The Best Management Strategy for Your Vacation Rental


05/29/2014 | By Admin

In the current economy, many homeowners are making the choice to transform their second home into a vacation rental. If this is a real possibility for you, or you’ve already joined the growing number of rental property owners, your next decision is an important one: how will you manage the property? Let’s face it; a lot of money is riding on the success of your rental. You simply can’t afford to screw this up. While online management websites like homeaway.com or vrbo.com have made it easier for a self-manager to advertise and secure renters, there remains a huge list of time-consuming responsibilities that are part of managing a rental property—many of which prove quite difficult to accomplish over the Internet alone.

So What Does It Take to Manage a Vacation Rental?

You may be unaware of the demands involved in managing a rental property. Here’s a list of most of them:


Advertising
Somehow you’ve got to get word out that your property is for rent. That’s the only way you’re going to get any renters.

Marketing
If your advertising is distributed or targeted poorly, it is going to be a waste of your time and money.

Communication
You must be free to communicate with (and screen) all potential renters.

Reservations
You must take and organize reservations.

Payments
You must receive, track, and document payments accurately.

Taxes
Must be completed annually.

Responding to Feedback
You’re going to have complaints and requests. Every little problem your renters may have becomes your BIG problem—from noise complaints to the air conditioner going out in the middle of the night. And you’re responsible for solving them, whether you delegate to a maintenance worker or not.

Housekeeping
Somehow you’ve got to keep the place livable, and finding a reliable housekeeper at long distance can be difficult.

Maintenance
Over time things break or become outdated and they’ve got to be fixed and/or upgraded.

Even if you aren’t long distance from your vacation rental, self-managing your property is really a full-time job on top of your day job. It’s nearly impossible to do effectively. Why rent your property if you aren’t going to do it right? It’s likely that it won’t pay off, and it may not turn out to be as enjoyable as it was in your dreams.

Make Owning a Vacation Rental Enjoyable

How? By putting the management of your property in the hands of a property management company like us. On top of placing all the responsibilities mentioned above in the hands of full-time management professionals, you get the astronomical benefits of:

Working Closely With an Experienced Management Team
You get to work closely with people who understand all the ins and outs of property management, including CEO, Jeff Zallaps. Jeff has practiced real estate law for 25 years and is the former general counsel of the real estate sector of a Fortune 500 company. After spending several years in the legal department, Jeff was assigned to run the global real estate division for The Western Union Company by the company’s executive management team. One of his main responsibilities included managing 300+ properties located in 50 different countries. Between Jeff and his team of experienced professionals, you can rest assured they will successfully rent out your vacation home.

Reassurance
You can have confidence your rental property is being supervised by a team of experts 24x7. We have a full time guest service and maintenance team who actively monitors and inspects your property to ensure any damages, issues or other emergencies are taken care of as quickly as possible. If a renter has a problem at 3am, you can continue to dream away while we quickly work to resolve the issue.

100%
The only thing property management companies do is manage property. We don’t have a long list of other responsibilities like you do. This we can dedicate ourselves 100% to proactively managing your property and doing it right.

We hope you consider Summit Vacations when deciding on a property management company in Breckenridge. We’d love to be a part of making your vacation rental a complete success and joy to own. For more information about Summit Vacation’s property management program, visit our property management page here.

Tags: Property Management