charge commissions on hosting revenues or operate a flat fee model?
Marketing and Distribution
Full-service vacation rental management companies take on a lot of the heavy lifting of short-term property management, including creating listings across multiple channels, managing booking calendars, coordinating cleaning or rental services, communicating with guests and inquirers, and marketing to attract potential customers. In addition, they may also manage guest support or offer deposit-free damage protection (like Guesty), which can reduce the need for security deposits and improve guests’ experience at the property resulting in more positive reviews and repeat bookings.
They often specialize in a particular area or type of rental, and work to build a strong brand presence through retargeting campaigns, influencer marketing, and email marketing. They also monitor local laws and market trends to keep their clients ahead of the competition. Many vacation rental channel marketing companies charge a flat monthly fee for all their services, which can include a listing management solution with a synced calendar and unified inbox, advertising on major sites, a website, and basic reporting and accounting.
Occupancy Management
Vacation rental property managers use their expertise to manage and optimize the occupancy of short-term rentals. This involves marketing properties on booking platforms, setting competitive rental rates, and providing a great guest experience.
A strong understanding of the local market is essential for successful Vacation Home Rental Management. A manager should be able to identify trends and seasonality that allow them to maximize occupancy rates and income potential for their clients.
In addition, it’s important to understand what fees are charged by Vacation Home Rental Management companies. Many businesses work from one of three fee models: guaranteed income, fixed rate, or commission. Choosing the right model for your business will depend on your rental goals and budget. Lastly, it’s crucial to be familiar with PropTech tools and software solutions that automate as many operations as possible. Examples include channel managers, listing sites, and unified inboxes. These tools streamline daily tasks and free up time for owners to focus on broader business goals.
Maintenance and Cleaning
Vacation rental managers will handle any breakages or issues that occur between guests, coordinating cleaning services to maintain cleanliness standards, and performing regular inspections of the property to ensure compliance with local codes and standards. They’ll also coordinate maintenance for your appliances, plumbing, and electrical systems.
Many owners find that managing their short-term rental can feel like a 24/7 job. Between marketing, handling guest communication and bookings, coordinating cleaning and maintenance tasks, and keeping track of inventory, the to-do list can quickly become overwhelming.
When you hire a vacation rental management company, they’ll take care of the daily operations that can take up so much time and energy—so you can focus on running your business. They’ll use established processes to handle guest communications, manage reservations, and coordinate cleaning, and they’ll work with your cleaning and maintenance providers to keep your guests happy, and your home in great condition. They’ll also handle the administrative tasks that come with vacation rental management—such as compliance, accounting, and taxes.
Compliance
From Big Apple high rises to bucolic family homes nestled amid fiery upstate foliage, vacation home rentals are subject to a wide variety of regulations. This includes state and city zoning restrictions, occupancy limits, noise restrictions and parking rules. In some areas, short-term rental homes are prohibited altogether.
Guest care and security are also vital aspects of vacation rental management. Professional managers screen guests, handle bookings and reservations, communicate with guests before and during their stays and respond promptly to any guest requests or concerns. They also coordinate regular deep cleans, linen washes and supply restocking as well as any maintenance tasks that need to be addressed.
Full-service property management companies often assist with the administration of vacation rental financials as well, including paying state transient occupancy taxes and obtaining local permits as necessary. They may also help keep records and provide end-of-year reporting and accounting services. As the vacation home rental industry continues to grow, it’s important to remain in compliance with changing regulations. This ensures that your property meets a minimum standard of safety and hygiene, and protects you from potential fines or other legal issues.