Do you know the benefits of hiring a property management company? What about the drawbacks to managing your home on your own? If not, then this blog post is for you. We will explore both sides and give you an idea of what it would be like to hire a property management company–and why that might be a good decision.
How hard can it be? It’s just Vrbo and Airbnb, right?
Well, there’s a little more to it than that. The fact is, property management can be a full-time job. Between fielding calls from guests, maintaining the property, and handling payments and bookings, it’s a lot of work.
That’s where a property management company comes in. A good company will take care of all of these things for you while freeing up your time to do what you love.
Think about it: what could you do with an extra hour or two each day? How about an extra day each week? That’s time that you can use to relax, recharge, and get ready for your next guests.
Are the benefits of having a good property manager on my side worth the additional overhead?
Let’s take a look at the benefits of hiring a property management company:
Sourcing Repair Technicians
You don’t want to be a full-time handyman, do you? Of course not! That’s why hiring a property management company is beneficial. A good manager will already have relationships with reputable and reliable repair people in your area that they can call when issues arise. They’ll also know the best local shops for any appliances or other items
Support for your guests
Even if you have an easy to manage property, your guests will likely have questions. How do I find the nearest grocery store? Can I pay my rent online? What’s the wifi password again?! A professional property management company can answer these types of basic questions and more, freeing up time for you to take care of other tasks.
A good property management company will have a robust marketing plan that they will execute on your behalf. It’s vital to diversify booking sources so that an unexpected issue with Airbnb or Vrbo doesn’t impact your returns that year. This means more bookings stay on the calendar, and ultimately, more revenue for you.
24-hour protection for your home
Emergencies happen. Whether it’s a plumbing issue or a guest who has had too much to drink and needs to be escorted off the property, you don’t want to deal with these things at midnight. A good property management company like Global offers 24/hour support so that you can rest easy knowing that someone is there to address any issues that come up.
The drawbacks of managing your own home
The biggest drawback of managing your own property is that you will likely have to limit the amount of revenue you can earn due to a lack of time.
Another potential issue with managing on your own is dealing with guests who need assistance after hours or when no one else is available.
In addition, you’ll need to have the proper insurance in place to cover any potential damages that occur on your property. Also, be prepared for taxes, licenses, and paperwork galore when you go to rent your home as a business.
When all is said and done, the benefits of hiring a property management company outweigh the stress of running things on your own. If you’re considering renting your home out to short-term guests, be sure to get in touch with Global Vacation Rentals today! We would be happy to discuss our services with you and answer any questions you may have.
There are many more reasons to hire a property management company than there are not to, and we’ve only scratched the surface here. If you want to learn about all of them (and even some that aren’t listed here), then give us a call today!