It’s been established in the real estate industry that owning a vacation rental property is a great way to earn additional income. But what is still debated is whether or not homeowners and investors should take on vacation rental property management or if they should hire a professional.
This debate can really be boiled down to:
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Option 1, which allows you to receive the maximum rental income and returns from your rental property with minimal effort.
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Option 2, which requires time, patience, hard work, and a lot of trial and error, inevitably reducing your rental income until you learn the property management business from the ground up.
In case it isn’t painfully obvious which the better option is, we’ll clue you in: hire professional vacation rental property management company. Let’s take a look at why this is the case and put an end to the debate once and for all.
You Don’t Have to Worry About Marketing Your Property
We like to think that listing and marketing a vacation rental is simple. Snap a few pictures, enter the property information to XYZ vacation rental website, and wait for a guest to book your property, right? Unfortunately, even if you’ve invested in the best rental property in the hottest location, an unappealing listing will severely damage your chances at maintaining a high occupancy rate and positive cash flow. So leaving marketing to professionals can be a very smart move for your investment property.
They List on Multiple Vacation Rental Websites
There are so many options when it comes to listing your property as a vacation rental. If you hire a professional property manager from the start, you won’t have to worry about making the decision about where to list. Vacasa, for example, is a popular vacation rental property management company (the largest in North America, actually) that will ensure your listing is in front of a massive audience. How? They have partnerships with some of the best booking websites like Airbnb, HomeAway, VRBO, and Booking.com. The advantage here is of course that your property will be visible to a larger audience, but it’s also that it would be difficult, even impossible, to manage your listings on multiple websites given competing schedules. With Vacasa, you won’t have to worry about losing out on potential guests or juggling various channels.
They Attract Guests with Professional Photography and Virtual Tours
In addition to your vacation rental listing being visible on various sites, it also must contain high-quality photography and if possible, a virtual tour. Companies like Vacasa photograph your home, provide virtual tour technology, highlight the most desirable features in the home description, and ensure your property is listed on the channels where guests are searching.
They Set the Right Price
As a vacation rental property owner, there are ways to learn how much to charge per night. But what if you set the wrong price? You’ll miss out on bookings and end up with negative cash flow until you realize and remedy your mistake. With professional management, there’s no guessing when it comes to nightly rates as professionals will help you price competitively, and may even have technology to help boost earnings.
You Will Earn More Rental Income
Not only will setting the right price for your second home ensure a higher occupancy rate, but with the right vacation rental property management company, it can actually allow you to make more money. Vacation rental owners who have worked with Vacasa actually earn 21% more rental income in the first year. How? It’s all thanks to advanced pricing technology and algorithms that you otherwise wouldn’t be able to get your hands on. This technology ensures you have a dynamic pricing strategy, which is key to staying competitive in the vacation rental industry.
You Can Enjoy Passive Income from Your Vacation Rental Property
If the idea of making more money from your short-term rental property hasn’t already sold you, the fact that you can earn passive income will. Renting out a second home and managing it is a full-time job. You have to manage the pricing and bookings, answer questions, check in tenants, deal with tenant turnover tasks like cleaning and regular maintenance – the list goes on and on.
When you hire vacation rental property management company, all of those things will be taken care of. Vacasa ensures there is a local team dedicated to your vacation home rental. Housekeeping, regular property maintenance, and your tenants’ needs are taken care of, so you can rest easy and rent your property without a care in the world – the very definition of earning passive income.
You Can Expand Your Real Estate Investment Portfolio
When you try to manage your own investment properties, you’ll quickly find one vacation rental home is all you can handle. That means you’ll make a mistake that many beginner real estate investors make, which is missing the opportunity to expand your portfolio, buy more rental properties and earn more money. With the right vacation rental property management company on your side, you’ll be earning more and have enough free time to search for and analyze investment properties. If you list with Vacasa, its real estate arm can also help you find your next vacation rental property.
But, is Professional Vacation Rental Property Management Worth the Cost?
You might be looking at how much you currently earn from vacation rental income or the real estate investment tools online, and you might think there’s no way you can afford to lose one penny to property management. But that’s where you’d be forgetting an important detail: certain professional property management companies like Vacasa can actually help you earn more. Make more money and sit back while you do it? I’d say it’s worth the extra fees and plus, they even help you with your vacation rental taxes.
Check out Vacasa now and start making more money passively with your vacation rental property.