With the sale of vacation homes surging, more current and aspiring second homeowners are seeking ways to supply cash flow or recover expenses by placing their properties in a professional management program – a tactic that’s ripe for success, according to industry experts. Purchasing the home is just the beginning, however. Making sure it’s updated and marketable is vital to compete in today’s travel marketplace, and to drive revenue for the homeowner.
Today’s second homeowners have a choice: rent and manage the property themselves, or engage a vacation rental professional. Rather than personally handling reservations, marketing, maintenance and more, many homeowners choose to partner with an area property management company to handle the legwork, even when the home is not rented. This could possibly translate into more rental bookings for a higher investment return.
Here are a few reasons why “going with a pro” could benefit some second homeowners:
Income: Vacation rental professionals earn homeowners money when a property would normally sit empty. It’s also common for property managers to earn extra guest loyalty and repeat visits by providing the guest services homeowners can’t when going it alone. They can also advise on local market conditions, travel trends, and how to expect and plan for seasonal occupancy demands.
Zoning and Legal Counsel: A professional evaluation is vital to determining whether a property is legally zoned for vacation rental business. Partnering with a manager also ensures the property will be operated under a proper tax ID and business license; and that the property meets ongoing inspection requirements.
24/7 Attention: Vacation rental managers service the property, homeowners and guests 24 hours a day, seven days a week, with quick and professional responses thanks to fully staffed teams nearby. They commonly handle questions or emergencies after-hours, a time when homeowners may not be able to (or want to) respond.
Guest Services: Day-to-day guest operations are made easier for homeowners, as the professionals collect and process bookings and check guests in/out. Many companies also offer concierge services, which make a rental more marketable – think exclusive perks like a private chef, in-home spa treatments, free movie and video game rentals, grocery delivery options, discounts on activities, etc.
Marketing: Some of the biggest advantages to partnering with a professional are the in-depth programs designed to market their inventory. Companies may invest in high-resolution property video/photos, guest surveys, contests, promotional trade outs, brochures and rack cards, advertising, PR and more to drive additional business.
Housekeeping: Trained housekeepers keep managers’ vacation rental homes cleaned to hospitality industry standards. Inspectors are often deployed to each property before and after every guest, ensuring consistency and quality.
Property Maintenance: It’s standard for professionals to oversee services like lawn care, pest control, pool care, A/C service, etc. They maintain relationships with reliable vendors, and offer guests plans to cover accidental breakages. “Going with a pro” also assures homeowners that there are “eyes and ears” for their second home, versus a property sitting empty without being checked or maintained.
Interior Design: Many companies assist with staging and set-up for travelers, including ongoing support with insights and upgrades, and some even offer in-house interior design and property improvement services. Design pros provide detailed plans to meet market demands and make homes more profitable. For example, they can advise on repurposing spaces into game rooms or movie theaters, together with popular “extras,” designs and amenities vacationers look for.
For some second homeowners, hiring professional help may reap even more return on their investment, especially for time-crunched second homeowners. For more information, visit: www.DiscoverVacationHomes.com.
This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.